| I know. I know. You are too busy to write your own | | | | Your competition is constantly changing in this global |
| business plan, but your banker is asking you to provide | | | | marketplace. Six months ago your biggest competition |
| the bank with a copy of your business plan for your | | | | may have been on the other side of town, and now it |
| loan application. What do you do? Well many small | | | | may be a company based in China or India. Franklin |
| business owners may decide to take the easy way | | | | Adams said, "I find that a great part of the information I |
| out, and send their information to an online business | | | | have was acquired by looking up something and finding |
| planner like: | | | | something else on the way." Writing your own |
| Don't get me wrong I am sure these professional | | | | business plan may just give you the opportunity to |
| business planners provide a great product and service, | | | | stumble upon something that could completely change |
| but you are missing out when you are not writing your | | | | your business for the better. Just give it a chance. |
| own business plan. There are 3 specific reasons I | | | | It's Free - I know that your time is money, and writing |
| believe that you should write your own. | | | | your own business plan will take a considerable |
| You Know Best - Professional business planners | | | | amount of your time, but professional business |
| know how to write, format, build financial projections, | | | | planners are expensive. For most small business |
| and make your document look "pretty". What they | | | | owners $4,000 is a lot of money, but if you are |
| don't know is your business. You built the business, you | | | | successful enough to throw away $4,000 to have |
| live and breathe it each and every day. Even though | | | | someone else write your business plan, then by all |
| you may not be able to develop a 500 page excel | | | | means, go for it! Now for the rest of us, go to the |
| template with your financial projections for the next | | | | Small Business Administration website and access |
| 100 years, you know your pricing model, you know | | | | their free template that includes links with explanations |
| where to acquire new business, you know what your | | | | of what you should include in each section. For most |
| customers think about your product or service. Take | | | | small business owners this will be sufficient. Again |
| what you know and build your own business plan. | | | | remember to make use of your local SBDC counselor, |
| Then you will actually be able to use it, even after your | | | | who will review your business plan for free. If you are |
| submit your loan application. If you don't think you have | | | | still unsatisfied with your plan, then you can send it to a |
| the writing skills to craft a strong plan, then write what | | | | professional business planner to improve. They will |
| you can, and bring your plan to your local SBDC | | | | probably be able to improve the aesthetics of your |
| counselor for a free review of your plan. | | | | plan, and maybe improve your wording to help better |
| You will Learn Something New - I can guarantee you, | | | | relate to your banker. A professional business plan |
| no matter how long you have run your business or | | | | review should save you thousands of dollars, and |
| how much of an expert in your field you are, you will | | | | allow you to gain the benefits of writing your own plan. |
| learn something new if you write your own business | | | | So give it a try, you might just learn something and |
| plan. One area where you will almost certainly learn | | | | save a lot of money too! |
| something new is your Competitor Overview section. | | | | |