Most common mistakes by business plan writers:

MOST COMMON MISTAKES BY BUSINESS PLAN WRITERS:

The significance of business planning is widely accepted. Mostly, business plans are created for definite purpose. There are number of blunders made by inexperienced business plan writers; mistakes that are easy to avoid.

Following are the most common mistakes by business plan writers:

  • Patience: Don’t rush! It takes a long time to write a good business plan because most of your time is spent in researching market competitors, finances, customer’s needs and desires, product and setting prices for your product/services. Be patient! Otherwise, you’ll make a mess of it.
  • Idea inflation: To start a business you need capital, intelligence, time, and determination; not just a great idea. New thoughts are harder to sell; people don’t appreciate new ideas easily. Successful businesses are completely based on new ideas.
  • Unbelievable financial projection: Financial projections are one of the basic areas of business plan readers. Forecasting is not easy. Business plan writers must be very careful in realistic financial projection.
  • Try to satisfy everyone: Basic target of business plan writer is to satisfy its consumers’ as well as its investors’ needs. Try to manage target market.
  • Cash flow negligence: The movement of cash into and out of a business is known as cash flow. It is more important than anything else in the business for investors as well as for owners. We always think of business to generate a profit, which is, sales minus costs.. Cash flow is very critical for any business and we need to understand its importance. Cash flow table must be included in your business plan.

·         Lack of possible opportunities: A business plan has to describe all the possible opportunities of earning profit, prospective customer, target customers and product/services. Mostly writers do not mention all the possible opportunities that will lose their readers.

·         Forget to address the risks: Risks are the most essential part of a business. Every business contains risk. Higher the risk, higher will be the return. It is important to mention the amount of expected risk when writing a business plan.

Above mistakes are easy to avoid. Writing business plan needs time and effort. Business plan writer should be very careful when writing a business plan.

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