Business Plan Consultants: What Value Do They Provide?
A business plan consulting firm will likely have access to databases of business information and industry reports which are expensive to access directly. With their facility in finding the best sources of industry statistics and data, business plan consultants can take over the difficult job of research for you, either starting where you've left off or researching from scratch to find the relevant data you need for your industry analysis, customer analysis, and competitive analysis.
They may also be able to offer financial research by studying your expected startup costs as well as standard industry financial metrics for costs, revenues, return on assets, and profitability.
Business plan consultants may be able to find case studies of other companies that launched with similar business models. Using these case studies can offer your plan grounding in real success stories, building the case to funders. These case studies can inform your marketing and operations plans, and be mentioned directly in the business plan to reference the validity of the methods you've chosen.
Business plan consultants can offer recommendations and critique on the strategy you've chosen. they can also help you craft a strategy to pursue your idea if it is not yet fully fleshed out. Through their training in business strategy, especially from the pre-launch phase through early funding, consultants can verify that you know what you are doing and recommend when you need to bring on a partner with experience or skill that you are missing.
Business plan consultants will not simply create pro forma financial statements for you, but they should speak to how attractive the financial returns you are showing will be to funders. They will know the rates of return and levels of risk that certain classes of funders will be looking for, and be able to spot problems within the statements which could become red flags for funders. As business plan consulting firms rely on high success rates of client firms achieving funding, their success is tied to yours in the long run.
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