Writing a business plan is no easy feat.
It requires lots of time, effort, and mental activity to be able to create one. You must have a firm understanding of what the document is for and what are its elements inside. In writing a business plan, make sure to incorporate all the necessary details from your business to create a comprehensive, well-defined plan.
However, there are loopholes that most entrepreneurs tend to ignore when writing a business plan. And these mistakes could provide drastic changes in how we run our business.
It is then important to be aware of these lapses to avoid committing them.
Here are some of the common mistakes:
- Poorly written. Be sure to check your spelling, grammar, and punctuation before sending your business plan to a potential investor. It may be a minor thing but bad grammar and frequent misspellings could mean a lack of professionalism and might turn off your investors.
- Being vague. Go straight to the point and focus your discussion on the plan itself. There’s no need for flowery words or unessential information. Use proper names when referring to an investor, not just “someone” or “that person”.
- Less entertaining. Make your plan a way to entice your audience to your business. Sure, facts are crucial; but what are those facts for if no one is reading your plan? Bear in mind that you are presenting your business to the public – give it your best shot!
- Overhyped. Don’t let your excitement overlap the reality of your business. You may feel like you have the most brilliant & unique idea but there is always a related concept attached to it. Research and give credit to whom it is due.
- False research. Stick to facts. Refrain from using false information and be sure to acknowledge reputable sources.
- Unnecessary information. Present information crucial to your plan. Yes, you want to include everything in the document. But be sure to filter the must-have information that are relevant to your plan. Remember, less is more.
- Hidden weaknesses. Don’t claim to be perfect. Businesses, in some way, should have flaws and admitting these weaknesses is a strength you must not hide. Good entrepreneurs understand that there is always room for improvement for their business.
- No competition. You are not a sole trader. There is always competition. Learn all aspects in your business where you have a competitive advantage over others and punch through those strengths to excel more.
Learn more about Business Plans in our blog series and stay guided in your business journey!
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For more info, call Pathways to Business at 0450 871 934 or email us at firstname.lastname@example.org.