As most small business owners are usually on a shoe-string budget, cost is often at the forefront of their minds when making decisions concerning their business strategy needs.

As a result, a majority of them resort to writing their business plans themselves not considering the required expertise. The business owners end up consuming lots of time (as much as 400 hours per plan) and energy on the development process to an extent of eroding its worth, and limiting its perceived value.

Aside from the possibility of getting a custom, high quality professional plan developed at an affordable rate, below are many other valuable factors that most business owners neglect when considering to outsource the services of a business consultant.

Time Required

As already mentioned, many small business owners take on the business plan development exercise themselves as they automatically presume that it is expensive to hire a professional to handle the task. While you may save on costs, you will lose time that would have been better spent on more strategic business objectives such as management and networking.

If you look at how long it takes you to prepare the plan and compare that to the amount of time taken by a professional to do the same, – a professional consultant can develop your plan in as little as 40 hours – you will almost certainly realize that your time could be better used somewhere else. This could result into more revenue for the business.

Do you Possess the Necessary Skills?

There’s a skill to developing business plans; and logically, the more one does it the better they get. Instead of spending time going through the learning curve of business plan writing, allow a professional consultant to develop one for you. These professionals can most certainly do the job faster and with less difficulty because they have industry insights and business experiences that you may be lacking in-house.

Based on their experiences, these consultants also know what aspects of your business to focus on that will increase your chances of success. This not only offers much more convenience; but also gives you an opportunity to tap the writer’s knowledge.

Outsourcing to the Right Consultant

It’s imperative that you take your time when selecting a business plan writer and find the one that is a good fit for your business goals and objectives. One issue to take into consideration is their qualifications. An MBA (Master of Business Administration) and CPA (Certified Public Accountants) are just examples of essential qualifications to look out for.

You should also check for past client testimonials. There are several ways of getting this information. One way is by directly contacting the consultant’s past clients to get a feel of what it is like to work with them; or if hiring through an online marketplace, by visiting the consultant’s profile page. Looking up the consultants on the various search engines and social media can also give some of their details.

To avoid picking the wrong candidate, interview several consultants before you commit to one. Find out details like how long it will take to complete the business plan, their engagement fees, development methodology, etc.

Lastly, where possible, have a contract signed by both parties, detailing the deliverable and terms of engagement.

Whether you decide to outsource or not, it’s important to look beyond the cost aspect and consider the above factors as well.