If you are in to get tips on how to have a great business plan, then you need to see the previous article. It was wonderful to have a lead on how to make your business plan outstanding, however, it is wisdom to know the ‘no go area’ for a good business plan.
Every entrepreneur seeks to impress and to bring out a unique business plan forgetting some common errors that must be avoided. Trust me; you do not want to fall into such category of entrepreneurs. Therefore, here are the don’ts of a great business plan:
- Avoid empty claims: Truly, some statements might sounds confusing and intriguing but if you cannot establish those statements with facts; statistics, charts, diagram or quotes leave the statement out of your business plan. Yes, take it out, irrespective of how sugar coated it might be.
- Rumours about competitors: Avoid gathering facts about your competitors based on rumours, dig deep into the real story. If you are certain a competitor is liquidating, you can allude to it but stay away from listing the competitors weakness based on hears-says.
- Usage of superlative and strong adjectives: Avoid words like; major, incredible, amazing, outstanding, unbelievable, terrific, great, most, fabulous, best. These strong adjectives do not have a place in a business plan.
- Unprofessional financial projections: You do not want to show amateurism in presenting your financial plan which might mean incredibility on your part. So, if you cannot do the financial aspect of your plan, safe yourself the stress and distress. Get a credible accountant.
- Overly optimistic time frame: In no account should you day dream of getting your business running in few months after launching. Starting a venture is never Nollywood neither is it a Bollywood. Do your assignments properly, carry out research about numerous ventures. If it takes the ventures 12 months to get started and running then do not see yours as a super business create allowance for any unforeseen circumstances beyond control. Be conservative in your time predictions.
- Overestimation of financial projections: Do not join the clique of happy-go-lucky entrepreneurs; be realistic in your financial projections. It is better to underestimate than set expectations that are not fulfilled.
- Long Documents: Some entrepreneurs love to express themselves fully in their business plan. Avoid long documents, do not choke the readers. It is appropriate to keep your business plan short and simple; only relevant information should be included.
The success of a business plan is the beginning of a successful business. A business idea that lacks a great and well outlined business plan is a waste of time and resources. Avoid the listed blunders and get ready to be your own boss!
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