Business Plan Consultants

Guide to Business Plan Consultants

Hiring help is the next best thing to writing your plan yourself
By Marcia Layton Turner

Preparing a business plan is an important step for any business, but it's a critical step for securing financing. For that reason, many business owners hire consultants to help them research, organize, and present all the relevant business plan information to potential investors.

The most important factors to consider when comparing consultants are:

1. Experience – how many business plans have they written in total?
2. Success – what percent of the plans they've written have been funded?
3. Cost – paying a per-project fee may be more economical than an hourly fee.

Action Steps

The best contacts and resources to help you get it done

Get free help from the government Believe it or not, the U.S. government wants small businesses to thrive, and they have several agencies and partnerships established for that exact purpose.

I recommend:  Call your local Small Business Development Center, Service Corps of Retired Executives chapter, Women's Business Center, or Minority Business Development Center for free or low cost business plan preparation help.

Find consultants specializing in your type of business A good way to whittle down your options is to find those consultants who specialize in your industry and in businesses of your size.

I recommend:  You can search for consultants at Guru.com and Bplans.com, or consult the directory on Business.com.

Examine work samples Besides cost, one of the ways to differentiate firms is through their work. Ask to see samples of completed plans to get a sense of the firm's style and capabilities.

I recommend:  Some firms allow you to skim samples of their work online, such as at The Business Plan Store or MasterPlanz, although many prefer to provide them offline.

Check out their staff Who will be responsible for helping you prepare your plan – an experienced entrepreneur with an MBA, or a junior consultant just getting started?

I recommend:  The About section of most Web sites will give you a glimpse of the talent pool you'll be working with at firms like GrowthThink, Cayenne Consulting, and Windhaus Associates.

Consider alternatives to a consultant… If you've already pulled together background information and have thought through how you intend to run the company, a business plan software package may be all you need to at least create a draft.

I recommend:  Software packages are great tools for structuring the different pieces of your plan, but they can't do the thinking for you. However, if all you need is formatting help, take a look at Planmagic, Business Plan Pro, PlanWrite, or free shareware.

Tips & Tactics

Helpful advice for making the most of this Guide

• Even if you outsource the writing of your plan to someone else, be sure you stay involved in the process, so that you can answer detailed questions from potential investors later. It still needs to be your plan.
• The more work you can do up front to gather statistics, organize your background materials, or create a first draft can reduce the amount of time a consultant has to spend on the project, and potentially your final bill.
• Although working with someone locally can be convenient, don't limit yourself solely to consultants within a five-mile radius; the best one for you may be 300 miles away.
• Ask for recommendations from other business owners, investors, bankers, and accountants to be sure you select a reputable firm.