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The 7 Most Often Made Mistakes When Writing a Business Plan
1. Procrastination: At times, people do not make business plans, until banks or potential partners ask for them. When put int this unpleasant position, then people write their plans in abrupt manner, resulting in careless mistakes and misunderstandings.
2. Cash Flow: some people only concentrate on their turnover and profits and tend to forget about the flow of cash coming into the business. It is important to understand that cash flow makes or breaks the profit levels of the company, so it is essential to check the cash flow with care when writing your business plan.
3. Exaggeration: If you exaggerate anything on your business plan, for instance, if you have signed a deal with a great firm and you exaggerate on this point, this could annoy your investors.
4. Vague goals: Design your business plan explicitly. Business plans can be just about anything. For example, a business plan can be a sales document to a plan for a new venture. It might also be a detailed financial plan, a plan of action, marketing plan or even a plan that is defined on a personal level. Hence, it is necessary to create a plan that shows only what you intend to do or offer.
5. Competitors: It is very essential to also speak about competitors’ strategy in the plan for your own business, because neglecting to acknowledge opposing companies could make you look ignorant and like you have an attitude of negligence toward the business.
6. Improper Research: A business plan needs to include significant research regarding the greater market tendencies. Without these, it will be an ineffective plan.
7. Overview: Finally, a good business plan needs to give a final outline of the venture. Without this, it is not at all a business plan.
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