Business planning is never easy, even if you run a transparent business and know all aspects of it well, an extra pair of eyes can support you in creating a useful, honest and working business plan.
When and why do entrepreneurs need business plans?
A plan for business is a continuous requirement of any company regardless of its size: maybe it is only a few thoughts in the mind of the sole owner, maybe it is a 200-page-long document for a Fortune 500 company. All business owners know it well, that without a plan, they won’t be able to succeed. However, they also know that there are no plans set in stone – business plans are changing and even more likely are adapted to the changing needs of the clients and customers, or the changing business environment – for example, what we are facing in our present days.
There are special occasions that might require business plans with more coordinated documentation – a few examples:
1. Applying for bank credit
Financial institutes always require a certain package of documents, that will definitely include a business plan. A well-planned cash flow statement can serve as a guarantee for the bank that your company will pay the credit back.
2. Government subsidies
Many governments run programs that fund new or existing businesses. Canada and within it, Alberta continuously advertise new funding programs, called Alberta Grants. Their goal is to subsidize companies to maintain workplaces, create more jobs, and grow overall to be able to boost the Canadian GDP.
3. Partnering with another company
Although there might not be strict requirements on how a partnership-related business plan should look like, it is in the business owners best interest to clarify who does what, and what they can expect from the relationship. It stands especially for situations of merger or acquisition.
4. Joining a franchise
Many franchises offer their own set of business plans and with it manage new investors’ expectations.
5. Having an investor
An ever-trending question from investors is whether the applying entrepreneur knows the market and industry. Have they ever done a proper market analysis? Are there any known competitors? (Hint: If the answer is no, you might want to look again.) An agreement with an investor is always strict and precise, consisting of points aiming for risk mitigation. One way for the investor to handle the risks is to request a business plan for the next 3-5 years.
For the above example situations, you will be requested to provide a formal concept plan with your approach to sales, marketing, HR, budgets, and revenue and cash-flow plan. The easy, but not working way out is to download a few shady sample documents and populate them with non-researched numbers and strategies. If the goal is to apply successfully, a professional consultant is your best shot.
How to choose the best business plan writer in Edmonton?
Edmonton’s unique approach to aspiring entrepreneurs and its thriving business culture join to be a well-nurturing soil for any new businesses, especially for the SMB and startup sized ones.
This vivid business community offers more options a business owner is looking for a business plan writer partner. Let’s see a few decision criteria:
Word of mouth or if that’s not available, internet reviews are helpful to determine whether a consultant company is going to be supportive enough.
2. A good understanding of the market
Every successful plan needs well-researched foundations, and it is especially effective if the knowledge comes from experience and not a simple Google search.
Every business needs a unique approach when it comes to planning. Choose a consultant, who understands that and does not force you into pre-made templates.
4. In-person or online due diligence
The best way to choose the right expert is to examine whether there is professional chemistry and to conduct short due diligence. Don’t be afraid to ask for referrals, formerly submitted plans excerpts, and a short video call to see, who will support you in the next important step of your business journey.
Vaisus is a team of professional business writers in Edmonton. Our vision is to support clients with highly tailored, custom business plans that serve their purpose successfully. We offer to give you a detailed picture of the business in scope throughout our strategic plans and help both our clients and our clients’ partners to manage their agreements on true and accurate data.
Vaisus’ services include market research to create the foundations, marketing plans to introduce sales and revenues, financial plans to provide an understanding of the profits and losses – all in a package 100% tailored to fit the requirements.
Our team has experience in franchise partnering, applying for credit for banks and financial institutes, investments, strategic and operational planning, immigration, and non-profit sectors. Businesses around Canada gain advantage using Team Vaisus’ vast experience and support and form a long-term partnership for not just the early days, but for many years.
Vaisus is a leader in business plan writing in Edmonton, if you are looking for professional support for your business with real experience, friendly customer service, and highly successful track record, check our website: https://vaisusbusinessplans.ca/