A detailed professionally written business plan can be a costly service to incur. However, there are few services rendered by professionals that can have more value. We at Fragnoli & Company, CPA’s in Brentwood, TN have been seeing an upsurge in requests for assistance with preparing such plans. Whether it be to raise capital through private investors, to borrow funds from conventional lenders, or to present to ventured capital sources, a well constructed business plan greatly enhances one’s opportunity for success. But, that is not where the value ends.
When a business takes the time and expense to carefully layout its plan for the future, establishes goals and budgets, and identifies the true market and competition, the road map for success is now before them. The business now has a tool to help guide it in the future rather then just moving forward without direction. One of our Firm’s taglines is “Peace of Mind through Financial Direction“. Few things can give a business owner or owners more peace of mind than a well developed business plan. One of the most common reasons for not having a plan prepared is cost. Business plans take a lot of time to properly prepare and research. However, they are worth the time and expense. The value is just too great. If a client cannot afford the full fee, we recommend that they do as much of the research pertaining to competition and market demographics as possible. This is mostly internet research which most people can do. When the client get’s to entity structure, financial forecasts and capital requirements, that is where firms like Fragnoli & Company CPAs come in. These numbers must be analytically determined, reasonably supported and presented in the proper format. Readers of business plans generally are sophisticated financial professionals and will perform their own reasonableness tests and analysis.
The bottom line is do not forego the process of developing a well constructed business plan for your new business or expansion. Incur the time and expense, the return on investment will be worth it.