What’s trending in business plan development services? IBISWorld caught up with Ashley Cheeks, M.B.A., a professional business plan writer and owner of Written Success, below.
1) What challenges does your company face?
The biggest challenge today comes with finding credible, reliable market data. As a business plan provider, this data is used to forecast trends and market opportunities that will impact a business. The information is used to make sure investors know the landscape of the market to evaluate risks, and to show bank lenders where volatility may come into play.
2) How has IBISWorld helped you address these challenges and stay on top of relevant trends?
Written Success uses IBISWorld as an anchor in all market research activities. Since many of my clients are creating new markets or are niching out new business segments, finishing research often means triangulating multiple markets to get the whole picture. IBISWorld has information on the markets that I need – more so than any other provider I’ve tried in the past.
3) How does IBISWorld insight help give you an edge over competitors?
IBISWorld uses a format and approach that not only delivers the information I need, but it also provides external resources for me to explore deeper. A good business plan writer does not just paste report data into a Market Research chapter and call it done. A true business plan professional takes an existing report as a baseline and then dives deeper, looking at other sources and areas of interest to the business. IBISWorld gives a huge edge in providing me easy-to-understand analysis, a quick format to scan with iRisk reports, and reliable sources which I can follow and track on my own.
4) What do you foresee happening in your industry within the next year?
The industry for business plan development has moved towards more low cost, low quality providers with quick turn results. It is also seen the introduction of do it yourself software-based plan options. People take these solutions to save money and time, and often try to shortcut the complete business plan process. These low-quality providers are struggling to provide fund-worthy business plans, as they are high-volume, quick-churn, non-custom solutions.
Thanks to the popularity of shows like Shark Tank and The Profit and the notion of crowdfunding and angel funding, more entrepreneurs are seeing the risk involved in having a poorly written business plan. Investors know a sloppy, ill-researched plan and will not fund the entrepreneur who presents it.
The trends are moving in the direction of opting for a professional business plan consultant to partner with to ensure strategy and presentation needed to secure funding. Interestingly, the next year will likely see growth of investor-funded business plans to vet an entrepreneurs’ idea, instead of the entrepreneur preparing and presenting a plan of his or her own. This adds a level of unbiased review of the business potential for both the entrepreneur and the investor.
Written Success provides business plan development services suited for landing investor or bank loans and funding.
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