The 11 biggest mistakes in business planning — and how to avoid them
There is a lot of hot air expelled about business plans. At one end of the spectrum, commentators say they are a waste of time, while others are business planning converts.
The truth is there is no disputing that business plans play an essential role in the journey and are key to getting accreditation, investors and loans. Where utilised, business plans can transform a small business from a trial-and-error business management style, to one of clarity and certainty. The benefits of disciplined planning can be significant.
So whether you are creating a plan solely for yourself or need it to submit an application, a killer business plan can make a difference. Unfortunately for many small businesses, the process is often quite a haphazard and unprofessional practice.
Here are the most common business plan blunders, and the easy solutions to overcoming them.