1. You don’t write with your audience in mind.
In order for your business plan to work, you need to keep your audience in mind. Because the thing is you will never satisfy any audience group if you use a business plan for the whole lot of them.
The business plan needs to be written for a specific audience. Only then can it address their concerns and questions.
Just make sure to be clear from the outset who you are writing the business plan for.
2. You spend too much time discussing the nitty-gritty of your business.
No one knows your business better than you. As such you will at times end up prevaricating to show off your knowledge more than adding value for the reader.
This is a good way of putting off any reader and will detract from your most relevant points.
Write just enough to answer the key questions from point one. You can determine which section you need to include in the plan by acknowledging who you are writing for.
3. You can’t articulate your market.
Many online marketers make the mistake of copying and pasting exercises on the market section by using vaguely relevant material they get off the Internet.
A well thought through market section however, stands out. Attention to detail and being succinct is required.
What you need to do is break down your market to identify exactly what and who is relevant.
4. You don’t explain your financials.
Many entrepreneurs are the most uncertain about the financials section in their business plan — perhaps because of the perceived complexity and unfamiliarity.
But it doesn’t need to be that difficult. Like the other parts of your business plan, tell a story.
5. You don’t explain what’s next.
A lot of business plans rattle through sections in the business plan like a tick-box exercise with the purpose of completing it. They don’t explain what’s next.
Just as it is important to set the context at the outset by identifying your audience, it is important to conclude on where you expect to go with the business in the short and medium term.
Any business plan would be lost without this.
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