- If you and several friends are joining forces in creating this new business, it is logical that each of you assumes responsibility for a major section of the business plan. If the idea for the company's product or service was yours, then you should be responsible for developing the part of the business plan that describes that product or service. Your colleagues will provide input, but you are responsible for that important part of the plan. If one of your partners is adept at finance, she should work with your accountant in building the financial projections. If another colleague has experience in marketing, he ought to take the lead in developing the marketing plan and incorporating it into the business plan.
- The financial section of your business plan may be its most important part. If the plan will be presented to venture capitalists or other investors, it should be of the highest quality. For this reason, it will provide a great deal of credibility to your plan if the financial statements and the financial projections are all first rate. To accomplish this, involve your outside financial adviser or accountant in the creation of this section. If you are including a section containing sample contracts, patents and agreements, your attorney should participate in finalizing that material.
- Take time to investigate the services of the Small Business Administration and its allied organizations the Small Business Development Centers and S.C.O.R.E. (Service Corps of Retired Executives). Available resources include written material, one-on-one consultations with small-business experts, advice on many aspects of company formation and much more.
Hire a Coach
- Consider hiring a business coach who can assist you throughout the business-plan writing process. He can oversee the production of sections of the plan, meet with the management team and others to challenge assumptions and conclusions and monitor progress of the work. This person would be able to give objective advice and criticism that would prepare the team for meeting later with investors, bankers and others.