Oftentimes up-and-coming entrepreneurs don’t realize what they don’t know as they prepare their business plans. Ignorance is not bliss and can prevent you from getting your business off the ground. A professional, experienced Strategy & Execution Advisor knows how to navigate these sometimes murky waters to help you succeed. Is it important to find an advisor that knows your particular business? No. An experienced advisor knows the universal rules of selling business ideas and presenting them for positive outcomes. You may be good at sales, but those skills don’t necessarily translate into selling your business plan.
Can you write a business plan without a professional advisor’s assistance? Perhaps, but developing your mission, vision, plans for growth, and strategies are too critical to your success to do so without an advisor. Once you have those components in place, you also need to know how to deliver that information. Too many great concepts fail because they don’t convince investors that the plan is viable. Now is not the time for a do-it-yourself approach.
Let me share with you the story of an entrepreneur. This particular gentleman prepared his business plan and experienced three failed attempts to secure a business loan. After the third bank refused him, he realized something was inherently wrong with his business plan. He hired me for help.
What did I do? After analysing his current plan, I pinpointed several areas that resulted in the denials to his application for bank loans. For example, his proposal was too technical for the audience - the bank managers didn’t really grasp the concept or see the market potential. In fact, he presented his customer base in a controversial manner, convincing the bank managers the loan was too risky when, in fact, it wasn’t. His biggest mistake here? He shared too much in his business plan instead of sticking to the relevant and salient points. My client had also failed to present the financial analysis in a thoughtful, coherent way. Instead, his financial picture was vague. It lacked explanations of tables; it didn’t highlight the important points; and, it failed to show there was any demand for his product. His plan as presented seemed a dubious venture at best - none of the bank managers believed that his business model would work.
Next, I amended the plan to connect the dots in a logical sequence. I made sure every bit of his business plan led to one clear outcome and presented his market potential clearly and convincingly. With a revised business plan in hand, his next visit to the bank was a success and a line of credit was approved. The manager understood that this was, in fact, a viable plan. And here’s a fun twist! While revising his plan, I researched for him a government program that supports new businesses in his location. He used the new plan to apply for the program and received a grant. A grant, even better than a loan! Because my client hired me, he not only qualified for a loan, but he was awarded a grant that allowed him to start a business debt-free. A win all around!
I invite you to contact me so I can help you get the results you need.