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The Seven Most Often Made Mistakes Regarding Writing a Business Plan
1. Procrastination: Sometimes, people don't even make business plans, until they are forced to. When they ask suddenly, then people write their plans in abrupt manner, leading to careless mistakes and confusion.
2. Cash Flow: some business people just concentrate on their profits and turnover and tend to neglect their cash flow. It is essential to understand that cash flow makes or breaks the company profit, in this way it is essential to check the cash flow carefully in your business plan.
3. Exaggeration: If you overestimate elements of your business plan, for instance, if you have undertaken a deal with a leading company and you exaggerate on this point, this could annoy your investors.
4. Vague goals: Design your business plan explicitly. Business plans could be just about anything. For example, it can be a sales article to a plan for a new venture. It might also be a detailed financial plan, action plan, a plan for marketing or even a plan that is defined on a personal level. therefore, it is necessary to write a plan that reflects what you want to do or offer.
5. Competitors: It is quite essential to include competitors’ strategy in your business plan, because neglecting to acknowledge competitors gives the impression of a lack of awareness and irresponsibility toward the business.
6. Improper Research: A business plan needs to contain adequate research regarding overall market tendencies. Without these, it will be an ineffective plan.
7. Overview: At last, a good business plan must present a final recap of the venture. otherwise, your plan will appear incomplete.
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