So, you’re starting a business and considering using business plan software to streamline the plan writing process. There are a handful of traditional business planning apps out there, along with an ever-growing list of AI business plan generators popping up almost daily.
Which brings us to the big question: Which tool is the best business plan software for you?
Rather than wandering aimlessly around the web looking for a solution, you can speed up your search by following a proven research process and being aware of what features truly great business planning software will include.
7 Steps to Choose the Right Business Plan Software
1. Assess Your Needs
Start by understanding your specific business needs. This may be difficult if you’re just starting, so here are a few questions to answer to help you figure this out:
- What do you need a business plan for? If you intend to pursue funding, you’ll need software that creates investor-ready business plans. If it’s just to explore your business idea or to use it as an internal tool, then a one-page business plan builder is likely enough.
- How familiar are you with business planning? Are you an expert who wants a lot of flexibility or a novice who needs a lot of guidance and support?
- Do you also need help creating a financial plan? While financial plans and forecasts are part of a traditional business plan, not every business planning tool features in-depth forecasting features.
- Do you need to share or collaborate on your business plan? Not all planning software allows for exporting or collaboration. If it does, it may be a feature locked behind an additional cost.
2. Seek Recommendations
If you know other business owners, mentors, or industry experts, reach out to them first for recommendations. Depending on their experience with a given tool and how much you trust the individual, it could help you skip a lot of manual research. You may even be able to get a look at how they’re using the business plan software first-hand.
If you don’t have anyone to reach out to, turn to forums like Reddit and Quora, as well as any entrepreneurship groups, where you can ask a large audience for their recommendations. It won’t be as personalized, but it can still provide more direct insight into what tools are worth it.
3. Research and Compare Options
Even after you have some recommendations, you should still do some comparison shopping. Keep it simple: Create a list of potential software along with its features, prices, and any reviews.
If you need help getting started, check out this roundup from PC Magazine for their rankings of the best business plan software. There are likely more tools to explore outside this list, but it should be enough to point you in the right direction.
4. Take Advantage of Free Trials
Before you commit to paying for business planning software, test a few different options. Most software provides a free trial, money-back guarantee, or demo for you to explore.
Pay attention to the user interface, ease of navigation, and how well the software meets your needs. Take note of any limitations or drawbacks and try to directly compare the tools as much as possible.
5. Consider Your Long-term Use
You may be initially creating a business plan to pursue a loan or just make your idea more official. However, if you think it’s going to just be a one-and-done process, you’re missing out on the long-term value your business plan and software solution can provide. Specifically when it comes to reviewing your financial performance and making adjustments to your strategy.
So, consider whether the software is scalable and flexible enough to grow with your business. Evaluate ongoing costs, such as subscription fees or additional charges for advanced financial features. Even if you don’t intend to use them now, it will be much easier to keep using the tool you’ve already invested in instead of starting from scratch when the time comes.
6. Budget the Expense
The usefulness of the business plan software is just one part of the equation. You also need to be sure it fits into your budget.
Evaluate both the initial costs and any ongoing subscription fees or additional charges for advanced features. Determine whether the investment aligns with your financial plans and if it offers good value for the price.
Balancing costs with the benefits will help you make a financially sound decision that supports your business’s growth.
7. Make Your Decision
OK, now all that’s left for you to do is choose your business plan software.
Don’t rush this step; take the time to review all the information you’ve collected and choose the software that best aligns with your business plan objectives. Making a well-informed decision will increase the likelihood of selecting the right tool to help you create a successful business plan.
Business Plan Software Features to Look For
- User-Friendly Interface: A simple and clean layout can significantly reduce the learning curve, allowing you to focus more on creating your business plan rather than figuring out how to use the software.
- Comprehensive Templates: High-quality business plan software should offer a variety of templates or business plan examples tailored to different industries. If customizable, these business plan templates can save you a lot of time and provide a solid foundation for your business plan.
- Expert Guidance and Resources: The software should be built by planning experts who can provide educational resources, tutorials, and tips to help you understand and complete each section of your plan.
- Collaboration Capabilities: When working with a team, you’ll likely want multiple users to access and edit the plan simultaneously.
- Integration Options: Look for compatibility with accounting software, CRM systems, and other applications that you’re already using.
- Live Customer Support: Look for providers that offer responsive live chat, phone support, or email assistance. Additionally, some software offers paid services like professional plan writing, market research, and other resources to help you create a high-quality business plan.
- Financial Forecasting Tools: For long-term use, the software should include financial forecasting and analysis features. Ideally, these don’t stray too far from the formatting of a spreadsheet, but with additional functionality to make building, updating, and reviewing your financials easier.
- AI Business Plan Generation: While AI should not be the sole focus, it can help generate initial drafts, suggest improvements, and automate repetitive tasks. However, it’s important that the AI features complement the other robust tools offered by the software rather than being the entire tool.
- Industry Insights: Access to market and industry data from reputable sources is a significant advantage. Having this information directly within the app can save time and enhance the quality of your market analysis.
Don’t Rush Into Buying Business Plan Software
Choosing the right business plan software shouldn’t be a complicated and time-consuming process. By following these steps and being aware of key features, you can streamline your search.
Remember, don’t rush the process. Weigh the pros and cons of each tool and take the time to test them out. While you want to find the right business planning solution quickly you don’t want to end up investing time and money into a tool that ultimately ends up not meeting your needs.
