Most Generic, Low Cost and Basic/Template type of Business Plans and Farming Plans do not fly because of the following:
- They do not meet with Investors/Banks criteria;
- The overall quality is sub-standard and offer no real value;
- The general lay-out and sequence of the topics are all messed up and do not follow a certain path;
- Low cost Business Plans are usually a rushed job done in a few days, without proper consultation with a professional consultant;
- Most available templates are developed for the overseas (American) market and do not address important issues/problems experienced in South Africa;
- Cheap and Generic Business Plans Writers only want to make easy and quick money and do not really have your interest at heart;
- Some Low Cost Business Plan Writers do not have the expertise and background to explain the entire cumbersome funding process in detail and in particular how exactly the “Credit Act” works and what your rights are. They will rarely go the “extra mile”.
All serious “Entrepreneurs” should be aware and take notice of all the “pitfalls” of services/plans provided by so-called low cost Business Plan or Farming Plan Writers that are only looking after themselves and are not really having your interest at heart, not going the “extra mile” and only want to make a “quick buck” out of you. Before you appoint any consultant first check our guidelines of what to look for when you appoint a consultant, before you burn your fingers badly and eventually do not get the required funding because of poor and sloppy work.
A Business Plan is a highly structured document designed to sell financial institutions or investors on your financing proposal. It is structured to provide them with information in a familiar format so that the information they need to make a decision to loan you the money you need to start or expand your business is accessible. To ensure that you get full value for your money in the preparation of your business plan, you should ask the following questions before appointing a consultant:-
- Do they have the required qualifications?
- Do they have the ability and willingness to transfer skills and expertise?
- Do they have the required experience?
- Do they use “off the shelf” templates?
- Do they know exactly how the “credit act” works?
- Do they provide a “personal” service through the entire process or do they outsource some of their services?
- Can they help you in the marketing/sales areas as well?
- What financial expertise do they have and exactly what financial information will they include in the plan?
- How many plans did they write so far?
- How long have they been writing business plans?
- Do they explain the entire process upfront showing you all the “pitfalls”?
- Do they fully prepare you for your meeting in the pitching of your business plan?
It is vital for any entrepreneur to check out the above before committing or signing any contract/agreement and thereby avoid any unhappiness later.