What are the common mistakes in business plans?
Poor writing. Sloppy writing may suggest that you’re not serious about your business or you lack the needed professionalism. Unrealistic expectations. While you should be optimistic about your business, if your financial projections reflect your hopes more than reality, people may hesitate to back your business. Lack of supporting documentation. People reviewing your business plan want to see how you back up your claims. You can include research docs, sample financials, and estimates to make your case. Failing to define the target audience. For a successful marketing plan, you need to define your target audience. Investors and financial institutions need to see you’re confident about who you’re selling to. Unbalanced. It’s important to lay out the risks and potential upsides. This analysis shows investors that you’re considering the whole picture regarding your business.