7 Fatal Business Plan Mistakes

Business plans are the blueprint for your business venture but often can be fraught with mistakes. These mistakes can prove to be very costly – especially if you are a start up company looking for investment funds. The best way to avoid errors in your business plan is to recognize potential problems areas.

These can include:

  1. Unrealistic Financial Projections.
    One of the biggest mistakes made in business plans are unrealistic financial projections. When you are compiling your projections remember to be conservative in your estimates and base figures on solid research as opposed to speculation.

    A good rule of thumb is to develop your financial projections and then cut them by a quarter or half and put those figures in your business plan. Remember you may be required to defend your financials so make sure they are realistic, conservative and based on more than assumptions.

  2. Inadequate Marketing Plan.
    If you haven’t defined who your target market is then your business will more than likely fail and you will find it hard to gain investment. Identifying clearly your target market – who is going...

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