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Top 10 Tips for Writing Your Business Plan |
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As you develop your business plan, it's easy to make mistakes or leave out important elements. Here are a few of the most common business planning pitfalls and some tips on how to avoid them:
1. Create a vision Before you get lost in the details, take a step back. Outline a clear vision and a coherent set of values for your company. Once you have a clear road map for your business, you can plan your journey with more confidence.
2. A budget isn't the same thing as a plan. If you don't have a clear picture of your industry, customers, competitors, and market conditions before you develop a budget, your numbers aren't likely to reflect reality.
3. Don't ignore your customers. Take the time to learn about your customers, and build your business plan around their needs and desires.
4. Don't shortchange the competition. Your competitors can be a great source of information about what works and what doesn't.
5. Be prepared to take risks. Creating a business plan isn't about avoiding risk; it's about understanding and managing risk. There's a difference between a calculated risk and recklessness, and your plan can help you make that distinction.
6. Get a second (or third) opinion. The most experienced entrepreneur can still benefit from a different point of view.
7. Expect the unexpected. Every business plan needs some wiggle room to allow for unexpected changes.
8. Don't forget what makes you unique. Don't model your business after your competitors. After all, you're in business to beat the competition. Learn from your competitors' strengths, but also learn how to spot their weaknesses and use them to improve your own business plan.
9. What's the point? When you set goals in your business plan, include some concrete motivation that goes beyond the satisfaction of a job well done.
10. Don't skip the plan! Of course, the biggest mistake of all is failing to create a business plan in the first place. Planning is hard work, and there's no guarantee it will make your business succeed. But a good plan is still the best way to turn your vision into a realistic, coherent business.
Gets tips on developing a business plan and view sample business plans at AllBusiness.com. AllBusiness.com provides resources to help small and growing businesses start, manage, finance and expand their business. Copyright © 1999 - 2007 AllBusiness.com, Inc. All Rights Reserved.
We consider the above tips an excellent starting point. Synapsis can help develop your business plan and take you a step further towards creating (or growing) your own business.
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