Are There Flaws in Your Business Plan?
Entrepreneurs are driven and passionate about what they do. Starting a new business requires an intense degree of energy and commitment. Business owners can be so eager to build their new companies that they rush through their business plans. This can lead to vague, nonspecific descriptions. Did you get feedback from someone outside your organization before finalizing your business plan?
Even if your business is not new, it might be a good idea to sit down and review your business plan, checking for some common flaws. Make sure your plan is well organized and doesn’t look rushed or sloppy. Your business plan will be read by others – including potential investors – and it needs to represent your professionalism and dedication to the success of your enterprise.
Measurable goals are important, even if you don’t achieve them. Don’t just say your goal is to grow your business; state a particular rate of growth by a certain date. Don’t forget about cash flow. Do you have outstanding accounts receivable? You need to incorporate a cash flow management strategy. Having another set of eyes look over your work is a great idea. Ask a mentor or colleague to review your plan and give you feedback. Someone who has been in the industry and had a chance to see growth patterns can tell you if your models are realistic.
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