Many entrepreneurs appreciate the importance of a business plan. Particularly for those that are starting out, who in most cases will be seeking funding, they literally cannot skirt having a business plan. Presented with a scenario where you have to draft a business plan there are two broad ways to go about it. One, you can do it yourself or two, you can outsource from somewhere else. The key question is should you outsource your startup business plan? It seems the easiest and less demanding option but should you? Herein we shall examine that question from two angles i.e. pros and cons and then we shall conclude.
Why Outsourcing Is Good
Expert Service And Miscellaneous Support
Outsourcing a business plan enables you to get a business plan crafted by experts. Service providers will be people who deeply understand the dynamics of writing a business plan. Writing a business plan is really not that easy. Even those who do their business plan themselves need assistance on some sections. Outsourcing experts will produce a professional business plan hassle free because that is what they know to do. They will also be most likely connected to strategic people in the industry. Thus you can end up networked to people or businesses that can become your partners in business. Experts will also be well-equipped to even offer support at any step of the way – even during the actual running of the business.
Speed And Accuracy
Obviously when you outsource you are outsourcing from experts – that is our working assumption. Well-written business plans take time to put together. This is especially so when you are doing it yourself and you probably would have never done it before. This is to be expected because you will be learning as you go. By outsourcing, you eliminate all the hurdles of learning as you go. The duration of time it will take for the business plan to be completed will be much shorter. Coupled with the fact that it is experts you will enjoy both speed and accuracy.
It Is A Common Feature Of Entrepreneurship Nowadays
It is not surprising to find businesses (even established ones) outsourcing most of their operations. Some of the common areas that are outsourced are information and communication technologies, human resource management, accounting and procurement. Basing on this trend it would mean that outsourcing a startup business plan would be a good start. Good start how? Well, good in that it will set the tone for future outsourcing as is common nowadays. The commonality of outsourcing is also proof that outsourcing does produce great results.
Why Outsourcing Is Bad
Distortion Or Loss Of Intended Initial Business Idea
No one fully understands an idea as the one who conceived it. The process of then putting the idea on paper is very delicate because so much of the original idea can be lost in translation. The best way to guard against this is for one to draft the business plan themselves. In outsourcing you lose that grip on the process that would otherwise ensure you maintain things as they ought to be. This risk of loss or distortion of the original business idea is introduced when dealing with outsourcing. Of course it is possible that through outsourcing the original business idea can be refined. However, in some cases the opposite can occur.
Opportunities For Networking And Collaboration Are Drowned
The business plan writing process is an opportunity to network and collaborate. Under normal circumstances you will be working as a, or with a team (it could just another individual or a few more). As you work on the business plan you get to collaborate with them – something that helps build rapport. You also get to even network with other people or entities that can be very strategic as you seek assistance or fact-find. When you outsource, these opportunities either get drowned or eliminated altogether yet they are fundamental.
Can Be Costly
There are possibilities that outsourcing can actually be cost-effective – there are contexts where it is. On the broader side, outsourcing can be very costly. Just the mere fact that you could alternatively do it yourself (which is free of charge) makes it expensive. It can cost several hundreds of dollars to get someone to do your business plan. Considering that you will be starting out in business, parting with money early on might be a big deal in that you might not be having it. The reason why service providers might be costly is a function of their working structure. For instance, the process of a service provider drafting your business plan for you can entail a whole team working together. That will definitely translate into huge costs that will be encapsulated in what you are charged.
Here we are now, we have looked at the good side of outsourcing and then the bad side. The question that led us to this is, should you outsource your startup business plan? The short yes or no – it depends on how you look at it from your own perspective. We would say it really boils down to looking at scenarios contextually. This is due to the variables at play that are cannot be cast in stone. For instance, the reason why someone might not settle for outsourcing their business plan could cost. Someone might want to have absolute control over drafting their business plan and thus opt not to outsource. Someone might be ready to pay anything and opt for outsourcing because of benefits such as speed, accuracy and expert service.
What then are we saying? The decision of whether or not to outsource should be contextual – consider your individual scenario and weigh it. At times you can and at times you should not. At the end of the day what matters is to come up with a good business plan either way. In short, should you outsource? The answer is yes you can but (a big BUT) take note of the downsides.