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Business Plan Software: Do You Need It?
By Christopher Enders
Business plan software is something that often gets overlooked
and isn't considered to be a necessity for some reason. In my
opinion, plan software is essential, it is not a luxury.
I am a huge advocate of planning. When people ask me if
they need a plan, my response is, "Absolutely!" You see,
starting a without a plan is akin to starting
college without a degree plan. If you don't know where you are
going, you won't know how to get there. You will waste your time
and your money if you are not following a plan. It's really that
simple!
So, you know you need a plan, but what about business
plan software? For planning, there are really three
alternatives: 1) crafting your own plan from scratch; 2)
hiring a plan writer or planning consultant; or
3) using plan software to write your own plan.
Each of these alternatives has its own advantages and
disadvantages.
Writing your own plan from scratch is certainly a
possibility. Doing so gives you the freedom to format and arrange
the plan in any way that you see fit. On the other hand, doing
financial projections, which are necessary for the purpose of
budgeting and financial planning, can be difficult to do without
a plan program, or at least financial projection
software or spreadsheets.
Hiring a plan writer makes sense for some people. A
business plan writer is generally well-versed in business
planning and will have insight that will assist you in preparing
a comprehensive plan that takes everything into account.
The disadvantages to having your plan professionally
written are the expense associated with the initial
plan, and the
limitations that exist in regard to changing it as your business
evolves, which is something that plan software empowers
you to do.
Business plan software is relatively inexpensive when compared to
hiring a professional plan writer or consultant.
However, when compared to doing your own plan from scratch, it
may seem like an unnecessary expense. Business plan software does
have many advantages. A good plan software package, like
Business Plan Pro by Palo Alto, has the headings and categories
for a plan already set up for you. It also has guidance
throughout the planning process that explains what to
include in each part of your plan.
What I really love about Business Plan Pro is that it is so easy
to do financial projections using the plan software,
whether or not you understand accounting. The main financial
sections include a section for start-up costs, one for income
projections, one for a proforma balance sheet, and one for a
projected cash flow statement. Information that input into one of
the financial forms automatically transfers calculations to the
other financial statement forms making the process of projecting
your financial plan a breeze.
Another huge advantage I see in regard to plan software
is that when you use plan software to create your own
business plan, you can make changes to it anytime you need to. It
doesn't become a stale document that sits on the shelf and
collects dust. A plan should be always evolving. You
should update your plan frequently including new goals,
objectives and milestones. You should also adjust your financial
projections regularly for the purpose of budgeting. Business plan
software makes it easy to do.
If you choose not to use software, and to create your
own plan from scratch, you will need some guidance
unless you are a professional planner yourself. The
Small Business Administration www.sba.gov has some excellent
resources and guides about planning. If you choose to
hire a professional plan writer, do review their
qualifications and references and make certain that you
understand exactly what is included in the planning
services they are offering.
Copyright Christopher Enders. Are you at the end of your rope,
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