10 Common Business Plan Mistakes | Small Business BC

There are many elements that make a good business plan. It often takes time, patience and many revisions before you get it right. Unfortunately when rushing to get your funding in place and launch your business, your plan can get neglected. Below we have highlighted a few of the very common mistakes made when writing a business plan.

1. Unrealistic Financial Projections
2. Not Defining the Target Audience
3. Over-Hype
4. Bad Research
5. No Focus on your Competition
6. Hiding Your Weaknesses
7. Not Knowing your Distribution Channels
8. Including Too Much Information
9. Being Inconsistent
10. One Writer, One Reader

via 10 Common Business Plan Mistakes | Small Business BC.

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6 thoughts on “10 Common Business Plan Mistakes | Small Business BC

  1. We have had the benefit of seeing points 1 to 8 pulled apart over and over again and in detail in a series named Dragon’s Den that is on TV here in the UK.

    Budding entrepreneurs seeking investments are grilled by a panel of successful entrepreneurs (the dragons) and if the dragons like what they see, one or more of them will invest in the company.

    Tamara and I learn a lot from the good and the bad, as I am sure that many people do when they watch the programmes.

    Perhaps you have a similar TV series where you are?

    1. Yes there is a Dragon’s Den on CBC TV in Canada and the “dragons” are all very successful Canadian business people. http://www.cbc.ca/dragonsden/ We enjoyed watching the program too but we no longer have TV reception so we no longer watch the show. I wonder if it’s the same one you refer to.

        1. We enjoyed CBC TV and especially that show. But now that analog is not longer available we do not wish to spend a fortune on having the lines run into our property for cable TV or to purchase a satelite dish. :)

  2. These are good tips and concepts to stay focused when envisioning a new business. Which of course can include a company blog, FB and Twitter presence. The financing side is quite serious and must be thought through carefully in terms of cash flow.

    I kind of giggled about a small entrepreneur even finding time to nominate themselves for the best concept award in B.C. I know my partner who has 2 different incorporated small businesses, would take a nap…from exhaustion right now. :)

    1. Hi Jean,
      Thanks for your comment. Your quip made me smile. Small businesses take so much time and energy. My husband and I are both exhausted and the best award for us would be rest. :).

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