Traits of a Business Plan Superhero
How many of you have ever heard of a superhero needing a business plan? The reason you haven’t is not because they don’t need them. The real reason superheroes most often succeed with their entrepreneurial pursuits is because they hire business planning superhero consultants. They get and expect super results because they aren’t looking for the easiest or the cheapest ways. It’s because they know the nine essential personality traits of a business plan superhero consultant.
- Do they ask you about you and your business?
- Do they have a background in finance?
- Are they savvy with marketing?
- Do they have experience in business?
- What are their academic credentials?
- Do they have business writing skills?
- Are they reliable and ethical?
- Are they experienced and proficient at market research?
- Do they talk about success in business and have your best interest in mind?
These are the nine essential personality traits that are critical to success in business planning. The first is the ability of the consultant to look at you as an individual. Can they look you in the eye and meet you face-to-face? Are they able to be genuine when asking you questions about your desires, hopes and passion for your business? Make sure you are comfortable with your consultant and able to communicate effectively. Be sure your values and theirs are compatible.
Does the potential consultant superhero have a background in finance? When hiring someone to lead you in your business planning, you want a person who can develop meaningful financial projections. This means knowing what investors and lenders look for in solid business ventures. The financial section of your business plan provides the most critical data within your plan. It is necessary to hire someone who has the capacity to fulfill this need in your business plan. When you start with solid market projections and use this data to drive the pro forma financial projections and the breakeven analysis, you can begin to see the value of working with a person who has a solid financial background. The success of your plan hinges on the ability to link market data to strategic financial performance.
Has your potential superhero consultant had any business experience? It is so important for your consultant to have been involved in a start-up business in the past. Have they had any businesses themselves or been involved with other ventures which have grown into successful and thriving businesses? They must understand this as well as customer relations. Is your potential superhero consultant prepared to answer such questions as how the mind of your customers affects whether they will buy your product or service?
Another essential personality characteristic necessary is experience with quality goods and services. Has your potential consultant been involved in companies that have stood the test of time? And do they have experience with both large and small organizations?
What are their academic credentials? Real world experience is important but so is education. What degrees do they hold? Do they have a graduate degree and any professional certifications? Check them out and see what they have done with their education.
Largely a forgotten talent, it is important that your potential superhero consultant have experience with business plan writing. Can they write? Can they provide samples of plans they have written? What are some examples of other documents that they have written?
Are they reliable and ethical? Do they understand the real world and deadlines? Get a feel for how down-to-earth and grounded in experience they are. Can they help implement the plan? Do they provide high quality work? Can they provide benchmarks that are practical and consistent?
The last and final talent separates many an amateur writer from a truly gifted business-planning consultant that is the ability to do competent and reliable market research. Does your potential consultant have knowledge and ability to conduct effective and accurate market research? Will they provide you with accurate data that will be critical in assessing the competition and aid in the growth of your business?
Success in business requires planning, focus, execution, hard work and a little luck. Business planning is a key component of any business’s success. For example a properly developed breakeven analysis will provide a visual picture of the risk and reward your idea or concept faces. This is why choosing the right consultant is so important. When you choose one that is a superhero, you know his skills are based on strong business philosophy, financial analysis, and projection experience. The real superheroes have an understanding of broad general business concepts and a rich array of industry specific knowledge. This alleviates the possibility of industry-specific blind spots, and allows your superhero consultant to objectively analyze the industry and provide innovative solutions. Getting a high quality business plan starts with hiring a business planning superhero consultant!
