A start–up new business or an expansion of an existing business requires a good business plan for several reasons. The main two reasons are that it will serve as a road map for developing the business and that it will be crucial as an instrument in attracting necessary funding from lenders or investors.

It goes without saying that the owner/operator/entrepreneur is the key author of the business plan but that does not mean they must write every word or turn every phrase. They must be capable of articulating the key principles on which the business success depends and communicating them to others. They must be knowledgeable about all the important elements of their business that relate to operating success, start-up costs, running costs and returns. They must be able to dialogue in detail about how they will go about getting started, how long it will take, what the risks are and how they are to be mitigated. Most entrepreneurs are comfortable explaining all this to others and can talk endlessly about their “great new business idea”. But this does not mean that they can write a powerful and enlightening business plan.

There are a multitude of tools out there that offer varying degrees of professional help. There are templates galore (some as cheap as $39 !) to be filled out by someone who may or may not have any ability to write informatively. There are computer models of mind-boggling complexity that can promise sophisticated forecasts with flawless accuracy!

But pity the poor entrepreneurial sole that tries to do all this on his/her own. Get help. Find someone who can hear your ideas and study your inputs, advise you on what more is needed, take the information that you provide and turn it into meaningful, enlightening business language. Check out the website of Business Plans Canada. Here is just the help you need. A business consultant, a project manager, a financial resource and a professional writer all poised ready to work with you to produce an exceptional, solid and professional Business Plan.

Will you be approaching a lender or an investor for funding? Your business plan needs to be tailored accordingly. More to come on this topic in our next blog.