A business plan summarizes all you need to establish your business, execute a project or grow your business. It is an integrated document that includes your business description, strategy, marketing, operations, market analysis and financial projections. Business plans minimize your operational and financial risks as you have analyzed them with a response for each risk or opportunity.

For start-ups, developing the business before you pitch it to the investors or banks is better. It would be best if you had enough time to establish a solid plan.

Operational businesses must have their business plan updated at all times to ensure they catch market opportunities or address risks. For example, what happens to your business when the interest rates (cost of borrowing) increase? You need to revise your plan to face this scenario and what tactics are required to reduce the impacts, make more revenue, etc.

Simply said, yes. Any savvy business person is capable of putting together a plan. However, it comes down to expertise in all business areas like strategy, marketing, market analysis, finance, accounting, taxation, CSR, IT, etc. In our experience, the business owners are outstanding in their operations but may be better in other functions. Besides, there would be a difference between a business plan written by someone who might have written one or a few business plans versus a group of professionals with expertise and experience who have developed thousands of business plans.

You'll need your input and business and individual information first. It would be best if you worked with professionals familiar with your market segment and, finally, with your planner to review and examine each section of the plan.

The short answer is no. Business plan development cost is like your costs to incorporate your business; it is an investment rather than a cost. We encourage all business owners to assume the costs associated with business plan development as their investment. Once this is seen as an investment, the efforts are to increase ROI for your investment, which the professionals can assist you with to either mitigate your risks, secure your financing or leap over your competitors. Does this make sense to you? We leave you with the idea of cost vs. investment regarding business plan development.