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Business plans are a bit like roadmaps, they show you where you are, where you want to go and how to get there but unlike a roadmap, some business plans are creatures that are alive and frequently changing as circumstances and the world around you changes.

To my way of thinking a business should always have two business plans.  One is the plan you write in pencil, it lives in your desk drawer and should be brought out often for review, amendment and appraisal. It’s the one that’s written in simple language that may be light on detail but heavy on dreams, hopes and desires. It’s the one that uses arrows and text bubbles and other bits and pieces that mean very little to anyone other than the person who wrote it. It’s the one you can write yourself and change frequently as new opportunities arise.

The other business plan is the one that is written for the banks, for the venture capitalists and for other investors. This business plan is light on dreams but heavy on detail and heavy on terminology that’s important for those whose assistance you’re seeking. It lacks arrows and squiggles but could contain charts and graphs and other appropriate images.

This business plan looks totally different to the first but ultimately the goals outlined in this business plan will be the same goals that you have nominated in your pencil plan.

While one is easy to write because it comes from the heart the other is much harder to write for it needs to be carefully worded, analytical and focused. Mistakes don’t count for much in the first business plan because they can be corrected with an eraser. In the second business plan mistakes can mean the difference between obtaining funding and struggling with zero capital.

So should you write the second business plan yourself or hire someone to do it for you? Well that depends on the nature of your business and your technical expertise. If you’re a boat builder and you’re training is in building boats then it’s unlikely that you will have the skills necessary to write an acceptable business plan. On the other hand, if you’re a lawyer or an accountant then the chances are that you could write a very acceptable business plan.

Of course having someone write a business plan for you is going to cost you money but that’s money that’s well-spent if the business plan you paid to have written helps your business get the funding it needs to grow. If your finances are really tight and you simply cannot afford to pay someone to write the plan for you then you will find that there are online courses to help you … but really that should be an absolute last resort.

A properly written business plan can be a great tool for you to use to attract investment so be prepared to spend some money on buying the tool that will work for you.