When it comes time to create a business plan, there is a fine line between making all the right decisions and missing the mark somewhere along the way.
It’s your job to ensure that you never make a mistake that holds you back from reaching your goals. Here are some of the most common mistakes to avoid at all costs:
- Failing to address risk. It’s easy to believe that your business is destined for greatness, but you need to address the risks that exist. This will ensure that you do whatever it takes to avoid these pitfalls.
- Neglecting to focus on marketing. Your business plan should contain a marketing component, as this is the lifeblood of your company. Without this, you may be lost when it comes to the process of generating new business.
- Too long. Don’t assume that longer is better when it comes to creating a business plan. This is not always the case. If your business plan pushes past 20 pages, there’s a good chance you need to scale back at bit.
- A lack of professional presentation. This isn’t always important, but it definitely comes into play if you’re applying for a loan or seeking any type of outside investment.
These are just a few of the most common business plan mistakes. If you want to hit the ground running in regards to your company, you need to avoid these mistakes at all costs.
It’s easy to believe that you don’t need a business plan to succeed, but taking this approach could lead you down a path that costs you both time and money.
Source: The Huffington Post, “5 Common Business Plan Mistakes and How to Avoid Them,” accessed Jan. 04, 2018