As 2007 looms, the humble business plan is becoming more sophisticated, and its uses more elaborate. The industry remains split into three types of planning software: those based on spreadsheets, those that provide dozens of samples to imitate, and those that use a combination of wizards and templates to arrive at the final plan.
But beyond the process are a number of trends that are impacting how the business plan is prepared and used:
* Collaboration is growing in importance. The planning process has always been collaborative, even in small companies. But the availability of the Internet has allowed some packages to tack on better sharing and editing tools, from simple network access to the core document to the ability to divide the plan, assign roles, and monitor the progress of the plan. This is particularly helpful to accountants, as it enables them to work interactively with clients to craft each plan.
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* The financial analyses are more sophisticated. Software of old applications merely produced a set of financials and five-year projections. But the current generations are moving far past these simple benchmarks to incorporate business valuations, what-if scenarios, and other critical analyses.
* Customization is critical. There may have been a time when there was a "favored" format for a business plan. Today, new and unique business types are demanding more utility from such plans, and the ability to accommodate a break from tradition. This demand for greater control over the format and output of business plans is occurring not only within the businesses, but also within the financial institutions and business advisory services.
* Businesses are taking more time in the process. Planning has traditionally been a business of looming deadlines and fast-dash financials. But companies appear to be taking a more holistic view of the process, making updates more frequently, and making greater use of the plans internally than externally.
This review covers seven best-of-class packages, each of which takes its own unique approach or conceptual direction.
However, one thing that should be noted is that all the packages have had to come to terms with the dominant software packages that affect their clients' plans. This includes living and working with Microsoft's pervasive Office Suite, or at least some of its most commonly used elements. Several provide text in Word, financials in Excel, and presentations in PowerPoint, or can export files to these applications. There is also an increasing ability to export and import QuickBooks files, since so many small businesses and their accountants use this low-cost accounting software package.
All of the products reviewed here have significant strengths, have built a successful following in the accounting industry, and are worthy of consideration, depending on the needs of the client and the type of practice the accountant is seeking to build.
BizPlanBuilder
Jian is a template-based planning system built on Microsoft Excel workbooks for the financials, Word template documents for the text portion of the plan, and a PowerPoint template for plan presentation. The result is a well-designed, customizable planning system that outpaces most of its competitors.
