123ArticleOnline Logo
Welcome to 123ArticleOnline.com!

ALL >> Business >> View Article

Mistakes To Avoid When Writing A Successful Business Plan

By Author: Oren T Dorell
Total Articles: 17

The chances of a business surviving and succeeding are more when it has a well-written and well-researched business plan that can guide in every step of business process. But, unfortunately, many small businesses don't realize the importance of having a well-written business plan.

This article focuses on common mistakes that small business owners make when writing a business plan and how they can be avoided.

No proper research:

The purpose of writing a business plan is to include all the necessary things that are required for your business process. For which, you need to do proper research to get adequate and accurate information. Before you start drafting, think about all the critical factors that should be included in the plan, make a note of them and structure accordingly.

Incomplete information:

Never write a business plan that has incomplete information, because it may lead to failure of your business. It should have clear and detailed information about your business and should cover all the areas including finance, administration, marketing, operations, accounting, etc.

Overestimation of revenues:

While framing a business plan, see the real market for your products/services and the potential growth of sales and the revenues thereof. This is significant, as any overestimate would lead to loss of investment.

Look out for actual user experience and feedback for other products/services, if any. If there are none, it is sensible to keep the revenue expectations at modest levels to start with.

Detailed business plan:

While it is important to detail the diverse aspects of the plan, you should ensure not to include trivial details which are tacit in course of business. If the information furnished by the plan is not straight forward and definite, later it becomes hard to implement the same. Such plans make business unsuccessful.

Neglecting competitors:

Make a realistic estimate of competitors and potential competitors. Use relevant statistics including demographics, income-expenditure, inflation, industry and others that are necessary to get a clear picture of the competitors, present and potential.

No proper hiring:

Clearly define in the business plan the number of professionals you will hire for each department. You need to hire professionals who have expertise, knowledge and experience to make the enterprise a success. Right attitude, good leadership qualities, personal integrity, ability to adjust to change and new circumstances are some of the qualities that a professional should poses. So, make it clear in the business plan about the attributes that you are looking for in a professional.

Superlatives and hype:

Presenting the business with a hype without taking into account the ground reality is another mistake small business owners generally make. Your business may have reasonable turnover and growth, overtime. Be realistic while presenting data of your business.

Avoiding these mistakes, would lead you to a successful enterprise over a time span. It depends upon your ingenuity to grasp business trends and the ability to foresee the opportunities and threats to your business.

Knowledge-4-success.com is a website mainly dedicated to small businesses. It offers small business owners a wide range of insightful and informative articles covering various topics on business planning, books to read, self-development, technology, marketing and many more that could help small businesses survive and succeed in today's competitive world.

Total Views: 54Word Count: 519See All articles From Author

Business Articles

1. Eglobedata Released Most Accurate Real Estate Industry Email List And Build New Revenue Streams
Author: Brayden Tyler

2. Switch To Pharmacists Email List For Getting Cost Effective And Good Return
Author: Andrew Rayel

3. Explore An Opportunity For New Business Prospects With Business Development Executives Email Lists
Author: Charles Daniel

4. Ideal Instrument Services Are The Leading Dealer And Distributor Of Mitutoyo Products In Pune
Author: biz porto

5. Landed House Exterior Contractor – A Preferred Landed Property Renovation Contractor Singapore Can S
Author: James Han

6. Why You May Need A Photobooth On Your Big Day
Author: William

7. Carpet Styles
Author: Barry’s My Carpet Inc.

8. Trade Show Display Rental- All You Require For Incredible Brand Value
Author: Daniel Wilson

9. Scada Free – Access Data From Remote Location Easily With The Help Of Web Scada !
Author: Archer Finch

10. Try A Herding Class With Your Dog Part - I
Author: Unknown Member

11. Documentation Of Employee Discussions Is All Important
Author: NetZealous LLC, DBA TrainHR

12. Try A Herding Class With Your Dog
Author: Unknown Member

13. Best Scar Removal Creams
Author: 123fixscar

14. Why Should You Hire Huntington Beach Dry Cleansing Service Provider?
Author: Robert Paul

15. Rajasthan College Of Engineering For Women
Author: Rajasthan College of Engineering for Women

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: