Steps to Write a Business Plan - 10 Common Mistakes

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.

Be Single Minded About Your Single Minded Proposition

In your business plan format, do you have a clear, unique point of view about your company or service? You see without this, I have found it increasingly difficult to convince others to be involved in your organization as a customer or team member.

We all love clear, specific instruction. So too it is with successful enterprises. They all seem to have a clear, uncluttered view on their own strengths and communicate this effectively in one sentence, slogan or saying. Marketing pieces (in multiple forms) can have this slogan or catch cry which in turn helps communicate the vital message.

My advice to anyone in business is to find your unique selling proposition, your major benefit, your value to the customer and once you have it - shout it from the rooftops. Shout it to the world! Get out there and do yourself a favor.

Here is an example of Minolta's unique selling proposition: MINOLTA - We Understand the Office. Printers, faxes, photocopiers! Now this has been seen on many huge billboards throughout America and elsewhere. What do you think when you see a company put specifically, clearly and without hesitation their major unique strength out to the world?

Tell you what I think. I see strength of purpose. I see professionalism. I see the courage to say it in the first place and I see increased sales the result of this simple but extremely valuable branding.

Now what could your business do to emulate this?

Once you find it include it in your company's business plan.

So You Have a Newly Created Business Plan Format, Now What???

So You Have a Newly Created Business Plan Format, Now What???

You should be congratulated if you have completed a new shiny business plan format (that is finished) but now what do you do to implement it successfully into your organization?

I find most organizations big or small fall into 2 categories once a plan has been created for the year ahead.

1. We have spent so much time planning that I just need a break from it. Often management has spent months creating a fantastic plan but the important part of this is not the written plan itself but the implementation and action of "doing". Therefore sometimes plans just sit on the shelf "for a while" gathering dust.

2. A plan has been created successfully and management and key people are bursting with enthusiasm to get going with implementation.

Of course the 2nd scenario above is where we all aim to be.
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Here are 3 tips on implementing your business plans:

1. Business Plan Format Tip No. 1
Print out the plan and distribute it with a covering letter to all important people in your organization. The cover letter should mention the importance of the document and seek some feedback.

2. Business Plan Format Tip No. 2
Get different sections of your business to have a meeting/s to ascertain the 3 most important first actions required to move forward with key strategies resulting from the plan.

3. Business Plan Format Tip No. 3
Give out report cards each quarter for each main section of the business in regards to how much implementation has happened and reward those who have excelled.

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