Top 6 Business Plan Mistakes to Avoid

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Every business starts with a written business plan explaining all projections and objectives so that investors, directors, and maybe even potential employees have a clear idea of your business.

However, a poor business plan can hurt an entrepreneur before you begin especially when seeking funding.

Here are 6 top business plan mistakes to avoid.

But first, at Number 1 — The plan is incomplete.

If you are struggling to finish writing up your business plan, it might be time to get back on the drawing board and focus on areas where you are struggling to answer.

All businesses have competitors, customers, a marketing and sales plan, as well as employees in order to begin operation.

Almost all businesses fit into a particular industry and anyone reading should know certain trends that take place.

Your plan should include these details as well as a realistic detailed financial projection that includes balance sheets, cash flow, income statements for the next three years.

Number 2 — The plan makes unrealistic assumptions.

Of course, your entire business plan is a large assumption that your business will succeed.