Steps to Write a Business Plan - 10 Common Mistakes
Unfortunately mistakes abound before, during and after people take the steps to write a business plan. Here are some common ones. The aim is for you to be aware of these as you go through the process and I hope it can help you ultimately avoid them.
The Common Mistakes
1. Failure to define exactly what your primary aim or ideal future is in the very beginning of the process.
2. Making the business plan format process long, drawn out and too complicated.
Keep it Simple Simon (K.I.S.S)
3. Failure to integrate the finished plan into all levels of the organization.
4. Keeping planning separate from the management on a day-to-day basis.
5. Developing only superficial mission, value and vision statements rather than passionate, inspirational and motivating words that truly reflect the culture of the business.
6. BIG MISTAKE: Failure to implement the plan effectively. Too often, so many hours go into planning only to find it sitting in the desk drawer gathering dust.
7. Lacking a scoreboard to measure the important rather than what is easy.
8. Neglecting to focus in some way on what the competition is doing and having some market intelligence on your industry position.
9. Using confusing, complex languaging in the written plan.
10. Conducting only long range financial forecasting and neglecting the short term targets.
2. Making the business plan format process long, drawn out and too complicated.
Keep it Simple Simon (K.I.S.S)
3. Failure to integrate the finished plan into all levels of the organization.
4. Keeping planning separate from the management on a day-to-day basis.
5. Developing only superficial mission, value and vision statements rather than passionate, inspirational and motivating words that truly reflect the culture of the business.
6. BIG MISTAKE: Failure to implement the plan effectively. Too often, so many hours go into planning only to find it sitting in the desk drawer gathering dust.
7. Lacking a scoreboard to measure the important rather than what is easy.
8. Neglecting to focus in some way on what the competition is doing and having some market intelligence on your industry position.
9. Using confusing, complex languaging in the written plan.
10. Conducting only long range financial forecasting and neglecting the short term targets.
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