6 most Common Business Planning Mistakes:

Business Plan Mistake 1:
"Leaving crucial elements out..."

There is a structure for every successful business plan. There is a right way to do it, and a wrong way to do it. Lenders and business people are looking for 3 or 4 key parts of your plan...if you leave these elements out, your plan is destined to fail.

Business Plan Mistake 2:
"Incorrect Format..."

Your readers don't want a 100-page document, and they don't want a 1 page overview. There is a correct length for your business plan - do you know what it is? Get this wrong and it will cost you money.

Business Plan Mistake 3:
"Poor Financial Plans..."

This is perhaps the most important section of any business plan. Lenders want to know when you're going to pay their money back. You need to produce financial statements that accountants will endorse without question, or you're dead in the water.

Business Plan Mistake 4:
"Over-ambitious projections. ..."

Everyone thinks their business will grow exponentially in the first 12 months... but in reality this is rarely the case. Your business plan must show a realistic path to profitability that proves your actual revenues and profits are comparable with your written plan.

Business Plan Mistake 5:
"Poor marketing plan..."

Marketing is a critical success factor for every business owner. You need to show that you understand your target customers, what their needs are, why they will buy from you and how you will communicate with them.

Business Plan Mistake 6:
"Poor salesmanship..."

Having an accountant prepare your plan may save you a headache, but it is you who must explain to your lender or investors every question they have about your plan. You need to understand everything that is written in your plan.