Your business plan is your roadmap to success. You use it to steer your company in the right direction and avoid the potholes and pitfalls along the way. If you want to make the most of your business plan, be sure you’re not making any of these errors as you create it.
Too many entrepreneurs create their business plan thinking only of the present. You have to get as detailed as possible as you forecast your future. Where will your new company’s margins be in a year? In two? Ask what challenges you will be facing five years from now and start building a company that can overcome them. You also need to address the competition in your plan. It should say what they’re doing right, what they’re doing wrong, and how you will set your business above them. Overall, your plan needs to be detailed and specific. You won’t be taken seriously unless you can explain how much you are charging for your product or service and why, how much the logistics will cost, and when you will be profitable. You’ll need to be able to back up any claims you make with details. Your business plan is the document that represents how you will run your business, so make sure it represents you well!
Read the full article here: Don’t Make These 6 Business Plan Mistakes