Business plans are a widely accepted medium to explain your business idea and all the planning, market research and product development you have done so far to potential investors, juries, and other stakeholders.
If you know your strategy and your idea well, writing a business plan is not hard. However, there are some points that are often done wrong although they are easy to keep away from.
Here are five things you should avoid in you business plan.
1)Copy Pasting. Who ever is reading your business plan takes time for it and analyses it critically. The reader wants to learn about your idea and your team, and coming across sections that he has already read in the executive summary over and over again makes the work feel like a waste of time and the business plan eventually the waste of paper.
2)Being too in love with your idea. A good outlook is awesome, but you need a foundation to base it on. The simple fact that you think it will work, won’t get others to believe it too. Give research results wherever possible and make your prospects realistic, not oversized.
3)Miscalculating. Before giving the business plan to your audience, make sure you have sat down with a basic calculator and re-calculated the simple numbers to check their coherence and accuracy. Even excel formula based sheets should be looked over with a little hand-held calculator, cause one wrongly copy-pasted formula might mess up the whole sheet and you don’t want to end up with an unbelievable calculation (e.g. forecasting to accept 1,000 customer calls per day with just 1 employee, because you copied the wrong comma format).
4)Not introducing your team. Obviously, no matter what you studied, there will always be something other people know better than you do. …Read more