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Make Believe Financial Projections
This is the area one has to be very careful with.
A business plan will need to include everything
from break-even projections to proposed return on
investments to cash flow forecasts. And if you
have forecast the numbers outrageously high, you
better have somebody in your team who can discuss
these issues confidently.
Lack of a Viable Opportunity
Your business plan must show what are the
opportunities and how to exploit it profitably.
The Plan must also show how and what is required
and will be delivered.
Marketing Plan Are Not Clear
How is the company intending to secure access to
their target market in a cost-effective manner?
In this era there are thousands of web sites that
are available to help market but how to get
noticed in amongst the others is easier said than
done. Your business plan must include a
comprehensive and credible analysis of a
marketing plan.
Cash Flow Management
It is easy to overlook the most obvious when
writing a business plan. Ask yourself - "What is
the main purpose of this plan?" Once the primary
objective of the plan has been ascertained, it
will be easier to ensure that the key
requirements of the reader are met.
Inconsistent Business Plan
A business plan must be consistent throughout. It
is sensible for one person, if possible, to write
the plan as this helps eliminate the possibility
of inconsistencies.. Similarly anybody presenting
the plan must present a coherent delivery.
Down Play of Competition
It is not uncommon to downplay any competitors in
order to promote the idea or product. There are
always competitors to everything. However I feel
that it makes more sense to acknowledge your
competitors rather than ignoring them, honesty is
the best policy.
Don't Rush It Out!!
Business plans usually need to be completed by a
certain date and it can be easy to rush to get
things ready to submit. If this happens the
result does not do justice to the proposal.
Remember this, The business plan MUST be right
when it is submitted, with the contents accurate,
clear and spelt. Some top tips include:-
-Tables and Charts have been edited to ensure
they are formatted correctly;
-The Plan has been independently proof read by
someone not involved
-The presentation should be a true reflection of
the plan.
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