A method for reducing business plan costs?!?!

 

This is a new year, and I wish you the very best. 

Getting down to business, how can you get into business in a cost-effective manner. Business plans tend to be expensive, however, did you know that you can use some techniques to reduce the costs to your business and yourselves? 

Though this isn't an advertisement. I can say that we've had to search for methods to get more start-ups going in an affordable manner. There are a number of reasons why this change is necessary. The other approaches to be introduced are allowing for more flexibility and adjustments than a business plan. They, business plans, tend to be more static. 

Information based on research can be adapted more easily. The processes to be used create opportunities for a deeper dive into the business allowing more elements to be customized to suit the requirements of the business more readily. 

I guess by now, you're interested in finding out a bit more about what I'm referencing. Should you be interested then contact us for more information. Visit us at bladesandbladesconsultancy.com and check the contact us section. 

The importance of business plans [10 reasons]

 The debate continues about whether or not business plans are necessary. Some say they are not needed, yet in today's world, the functionality of the business plan cannot be eradicated. They have been used for various purposes; govern operations and funding are two of the main areas. 

The process allows the business owner to critically think about their business and then along with the writer/preparer of the document develop a document which cements these plans. 

If we were to look at 10 reasons for a business plan and the processes required well the following should help to make it clear. 

1. Good business plans are NOT cheap. You have to research the information that goes into the business plan and it needs to be current; not over a decade old. This was seen in many instances where people opted for cheaper plans and they didn't realize their objective and the client then had to seek additional help. Accessing the up-to-date information to go into the plan is expensive, they are prepared through studies done by individuals and institutions who fill that role. 
2. You can get technical assistance for preparing a business plan; some even provide total/partial funding to assist you in getting this process completed.
3. You need to work with your team to get a solid business plan done - Yes, your team should comprise an accountant, legal, financial advisor, operations, marketing, and your business advisory support. These are broad headings since your team may be larger when you drill down. 
4. Proper business structure - too many people are forming businesses without using the correct structure for their operation. Your business structure is key to your success, especially if you operate under the broad categories of for-profit/not-for-profit. 
5. The business plans, especially those seeking funding, will be scrutinized heavily by financiers. Don't try to sell heat with your financials, they will be converted using ratio analysis to see a more realistic picture than the currency's initial stories. 
6. Use assumptions that make sense. Telling someone that the market is a certain large size and that you can control 1% of that market as a segment is not as easy as one would initially think. You end up shooting yourself and your business in both legs when you cannot deliver. Your credibility is then shot and it seems like you are not competent to run such an operation. 
7. Understand money follows management. This is not a cliche. Have a solid management team in your planning complete with what their required roles entail. 
8. Due diligence will be done. Are you statutorily compliant? Is your reputation for treating staff well sound, do you pay your bills on time; these and others are questions that will be asked and answered. 
9. Is your business well thought out? 
10. Not all the money you pay for the business plan is for the vendor to keep, they have resources they have to pay for as well to ensure you get the best results for your plan. 

Also, consider getting your business model worked out. This enables you to enhance your performance within a competitive market. To get more information and access to resources, contact bladesandbladesconsultancy.com and learn what you need to do. We have teams that can help you. 

Sources of Funding

Almost daily, there is a constant flow of people seeking funding for their businesses. These funds are often needed for start ups and expansions. Many are fed up with the banking systems for various reasons. Others just want to go with the investors who are serious. So here's one for you.

There are sites that you can seek your own investment. Develop your own business plans, independently or with help from people who offer similar services to ours.

Here's the thing. You now know where you can go. You can go there directly. What you don't know is what tools and strategies to use and when. Does that matter?  You don't seem to think so, since many people think that people in my line of work just sit and write documents and charge large fees.

So cheers to your success. Have a go at it yourselves and you must be honest in letting us know how well you do and the time it took you to get it done. Share your successes, your failures, and your set backs. What makes you frustrated with the process will also be useful. Many readers would love to read of your stories.

Check out these links. I must warn you of the following though:

• The print may be fine
• There may be no pictures 
• There's a lot of reading to go through to find exactly what you require. 

Without further ado, let's get started. 

• Go 4 Funding - Here you'll learn about venture capitalist and angel investors for starters. Hope you like their requirements. 
• The Angel Investment Network is another you may wish to consider. 
• For those who love The Grants - money that you don't have to pay back. I wish you the best of luck. Here's another one you may check out to see if you qualify. It's by the UNDP. 
• For sources of funding larger than your immediate requirements see think link

There are many others. However what's gone before should more than keep you busy for some time. You already know the commercial banks in your jurisdictions. You know, the ones many people constantly complain about but are always able to offer the support when you really need it. The true success in dealing with the banks comes from managing your financial information properly so that they will offer the assistance you require. STOP TRYING TO HIDE INFORMATION from those who you are hoping will trust you enough to grant you access to their funds. YOU MUST OPERATE IN A TRUST WORTHY MANNER!

Here's hoping that as you wade through the aforementioned sites, you will think about how you attorneys, accountants, and business advisory specialist really offer you value; that permits you to focus on your core business skills and activities.

Check you later on. Until next time...