FAQ- IRISH BUSINESS PLAN SERVICE- What is a business plan?
A business plan is a written document that describes your business, its objectives and strategies, the market you are targeting and the financial forecast for your business
Why do I need a business plan?
To be considered a viable candidate to receive funds from financial institutions or investors, you must fully demonstrate your firm grasp of every aspect of your business, and particularly its ability to generate profit.
- How will you generate positive cash flow?
- How will you sustain your business in the ‘lean times’?
- Who is your competition, and how will you coexist?
- Who is your target market?
When should I write a business plan?
The sooner the better! However, it is never too late to get a business plan.
Who should write my business plan?
Your business plan should have input from you, the entrepreneur. It is your business and therefore your business plan. Don’t hesitate to seek assistance from us.
Should I use business planning software?
You may be tempted to business planning software however, you still have to input lot of information which is similar to filling in the blanks and is no different to using a business plan template. Also, Bankers and investors want to read your business plan, and as frequent readers of business plans, they can often pick out the software-generated plans at a quick glance.
How long it takes to write a business plan?
Depending on the complexity of project, normal business plan takes upto 5-7 working days and we deliver professional business plan in an efficient manner.
How does the process work?
Every situation is unique. However, some fairly common steps include the following:
- Initial discussion to understand your basic needs.
- Review your existing materials if any (draft business plans, financials, market research, competitor research, etc.).
- Follow-up discussion to clarify details and agree upon the scope and fees for the project.
- Several in-depth discussions to better understand the details, develop strategies, and agree on all major elements of the business plan and financial model.
- Conduct additional research, as needed.
- Draft an Investor Presentation and review it with you to ensure that all parties agree on the high-level vision.
- Draft the Executive Summary and review it with you to ensure that we all agree on the next level of detail.
- Prepare a draft outline of the business plan for your review.
- Begin filling in the details on the draft. Obtain and incorporate your feedback.
- Incorporate your revenue and expense models into the financial model, and explain how it works so that you can take “ownership” of the financials.
- Finalize all deliverables.
- Coach you on the best way to deliver the investor presentation and on how to address questions.
- Provide ongoing support, including making minor updates to the deliverables at no additional charge.
Depending on how we structure the project, you should expect to spend anywhere from 10-30 hours on the process over the course of a typical engagement.