Mistakes to Avoid When Writing Your Small Business Plan
A Home Business Article Contributed by Elizabeth Fox-Wise
There are Some Commonly Made Mistakes in Many Small Business Plans
Sometimes knowing what mistakes others make when writing a small business plan, can help you to avoid them in your own business plan.
Before writing a business plan for your small business, you may wish to either purchase software to assist with the writing of the plan or buy a book that outlines the how tos. At the very least, you should look up on the Internet the parts that should be included in a business plan. There is a very specific format you want to follow with your plan for your small business.
While writing your business plan, keep in mind these mistakes that are often made by others and perhaps you can avoid making them yourself.
Many Common Small Business Plan Mistakes Revolve around Lack of Proof
Making statements in your business plan without proof to back them up can be a problem for many small business owners.
A big problem is not proving that you have the management expertise to implement your small business plan. If you do not have a strong management team, you might want to consider having a strong advisory board for your small business.
Some business plans do not prove where the business revenue will come from. Your business plan should outline what your customers will pay for your goods or services
Other business plans do not prove that the plan is strong enough for long term success or that the market is big enough. Your business plan should also acknowledge your competition and what will make your competitive in the market against them.
There are Also Other Common Mistakes in Many Small Business Plans
Another common mistake with a small business plan is not being clear enough when describing your small business product or service. Do not assume that the reader of your plan is already familiar with the product or service that your small business is selling. Describe it fully so the reader can visualize the need for it.
Some business plans are ineffective because they are not written for the targeted audience. It might mean making slightly revised versions of your business plan when submitting it, but always keep in mind who you are writing for.
A Business plan with a boring or confusing executive plan will not be very effective. This is the first thing that your reader will see. Your executive plan should be enthusiastic and exciting or your reader may read no further.
Saying too much in your business plan can be as harmful as saying to little. If anyone reading your business plan needs more information they will ask. In general, you do not want your small business plan to ever be longer than thirty pages.
And finally, another thing that can be death for your business plan is sloppy work and poor presentation. This may sound basic to some, but it is important enough to bear repeating. A business plan is a reflection of the quality of your work. A poorly written business plan with grammar errors and misspellings will indicate to the reader that you do sloppy work and may do the same quality work within your small business.
