Creating a business plan is one of the most important steps you will take as you launch your company. With this in hand, you’ll find it much easier to make all the right decisions in regards to the future of your business.
Unfortunately, it’s entirely too common to make mistakes when creating a business plan. Here are some of the many things you need to avoid:
- A poorly-constructed business plan. Not only can this lead you down the wrong path, but it won’t work in your favor if you need to present the plan to someone else, such as a bank or potential business partner.
- Incomplete business plan. It’s easy to get excited about creating a business plan. It’s just as easy to give up halfway through and turn your attention to other details.
- Lack of detail. Your business plan should be full of details, all of which are meant to provide guidance in the future. Don’t be vague.
- The business plan includes too many assumptions. Your plan should be based around facts, not things that you hope will happen in the future.
Along with the above, there’s one last mistake you need to avoid: forgetting to create a business plan altogether.
Since it’s so important to have the right business plan in place from day one, this is a task you should tackle as soon as you decide to start a company. It may not be the most action-packed step you will take when getting your business off the ground, but it’s one that will absolutely put you in a better spot.
Source: Entrepreneur, “Top 10 Business Plan Mistakes,” accessed Sep. 19, 2017