In this blog, I am going to discuss a little about why business plans should be reviewed by an external person for example Accountant, Mentor, Coach.
We all know at times as we write things, we don’t always check what we write after we have finished, we might skim through the document, hope our word program picks up any errors or differences, and alert us, at times this does not work.
Now is the time to consider who has reviewed your business plan, and remember it is worthwhile for every business to have a business plan or at least an action/operational plan.
When I am reviewing a business plan as a mentor, I am not overly looking for spelling mistakes or grammar issues, however often what I find is what we write in the document, is often different from the figures written into a budget, e.g. often I read a document the plan says they will sell 20 items at a fixed price, however when I add up the income it actually suggests they need to sell 30 products to get the figure they enter. Or they might say they are selling 20 products, yet in their income part of their budget, they list only 15 items- and whilst some of these seem trivial, it is something your bank or an investor will pick up if you are looking for finance or a partner.
Another area I see issues with is the marketing of the business, I find at times they don’t list all their opportunities which they could use to help promote their business.
Having a mentor to review your business plan, might open up your business to the world, in ways you could not have imagined, it can also help you to know whether your messages are clear enough for anyone to understand which might help ensure you present a clear message to your potential clients.
Now is the time to consider who is best for you to consult with, in order to help you better improve your business plan, which can improve your business into the future, and make 2022 and beyond your year.