How to hire a business plan consultant

A business plan consultant is an expert who specializes in helping entrepreneurs in developing  and implementing business plans. They provide  advisory services, support,and expertise throughout the process of business planning and assist their clients articulate their vision and define their goals. The process of business plan consulting starts with a thorough analysis of an entrepreneur’s vision and objectives after which he then moves on to creating the business plan itself.

Finding the right business plan consultant for your business can be a daunting task. This is because you need a consultant that will tailor their services to meet the unique needs of your business and craft a customized business plan. In addition, they should be a good fit for your company culture. It is therefore important for an entrepreneur to get it right. The following are 8 steps that one can take when hiring a business plan consultant.

1. Initiate a business plan consultation

The first step is to hold the first consultation with the business plan consultant so that you explain your mission, vision and objectives. You will also get to know the types of business planning services that they offer. At this stage, you can answer questions that the business plan consultant may have. They will also discuss your expectations, requirements and address any concerns that you may have.

The first consultation gives you an opportunity to know if the consultant is a good fit for the role. Interview them to know what skills they bring to the table, their experience and if  they are a  good communicator. Find out more about the expert’s adaptability, problem solving  and interpersonal  skills. Listen to the feedback they give concerning their initiative. It should be constructive.

2. Get a quote from your business plan consultant

Once you have assessed the suitability of a consultant, the next step is to ask them for a quote. This means seeking details about the prices of their services.The cost of a business plan consultant varies based on their qualifications. The price should be affordable and align with your budget. Some consultants charge a flat fee rate, on an hourly basis or  project based fee. The fees should be competitive, transparent and reasonable.

You could write a letter or email when requesting a quote. In the request, you could make additional requests that might be helpful to the consultant so that they respond accurately. The quote should include the services offered, the amount charged for the service, the timelines for delivery of service and the method of payment.

3. Place an order through the consultant

The third step is to place an order through the consultant. Once you have received a quotation and agreed with the terms, make payment as per the quotation. This shows your commitment to buying a business plan. Your order is received and an expert is assigned to work on your project. The consultant guides you on the pricing for the specific business plan. You place the order for the business plan as per the agreed price. 

4. Fill the questionnaire as provided

The questionnaire is designed with specific questions regarding the business and is part of the business planning process of research. Be available to answer questions and make clarification when required. It enables the consultant to get an in-depth analysis of your business. With the answers you will have provided, they will be able to evaluate your business model and more areas to get a clear picture of your overall business entity.

It is vital for the business plan specialist to get into the nitty gritty and ask the right questions at the start of a working relationship with their client before making a business proposal. They need a lot of information from you in order to develop a strategy for your business as soon as possible. The questionnaire could include both open ended and closed ended questions. Honesty is key in this step.

5. Business plan consultant Starts working on your Order 

At this stage, a professional who has the expertise writes your business plan. They will follow the proper structure of business plan writing which includes an executive summary, company description, market analysis, management and organization, products and services description, competition analysis, marketing plan, financial plan and a request for funding.

When working on your order, the business consultant should ensure that they maintain clear and regular communication to keep you informed about key milestones and progress. They will also collaborate with you by taking into consideration your insights and opinions. Successful business plan consultants have time management skills to ensure that your order is worked on within the set time frames.

6. Consultant Completes the order for review

The business plan consultant completes your order and delivers a draft so that you check if all the details are captured. This is an opportunity for you to provide feedback and identify areas that should be revised. Review services are offered for free following skipped details from the questionnaire and business proposal. 

Ask questions and provide suggestions of changes to be made. The consultant will revise the plan according to your suggestions and finalize it. In some instances, the business plan consultant might have to go back and do further research. Your input refines the business plan ensuring that it meets your needs and expectations.

7. Order Confirmed complete by you

Having confirmed that the revisions are complete, you confirm that the order is complete. At this  stage, finishing touches are made to the business plan so that it is well presented to potential investors or other stakeholders. The business plan is now ready to be used for the purpose for which it has been created.

Business plans can be  used for attracting investors, to obtain credit for lenders and to help define how a business will operate. Common types of business plans are: start-up business plan, strategic business plan, bank loan business plan, small business administration business plan, profit business plan and non-profit business plan. 

8. Support in business plan development and implementation

Business plan development is a continuous process and hence should be regularly improved to ensure that it continuously meets business needs. Improving your business plan helps you to keep track of your achievements, adapt to changes, set new goals and spot new business opportunities. When reviewing your business plan  ensure that you allocate sufficient resources so as to achieve the set targets.

Regular review and development of your plan gives you an opportunity to monitor your progress.

If things are not going according to plan, you get the opportunity to take corrective measures. Business plan development also allows you to keep pace with changes in market trends, consumer preferences and competitors. Business plan consultants also  offer implementation support to guide you as you execute your business plan.

How long does a consultant take to complete the business plan?

Business plan writing is a time consuming task because of the mountain of work that it entails starting with gathering information and ends with the pitching. The time taken to complete a business plan varies depending on several factors like the length of the document, the type of business plan being created and the needs of your business.

Additionally, other elements could influence the duration such as the composition of the business planning team, involvement of external advisors and your familiarity with the timelines that are necessary. A one page business plan could take 30 minutes to complete. However, it takes an average of 250 hours to complete a well researched business plan. 

Does the business plan consultant follow a specific structure?

Yes, the business plan consultant has to follow the proper structure of writing a business plan. By adhering to specific structure, the business plan ensures that the audience can find what they need to make informed decisions. A business plan should have the composition of the following elements. 

It should have an executive summary, the company description, management and organization, products and service description, market analysis, competitive analysis, sales and marketing strategy ,financial analysis forecast,a funding request, recommendations as well as the appendix which contains additional material or supporting documents. 

When do you hire a business plan consultant?

You may hire a business plan consultant in different circumstances. Hiring a business plan consultant is a smart investment if you are seeking to develop a business plan that aligns with your vision, aspiration and goals. You can effectively navigate the business planning process by leveraging the expertise, experience and resources of a business plan consultant. This will help you save time, resources and enhance your chance of success as an entrepreneur.

Hire a business plan consultant when you don’t have the skillset to write a business plan yourself, if you want a fresh perspective into your business concept, when you want to introduce new technology or equipment in your business, when you want to approach investors, if you want to test your business idea before investing to much resources in your business and when you want to expand your business to new markets.