Monday, May 14, 2012

Business Plan Process and Procrastination


So many people tell us they are ready to move forward with their business plan to grow or launch their business. We always schedule a call to discuss a business plan with a potential client in detail, and then develop a scope of work as all great plans are custom. Each business has nuances and issues that have to be addressed in research and varied depths of content to be successful.

Thereafter, prices and terms are then discussed after a scope of work is and if agreed upon, I ask, "If you are 100% ready to move forward with the business plan and deposit discussed, then ask for a formal proposal.” Since so many people ask for a formal proposal that takes time for me and my assistant to complete, I typically ask if they are sure and often mention the time it takes. Nonetheless, for every 6 or so formal proposals that I send, one client moves forward with an engagement. Hence, with our high SEO rankings and other marketing, I schedule lots of calls to complete as many as 15 business plans in a month. Part of me understands that is part of the process, although it is somewhat inconsiderate to request a proposal and that time/expense when someone is not serious about moving forward, which is the case for so many procrastinating entrepreneurs.

After 1,000 plus business plans over many years, we make the process easy, getting existing information via email and additional information from the client on interactive scheduled calls with at least one member of my team working on the plan and myself. The majority of clients need guidance on many aspects of the business model and, therefore, their business plan. After follow up email memos and additional scheduled calls as needed for questions as they arise, we complete the market and competitive analysis first and often the marketing plan second before moving on to the business plans and forecasts. The forecasts are completed by either a CPA or an MBA member of my team, separate and distinct of the market analysis and business plan for added experience and checks and balances.

The economy has surely improved and many clients are achieving their goals with business plans we complete, whether for improving their revenues, establishing new market segments, or obtaining SBA or private equity funding. We see so many great ideas and business models. Unfortunately, most never get implemented as procrastination rules the day with potential clients. 

It is frustrating to see great opportunities go by the wayside when great business plans are not developed for funding due to the procrastination of a principal. So many advise they are busy, which is 98% of the time an excuse, as we always find time for things that are important to us, plus our process and team approach limited the time. On a complicated business plan, if you can’t find six hours in month to work with us until final, are you really serious when you say your business is important to you?

If you are ready to move ahead with your business plan to seize the day, please contact me at tim@thebusinessplanconsultants.com.

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