When developing your business plan look out for these three mistakes common to new entrepreneurs:
Ignore The Needs of Your Readers
Not only should you know what your intended readers will look for in your business plan, but you should write with their specific needs in mind. This does not mean subverting the intention of your business or inflating your projections, but to keep in mind the questions they will ask and attempt, one by one, to eliminate those questions in the draft of your plan. If readers see holes in your plan, unsatisfactory returns, or unrealistic assumptions they will probably dismiss your plan without even providing feedback on how to improve.
Write First, Ask Questions Later
By setting pen to paper to write section after section of your plan before you have crafted an overall strategy for your business, you are putting the cart before the horse. There are key strategic questions to ask yourself (and come up with satisfactory answers for) before writing out any of the plan. For example, you should delve into why your management team is well qualified to launch the business, how you will make operations more efficient over time, how much you can plan to scale up the business in the first years of operation, and what industry best practices you will make use of. Writing sections of the plan before thinking deeply about these questions can lead to time-wasting rewrites down the road.
Be Everything to Everyone
Plans which describe a vast customer target market and the need to have a huge list of offerings may seem attractive due to the large potential sales. However, launching a new business with this strategy is extremely difficult. Selling a specific product line to specific market segments shows readers that you have surveyed the possibilities and made a key decision as to where your products can have the greatest impact. Readers like to see that your decisiveness as a manager rather than a plan that can be considered vague in its direction.
Finish Your Plan Today With Our Business Plan Template!
If you want to create your own business plan quickly and easily, we now offer an
easy business plan template
that allows you to develop a
professional business plan in hours or days, not weeks or months.
Visit this link to learn more: http://www.growthink.com/products/business-plan-template
OR, We Can Develop Your Plan For You
Our professional business plan
consultants can create your entire business plan for you. We will make sure
your business plan is sound and ready for investors so you can continue to focus
on running your business.
To speak with a Growthink business plan consultant, call 800-506-
5728 or complete the form below.
Thank you very much for all of your hard work. We are very pleased with the final result of
the business plan and the PowerPoint - say congratulations on a job well done and that you can
use us a reference for any future clients. We will definitely look to utilize Growthink's
services in the future as we build our company.
Without Growthink’s professional help, we would never have been able to create an effective
business plan. Growthink not only did deep research on our business environment, but its
representatives also listened to us and refined their analysis to include what we had found
out through experience. We would recommend Growthink to any start-up business which does not
have a professional business plan developer on staff!
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