Most of the entrepreneurs, who prefer to write their business plan themselves, usually use business plan templates or software from the internet.
No doubt, there are numerous positive sides of business plan software and programs including the automatic generation of projected financial statements, categories, graphs, and tables. These programs also guide the writing process of the business plan. However, there are many things that make these programs less eligible and reliable to be dependent on.
First of all, these software programs do not have human intellect and cannot gain insights from experiences.
Moreover, the standardization of different software programs makes it very difficult to devise flexible plans. Entrepreneurs often rely solely on such templates because they are technically advanced, which limits their capability to customize their business plan according to the changing dynamics of the market, the perception and priorities of investors, and their targeted audience.
It is also quite plausible to choose the wrong software, which doesn’t have the features required for a particular idea or the market. This might be due to the limited experience of the new entrants.
You can certainly use a template from the internet to understand the components of a business plan. However, you must write your own business plan following a systematic process. Especially, when it comes to financial projections and forecasts it is not even easy to find the right spreadsheet to estimate revenues and expenses.
A freshly written business plan from scratch has a higher success rate than using templates.