This is Company Partners' review of the best business plan applications and a look at the assistance that you can get in writing your plan. Writing business plans needn't be an arduous job with all the help now available on the web and... if you choose the right business plan software.
We will first give a bit of background information and then get straight on to the reviews.
Why write a business plan?
Even if you think you don't need a business plan to start-up or to run your business, (although it would help), if you want a bank loan or especially if you want to attract business angel investment you will need a plan, laid out in an accepted and standard format.
Types of business plan software available.
Most banks do free business planning software, they are basic with no support, although if you are only applying for a bank loan this may be sufficient. They are however simplistic and not really suitable, for instance, to attract business angel investment. Also for a relatively small outlay you can do much better
There are 4 main types of business plan applications and help that you can get:
- Templates - modify an example plan.
Reviewed - Teneric - Applications - input data and build the plan up.
Reviewed - Ultimate Business Planner, Business Plan Pro - 2007 - Applications + expert help (AI type).
Reviewed - Plan Write - Expert Edition - Bespoke plan written by consultants.
Reviewed - Business Plan Services
All with varying degrees of support/advice either included or as an extra option.
The Reviews
1. The business plan template
This is simply taking an existing business plan, preferably in the same business sector as yourself, and modifying it with your details.
Although you can find the odd free example business plan around on the web, there are a few companies that have specialised in providing good examples across a wide number of market sectors, often with helpful explanations and support. We reviewed one of the best of this type:
Reviewed: Teneric
Summary
Teneric have 27 business plan templates covering a good range of businesses such as running a bar, starting a consultancy and opening a retail outlet. However they really score on the additional support and extra planning tools that they provide.
2. Business plan applications
Here you get a bit more guidance in understanding the reasons behind the various sections of a business plan and by going through a process of questions and answers gradually build your own plan up. Company Partners looked at two of the leading applications:
Reviewed: Ultimate Business Planner
Summary
A comprehensive business planning application that has been tailored for the UK market, with helpful questions and explanations on UK types of business and tax rates. Quick and simple to setup, with a clear layout, this software package would suit those looking for a no fuss, inexpensive business planning tool.
Reviewed: Business Plan Pro 2007
Summary
This business plan package was a joy to use, with its easy to follow guidance and clear descriptions at each step, producing a polished and professional looking result. Recommended for any business but especially for those wanting some help in understanding the important parts of a business plan. Leads you through the financial section with understandable examples and good explanations.
3. Business plan template + expert help (AI)
Similar to the business plan applications above, but now you get an "expert system" built in. These provide a type of Artificial Intelligence that can suggest inputs to your plan and provide an incredible array of analysis features. We looked at the best in class:
Reviewed: Plan Write - Expert Edition
Summary
Plan Write is a top of the range business-planning tool that produces professional and impressive documents. The Expert Edition that we reviewed has a built-in expert analysis system, which examines all your assumptions, asks perceptive questions and wrings the last ounce of information out of you. This is a feature rich and thoughtful planning tool, which because of the detail required does take time to complete, but will result in a comprehensive and unique plan.
4. Bespoke plan written by consultants.
Not strictly speaking a software application, however if you have the funds to pay for a business plan consultant to write your plan using their expertise, then you should get a first-class result. It still has to be your business plan, so you will be required to give input and direction.
Reviewed: Business Plan Services
Summary
Business Plan Services operates in association with the London Business School and provides bespoke business planning assistance. They have access to over 80 expert consultants. The services are individually tailored to meet each client's requirements.
