What are the biggest challenges of writing a business plan?
If I am writing a business plan, what are the biggest challenges I will likely face during the process? How do I effectively prepare for and resolve those issues in a timely manner?
You may think your business idea is the next huge thing but you have to be able to back-up your claim. Over-hyping your commerce idea and littering your plan with superlatives like newest and most does not substantiate your product or service.
A business plan guide is a great place to start when you are getting ready to start a new business venture.
Don't Put it Off.
Yes, writing a business plan can be a monumental chore. It's easy to procrastinate while you focus on the more exciting processes of your business.
Don't Confuse Profit With Cash Flow.
Unless you have an accounting background, you are very likely to define the success of your business in terms of profits. A simple definition of Profit would be Sales minus Expenses equals Profit. But in the business world, profits do not equate to cash.
Don't Succumb to Fear and Dread.
If you have never written a business plan, the process may loom like Mount Everest. But, like most new challenges, writing your plan isn't as hard as you have imagined it to be.
Don't Over Sell.
Skip the vague and meaningless business phrases such as "best ever", "highest quality" and "unsurpassed customer service". You will lose your reader's interest and respect if you engage in hyperbole that isn't supported by measurable facts.
Don't Engage in One-Size-Fits-All
Business plans can have many different purposes and they should be written to reflect the specific purpose at hand. You may be using your plan to start a business, or just run a business better. Your purpose may be simply to sell an idea for a new business to one particular business partner.