- 1 Develop an understanding of your business
- 2 Understand the stakeholders’ mindset
- 3 Build a detailed financial analysis
- 4 Develop a detailed market analysis.
- 5 Understand your customer base.
- 6 Highlight direct and indirect competitors
- 7 Develop a detailed product plan.
- 8 Guide on compensation plans and organizational structure
- 9 Business Plan Writer Skills and Qualifications
- 10 Conclusions.
Whether you lack a business plan or need a second set of eyes on your work, a business plan consultant is your go-to professional. But how can you tell a good one from a bad one?
Doing it right from the start with these eight things to consider when choosing a business plan writer.
Develop an understanding of your business
Your business plan writer should understand your business model. Your products and services, your customers, your competitors, the overall market, and the latest trends. this means the business plan writer has experience conducting market research. You should explain your business model to the consultant, the business model is the overall structure of your business.
This structure consists of the elements of the business that you have identified and your understanding of how those elements work together. Your business model is your blueprint for the success of your business and it’s imperative the business plan writer understands the structure of your business. However, An experienced business plan writer will understand your business model with just a brief summary of your business and they will be able to guide you throughout your business plan writing process.
Understand the stakeholders’ mindset
Understand the major stakeholders’ thinking about near-term growth, generally and in reference to specific growth initiatives. A business plan writer should be able to speak with clarity and simplicity to the stakeholders of your business. They should also be able to connect with the stakeholder’s mindset, whether it’s a simple understanding of the overall situation or a deeper, more specific understanding.
When considering business plan writers, you should ensure they understand the stakeholders’ mindset. The stakeholders should be able to clearly see how their ideas will impact your business. This includes understanding how you’ll make decisions, who will be involved in the decision-making process, and what will be required from them to make the decisions.
The business plan writer should be able to articulate the stakeholders’ needs in simple, easy-to-understand terms.
Build a detailed financial analysis
A business plan writer should be able to detail the company’s current status, and forecast the company’s future over the next three to five years, covering both a conservative, base and aggressive case. The business plan writer should have an understanding of the financial model of your business. A business plan writer should have the ability to analyze and understand your business and your competitors’ business models.
It is imperative that a business plan writer has a solid understanding of your business and your competitors. The business plan writer should be able to explain your business financial model and understand how it relates to the industry by using competitors” financials benchmarks.
Develop a detailed market analysis.
The business plan writer should be able to develop a detailed marketing plan for your business. The marketing plan should be clear and simple. It should explain your marketing strategy and the specific ways you’ll achieve it.
The marketing plan should detail how you’ll reach your target audience.
The business plan writer should be able to conduct a total addressable market analysis for a business’s core market, find out where its competitors are located, and analyze what these competitors are doing in the market. Conduct market research to determine your target market.
Understand your customer base.
To review your market research, the business plan writer must conduct primary research and assess the demands of your target audience.
The customer base forms the base of the marketing strategy. This means that the business plan writer should be able to conduct market research and develop a list of customers and their requirements.
The business plan writer should be able to understand the customer’s needs and create a market plan to satisfy these needs.
Knowing your customer is an important component of a successful strategy for selling to them. You must have a clear picture of who your customers are, what their values and interests are, what motivates them and how you can meet their needs and provide them with value. This means that you should articulate what your customer experience strategy is and that you communicate this strategy to your employees so that they can work effectively with customers to create and maintain customer loyalty.
Highlight direct and indirect competitors
The business plan writer needs to map out existing and potential competitors and revenue channels for their existing and potential markets
. This means that the business plan writer should be able to conduct a competitive analysis.
This competitive analysis should cover your existing and potential competitors, including key differentiators, company strategy, product/service mix, competitive strategies, financial performance, market presence, and company history.
The business plan writer should understand the current market and competitors’ strategies and where they stand. The business plan writer should be able to forecast the market and competitor strategies.
Develop a detailed product plan.
A business plan writer should be able to create a detailed product plan for your business. The product plan should be clear and simple. It should explain your product strategy and the specific ways you’ll achieve it.
The product plan defines what the product team is attempting to build, the reason for building the product, and when the product is expected to be available. If the product is already available, the roadmap shows planned feature updates and releases for the product in the future.
A product roadmap is a document that shows the roadmap for a product. It should be created with the stakeholders in mind. The product managers and the development team should be the ones that are responsible for creating it, however, with the help of a business plan writer, the writer should understand their products and the process, and document them for them.
The business plan writer should be aware of the roadmap and be kept in the loop about what is expected from stakeholders and what the final product should look like. It should be used to keep everyone on the development team accountable. It should be used to ensure that all stakeholders know exactly what is expected of them and what the final product should look like.
Guide on compensation plans and organizational structure
Consider whether the organization should have a compensation plan that aligns its incentives and ensures the long-term health of the organization.
Incentives and motivations for key employees are a key component of a successful business plan. Incentives and motivations for your employees need to match your organization’s priorities, goals, and strategy because they will play a key role in developing your employee culture.
Compensation plans are used to align incentives for specific outcomes. The most common forms of compensation plans are salary, bonuses, commissions, and equity.
Salary and bonuses compensate employees for their work in exchange for job security.
Salary is the most common form of compensation, and most organizations use it. In salary-based pay, employees set certain hours and work and get paid an amount of money per hour. The structure of a salary is a combination of hourly pay
Business Plan Writer Skills and Qualifications
Bachelor’s degree in business administration or finance, operations, research, statistics, math, economics, or related analytical discipline preferred
The business plan writer should be able to communicate with the team and stakeholders. They should be able to make the stakeholders understand the plan and the stakeholders should be able to follow the plan.
Financial management experience with planning, forecasting, and business analysis; prior experience advising or working for a startup is a plus, the business plan writer should have worked with a successful venture capitalist, or a seasoned executive with a track record of creating value.
The business plan writer should be self-driven, talented, and motivated. The business plan writer is supposed to work closely with your experienced team of content creators and a senior management team to craft a compelling business plan that reflects the company’s goals, strategy, and vision.
Analyzing and synthesizing market research reports, and conducting primary research to help understand the market. The business plan writer should be able to use a variety of sources and data to create a clear and simple business plan.
You’ve got your company up and running, but now you need a plan for your business. A business plan will help you stay on track with your business. You can’t build a company from scratch, and you can’t manage your business without a plan.
Your plan will outline your vision for your business, what you want to accomplish, and how you plan to do it. A business plan also provides a blueprint for the future. You can use your plan to show your investors and banks that you know what you’re doing. When you have a plan, you’ll know what to expect in the future and how to prepare for it. Your business plan is your roadmap for success.
Business plan consultants provide strategic direction for a company by creating or methodically pressure testing and refining a business plan. They use an understanding of a company’s core operations, competitive advantages, and goals to provide direction on how to structure, run, and grow the business.
The ideal candidate will have at least two years of experience in the financial sector and will have a keen eye for new trends. Candidates should have strong leadership skills and a passion for financial services.