What is Business Plan Consulting Services?
Business Plan Consulting is the process in which an external third-party consultant is engaged to provide strategic advice. The type of advice provided for a business will depend on the factors which affect the business. Business plan consulting services will be different for a start-up company. Similarly, the services offered by a consultant will be different for an established international organization. Depending on the type of business, the business plan will vary.
Types of Business Plan Consulting Services
Preparing a business plan for a start-up is different from preparing a business plan for a multinational organization. A start-up is considered as a budding business. As per the Department for Promotion of Industry and Internal Trade (DPIIT), a start-up is defined as a business that is formed recently. If a business has not covered more than ten years from the date of inception, then it is called a start-up. As per this definition, if a company is less than ten years old, it is still a start-up.
Developing a business plan for a start-up would include the following:
- Developing the Business Plan for the Start-Up.
- Developing the goals of the start-up business.
- Choosing the form of entity which has to be incorporated for the start-up.
- Budgetary Analysis for the Start-up.
- Regulatory compliance with respective authorities for the start-up.
- Risk Framework and Mitigation for the Start-Up.
- Monitoring activities of the start-up after inception.
SME is an abbreviation for Small and Medium enterprises. SME's are organizations that have been in business for some years. However, business plan consulting services would be different for an SME when compared to a start-up.
Developing a business plan for an SME would cover the following:
- Change in Action Plan and Objectives of the SME.
- Strategic Advice on a crisis scenario.
- Funding Options for the SME.
- Advice on regulatory compliance.
Multinational Companies are entities that are globally incorporated. These companies set a footprint in India to carry out business activities.
For a Multinational company, the main areas which the business plan will focus on:
- Diversification of services and new products.
- Refining the strategies of the multinational company.
- Expansion opportunities of the multinational business.
- Business Planning Continuation.
The role played by a Business Planning Consultant?
A business planning consultant plays a major role in carrying out business plan consulting services. The business plan consulting firm should have an overview of the activities carried out by the business. Based on this, the firm can analyze the factors to develop a strategic business plan. In business plan consulting a consultant has the following responsibilities:
Developing a Strategic Plan for the Business
Business planning consulting services comprise developing a strategic plan for different types of business. Be it an entrepreneur or an established entity, the business planning consultant must develop strategic advice. A consultant can either get to know the business objectives by researching the company. Apart from this, the consultant can communicate with the business's key executives to understand their goals and objectives. Based on this, the consultant can draft the business plan to include key goals and parameters that the business has to achieve.
Specific Business Planning Activities
If the organization keeps a tight budget, the consultant can advise the business based on specific objectives. For example, a start-up may require specific advice on Human Resources. In such a case, the consultant can provide them with advice on human resource activities.
Tailoring the Business Plan
Business Plan consulting also comprises of tailoring the business plan to the main objectives and goals of a business. This can be achieved when the consultant understands the specific strategies of the business. The consultant is free is to give any advice on implementing such strategies. However, tailoring the business plan to achieve the objectives of the business is crucial.
A business plan consulting firm not only advises the organization on the business plan, but they also play a crucial role in mentoring the organization. When the business plan is implemented in an organization, the consultant’s role is to ensure that the organization achieves the goals and principles developed in the business plan. If there are potential issues, the business plan professional should come up with actions to mitigate any loss caused to the organization.
Planning is one of the primary activities carried out by a business plan consulting firm. The budgetary analysis is also developing as one of the main functions carried out by the business plan consulting firm. A budgetary analysis is understood as calculating the budget of a particular organization and drafting a business plan according to the business's needs. Through this, an organization can estimate the desired results of the business plan with a limited budget.
Benefits of Business Plan Consulting Services
Any organization be it a start-up, or an established multinational firm will require a business plan. Business plan consulting services provided to an organization would be from experienced professionals such as Chartered Accountants, Lawyers, and Company Secretaries. Your business will achieve all the strategic goals and objectives through streamlined advice from expert professionals. At Enterslice, you can rely on expert assistance from qualified professionals to develop your business plan.
The approach provided by a business planning consulting firm would be straightforward. Following this approach would allow the organization to achieve all its objectives. At the same time, the organization can explore new areas of the business.
Having a business plan ready-made by a business plan consulting firm saves time. This option will be beneficial if the business or start-up wants immediate advice on business strategies. An organization using this would not have to waste unnecessary time recruiting in-house professionals to engage their business to achieve various strategies. Outsourcing business planning consulting services is one of the easiest ways for an organization.
An organization can limit budgetary requirements for preparing a business plan. Apart from this implementing a business plan for the organization is cost-friendly. A business plan can be limited to specific goals and objectives of the business. Hence, an organization using a business plan consulting firm would save time and cost at the same time.
Challenges in Business Plan Consulting
There are several challenges in business plan consulting, which have considerably affected the organisation’s implementation strategies. The following are the challenges that affect business plan consulting:
Contradicting View Points
This comes as a potential challenge in developing a business plan. Once the business plan consulting firm develops a plan for the business, implementation is impossible due to contradicting viewpoints between the business executives and the business planning consulting firm. There are many instances where contradictory viewpoints affect the implementation of the business plan.
Technology advancements and digitization have disrupted how businesses operate. A business plan consulting firm has to be up to date with relevant technologies that disrupt the business environment. Without any form of knowledge, the business planning consultant would not be able to tailor the business's needs according to the changing market preferences. Digital technology factors such as Artificial Intelligence, Internet of Things (IoT), Machine Learning, and Big Data has disrupted the market. Hence the business plan consulting firm must match the needs of the evolving market to the organization.
Implementation is a challenge for organizations as they are pressurized due to budgetary restrictions and other regulatory challenges.
Business Plan Consulting Services Offered by Enterslice
At Enterslice, we understand your business's needs and guide you with advice on implementing the business plan. Our advice comprises the following:
- Initially, we have a discussion to understand the needs and requirements of your business. We make sure to tailor specific advice according to the needs of your business.
- We would require reviewing specific documents and information about your business during our initial meeting. Our team of expert professionals would review the following information:
a) Financials of the organization.
b) Any Drafts related to a business plan.
c) Any other information which is beneficial for the implementation of the business plan.
- After having an initial discussion, we will negotiate the terms of engagement with your business.
- After this, we will start preparing the business plan according to the requirements of your business. The draft business plan which we execute will contain the following:
a) Introduction to Business.
b) Information on the executive summary.
c) Products of the Business.
d) Financial Projections.
e) Final Outlines of the business plan.
- In the last phase, we will provide you with a draft of the business plan. We will make the business plan according to inputs given by you; hence any changes will be made in the business plan if required.
Enterslice Advantage–Business Plan Consulting Services
- Enterslice is a recognized consultant in developing business plans for start-ups and multinational organizations.
- Experts at Enterslice have assisted organizations with business planning activities.
- We have multifaceted teams of professionals comprising Chartered Accountants, Business, and regulatory experts.
- We have extensive experience in transaction and business-related matters.