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What are the most common mistakes made when developing a business plan?
Crystal
There are a number of mistakes that entrepreneurs and business owners make when crafting their business plans. The most common are spelling and grammatical errors that reflect poorly upon all parties involved in the creation of the plan. Next, are exaggerated financial projections and inflated market assumptions. Not everyone living in the United States will be your customer, so don't assume that or you will quickly lose credibility. For best results, break down your target audiences into attainable niche markets. Your financial projections should be comparable to industry standards and benchmarked against competition. Overly aggressive financials will only raise red flags and are certain to get your plan canned. The last most-common mistake and perhaps the most important, is when an entrepreneur decides not to develop a business plan at all. So, you're smart, have customers lined up and understand the ins and outs of your industry. Okay. But what happens when an unforeseen event or circumstance arises? You need to know "specifically" what to do. What steps, what measures will be taken. These are the types of issues that are discussed in a business plan.
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