How to check a consultant's plans have actually raised money

Many entrepreneurs invest time and money into a business plan, only to learn later that it didn't actually persuade the people controlling capital. A consultant who claims success might be counting completed documents, not funded ones. They might cherry-pick results or simply never follow up with clients to see whether the plan opened doors. Before you hire someone to develop a plan aimed at raising capital, you need verifiable proof that their work has genuinely moved money into clients' hands.

The gap between a polished document and actual funding is wide. A plan might be well-written, professionally formatted, and technically sound yet still fail because it doesn't resonate with lenders or investors, or because the underlying assumptions don't hold up under scrutiny. A consultant worth hiring will have a track record of plans that didn't just satisfy banks or investors—plans that actually convinced them to commit funds. That proof is traceable.

Ask directly: how many clients have raised funds using your plans?

Start with a straightforward question and listen carefully to the answer. A reputable consultant should be able to name a percentage or range—for instance, "70% of my clients in the past three years have secured funding within twelve months of completion." If they hesitate, deflect with vague praise, or tell you "most" or "many" without specifics, that's a red flag.

Push further: ask them to break down by funding type. How many secured bank loans? How many attracted investors? How many got grants or government support? A consultant who specialises in, say, SEFA applications should have concrete numbers for that channel. If they claim broad success across all types equally, be sceptical—different funding paths have different success rates, and a specialist knows their own.

Request references from funded clients

Demand the names and contact details of at least three clients whose plans resulted in actual funding. Not satisfied clients—*funded* clients. A good consultant will have a short list ready. Call or message those references yourself; don't rely on written testimonials the consultant provides.

When you speak to them, ask specific questions: How much did they raise? Through which route—bank, investor, grant, or other? How long between plan completion and funding? Did the plan need revision before funders accepted it, or was it right the first time? Did the consultant provide ongoing support during the pitch or application process, or just hand over the document? Listen for how enthusiastically they'd use that consultant again, and whether they mention any gaps in the plan that only emerged during actual fundraising.

Check their background and any professional registration

A consultant claiming success with large funding rounds should have relevant experience. Ask where they worked before consulting—did they sit on the funder side, in banking or investment? Have they founded and funded businesses themselves? That track record matters because it teaches someone what funders actually scrutinise.

If they hold a professional qualification relevant to business planning, strategy, or financial modelling, ask to verify it. You might check whether they're registered with industry bodies in their stated specialism. Be cautious if they have no verifiable background in the specific funding type you're targeting.

Look for evidence they stay involved through the funding process

A consultant who hands over a finished plan and disappears has limited skin in the game. The strongest sign of genuine confidence is whether they offer follow-up support—revisions based on funder feedback, help preparing for pitch meetings, or refinement of financials if questions arise. If they include this in their fee or package, they're betting on the plan's success. If they treat the document as the end of their job, they're not accountable for whether it actually raises money.

Ask what happens if a funder rejects the plan or asks for changes. Will they revise it free of charge? Will they help troubleshoot the feedback? Their answer reveals whether they're invested in your outcome or just the transaction.

When you're ready to move forward, Strove lets you compare verified consultants side by side, read reviews from past clients, and request quotes directly—making it easier to separate genuine track records from talk.