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"Before everything else, getting ready is the secret of success"
- Henry Ford
Why is research the key to an effective business plan?
The foundation of any effective business plan is the information that goes into it. The more relevant, accurate, and comprehensive the information, the better the conclusions and strategies that will be formulated. The result- a substantial increase in the odds of success. More importantly-- there is nothing that will dissuade a bank or an investor more than a poorly researched and presented business plan!
How long does it typically take a business owner to research and write their own business plan?
According to the US Small Business Administration (SBA), it takes the average entrepreneur over 400 hours and the average consultant over 40 hours to research, write, and rewrite a comprehensive business plan.
Why does it take business planning professionals like BPP only 10% of the time to do a business plan then someone who has never done a business plan before? The answer is simple- because we at BPP have already spent those many hours looking for and acquiring much of the relevant information on hundreds of businesses. And more importantly, we know where to look. Business Plans Plus can help you acquire the information needed and cut down your research hours and costs significantly, either because we have some of the information that you need, or we can show you where and how to find it.
Begin researching your business plan today with BPP's Smart-StartTM comprehensive research primers. It's just smart business!
To facilitate the research of your business, Business Plans Plus has developed an exclusive 56 page Premium Industry Marketing and Competitive Research Primer with over 60 direct links to websites that professionals use in order to properly research their business plans. This premium research primer has strategies and examples designed to assist you in researching and drafting your specific industry business plan.
For a partial 20 page Smart-StartTM Sample Research Primer (US or Canada) just chat with one of our Live Help business plan research attendants.
Other vital research- what about the numbers?
Financial Benchmark Primers:
Financial benchmarks provide you with a reference point for your projected financial statements. Industry statistics are compiled providing tax return based models producing initial Revenue/Net Income and Cash Flow Charts with cost breakdowns (in percentage terms), key ratios (accounts receivable, inventory turnover) so that you have a realistic starting point for your business financial projections.
The industry templates will give you a realistic assessment of how your business can perform and what your bottom line might look like based on average business growth scenarios gleaned from the latest available corporate tax return data. Assumptions and expense definitions are provided in the accompanying glossary.
To facilitate the research of your business BBP has provided our exclusive and complementary Sample Smart-StartTM 2 Year Financial Research Primer with financial categories, revenue and cash flow charts, and expense glossary.The sample primer represents tax-based projections of an Auto Parts and Accessories retail store.
For a sample 2 year Smart-StartTM Financial Research Primer just chat with one of our online Live Help business plan research attendants.
