What to Consider When Hiring a Business Plan Writer

Hiring a business plan writer can help your company speed up the creation of a professional plan, but there are many things to consider when selecting the right one. You shouldn't be frustrated if many companies or individual writers look identical. Such confusion is common. This guide aims to help you understand what factors to consider when selecting a business plan writer and how to select the best one for your needs. We'll present the top five dimensions to review as a business plan writer and what questions to ask to provide you with more information when making a final decision.

Diverse Skill Set

Do the business plan writers have experience in each area of ​​the plan?

A business plan requires a combination of skills, including marketing, grammar, finance, and strategy. It extends to all business functions, so you must select a professional who demonstrates these skills. For example, a marketing expert may have difficulty creating the financial model or overemphasize the section of the plan where her experience is the strongest. On the other hand, if the writer has completed an MBA program, he or she likely has that set of skills.

The ideal writer will not only have an MBA but also have experience in an executive management position. This would combine traditional education with an understanding of all aspects of a company's operations, particularly if this individual was responsible for multiple divisions of the same company. For example, professionals who have worked in management consulting or investment banking are likely to meet this requirement. The people in these jobs are generally exposed to and analyze each function within a company.

Top 4 tips

·         A well-structured business plan is prepared by someone who has a diverse set of skills.

·         Having an MBA provides a well-rounded education and a diverse foundation.

·         Serving in an executive management role provides high-level exposure to all divisions.

·         Developers with prior investment banking or management consulting experience with a diverse set of skills.

Awesome background

What credentials does the business plan writer have?

When writing a business plan, finding someone capable of completing it is not enough. Any sophomore business student can create the plan, but it takes someone with genuine understanding and experience to do a proper job. This means finding someone who has created several plans, has a prestigious education and has a proven career track record. If they have experience in the investment banking industry, this may materialize in the number of transactions they have made. If they have consulting experience, request case studies to learn the results they have provided to their clients and ask for quantifiable information.

The biggest mistake people make is selecting a business plan writer based solely on the person's background. This is certainly an important factor, but the decision should not be weighed solely on your track record. For example, a former executive in the auto industry with a prestigious MBA may have a more impressive experience than a recent graduate at an investment bank. The executive may not have the diverse skill set, industry experience, or access to research necessary as presented in other areas of this guide.

Top 4 tips

·         Hiring a plan writer with very little history is more likely to lead to negative surprises.

·         The business plan writer must have a track record to generate results.

·         You should always ask for information about case studies and what was achieved for clients.

·         Don't fall victim to weighing the entire decision based on the person's background.

Industry experience

Does the business plan writer have relevant experience in your industry?

If you've ever interviewed someone and asked about industry experience, you might be met with the answer, "I can learn." This is a surprisingly common diversion to avoid answering the question directly to those who lack specific industry experience. Of course, everyone may require a certain amount of learning, but the writer must at least have a broad understanding of the sector. So, for example, if you're a fast-casual restaurant, look for someone with previous experience – at least in the restaurant business.

It makes sense to hire someone with industry experience because there are many nuances in any industry that cannot be easily researched. For example, pharmaceutical companies are often required to use IMF data to project demand for new drugs. In addition, new technology companies have unique metrics to measure their performance that differs from mature manufacturers. Of course, industry experience is not the most important decision, but it should carry a lot of weight when considering the best candidate.

Top 4 tips

·         Hiring someone with experience in your industry provides a much deeper understanding.

·         Beware of people who provide generic answers or post the question entirely.

·         Ask for specific case studies and/or examples they have worked on in your industry.

·         At least expect a general understanding of the industry, but don't demand an identical experience.

Access to Research

What will market research be used?

Some business plan writers have access to a vast database of market research compiled by professional firms. However, a company rarely conducts its research because the cost of doing it correctly can run into millions per year. Therefore, the only option to gain access to reliable data is to have subscriptions to market research companies that spread investment to hundreds of thousands of clients. Therefore, an important consideration when selecting a business plan writer is where the data will be derived.

Searching online is often inappropriate, as anything for free is usually put there to form a public bias. For example, a software maker may present a free analysis of how risky cloud computing is. Custom surveys provided by the writer, such as a survey on Google Polls, may also be rejected by readers. Moreover, such studies are easily manipulated depending on how the data is conducted and prepared. Therefore, the only reliable source of information is from reputable market research agencies.

Top 4 tips

·         Hire a business plan writer from Maven Business Plans as they have extensive access to market research for your industry and location.

·         Prevent anyone from using free information or offering to conduct independent research.

·         Use only reputable market research reports that will instill confidence in readers.

·         Ask for the specific names of the research companies and the data sets the writers will use.

Support

What, if any, support is provided when the plan is finished?

This is an area that many people don't consider until it's too late. Some business plan writers provide the final product and immediately charge extra for revisions. Unlike, they have unlimited client support and even help with fundraising and strategy implementation. The nature of the support provided should be factored into the price of services charged. Someone who may be cheaper may quickly become more expensive if you require multiple revisions after completing the plan.

Many types of support are provided, and asking direct questions about each type can help you make a more informed decision. For example, if you need capital to grow your business, ask if the individual provides financial support. If the person is willing to provide reviews, learn to what extent and for how long the reviews are covered. Some can only provide fixes to mistakes they have made, and others are happy to include additional content you may request. The support provided should not necessarily be the deciding factor but should be weighed against the actual cost in the quote.