Running a business isn’t easy, but with a comprehensive plan and proper processes in place you can set your business up for success. Here are a four, common mistakes to avoid when creating your business plan.
Not Having a Plan. We get it. Owning a business is a hectic task, but don’t get so busy that you neglect to write your business plan. Proper planning and research will actually help you navigate problems, avoid troubles and put your business strategy into a comprehensive document.
Excessive Optimism in Financial & Market Share Estimations. Optimism is a great trait. But, when it comes to your business plan, make sure you are looking realistically at the market size, target customer base and the financial projections you anticipate. Research the market and similar businesses in comparison – and make sure you can explain your projections within your business plan.
Inadequate Research. Don’t cut corners when it comes to research. Look at every detail of your business, the market, your customer base and your competitors. Learn everything you can about your industry. Determine your business’ strengths and weaknesses – and create a plan that acknowledges and develops these elements. Check your estimations against industry standards and always look for accurate comparisons.
Forgetting Your Competition. Even the most unique business ventures have competitors. Do your research to find out who are your competitors, what is their price point and who are their customers. Also, incorporate what makes you stand out and how can you leverage that to gain a competitive advantage.
Making good decisions for your business isn’t always easy, but it certainly is important to your success. Whether it’s a business plan or tax strategies, having the right tools and resources in place will benefit your business for years to come. That’s why we are offering a FREE downloadable guide about how you can avoid the 11 most expensive business mistakes.
We can also help advise you on setting up the right business structure for your specific needs and goals, as well as develop and implement a comprehensive plan to safeguard your business assets in a variety of situations. Schedule your free, 15-minute business plan consultation to learn more.