Business Plan Mistake #11 Failure To Communicate
I know when I started this series two weeks ago, I promised the Ten Mistakes Small Business Owners Make. But if you jumped to the original article, you know there are really 11 items on my list. This final element is probably the most crucial for your success.
Business Plan Mistake # 11 Failure to Communicate
While not directly a part of your document, poor communication can have a detrimental affect on your business. As you write your plan, involve anyone who could be affected by the plan.
Seek advice from people you respect. Talk to employees, family members, business partners, and advisors, such as your accountant and lawyer. Ask their opinions and communicate your goals. It is easier to steer a boat if everyone is rowing in the same direction.
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If you have enjoyed this series of posts on business planning and would like to explore the topic in more detail consider taking me up on one or two of the following FREE offers.
- Join me for a FREE overview of business planning on March 10 at 8:30 at the offices of Trustpointe – 6666 E. 75th Street, Suite 150, Indianapolis, IN 46250. In this lively ninety minute workshop, participants will learn the elements of a good business plan, as well as tips and strategies on how to get started, and make planning an integral part of your business operation. There is no fee to attend, but reservations are required.
- And as an added bonus when you register, you are enrolled in the free eCourse: How to Write a Business Plan in 10 Weeks
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Business Plan Mistake # 10 Inadequate Consideration of Pitfalls
Stuff happens! Things go wrong. When the worst happens, will you be prepared? Too often small business owners avoid thinking about what could go wrong because they believe negative thinking will affect their performance.
This avoidance is dangerous because without an adequate assessment of risks you will not prepared if something should occur. So today’s mistake is not an afterthought, but an integral part of your planning process.
Business Plan Mistake # 10 Inadequate Consideration of Pitfalls
Business Plan Mistake # 9 Unsupported Financial Projections
Business Plan Mistake #9 Unsupported Financial Projections
Episode 22 – But it is My Business
I am interrupting my series on small business planning, to include an interview with my friend, Laina Moloski dropped by the other day to talk about all the new changes at C & S Consulting which include her new books, and new web site. 
In this first podcast we focus on her new book: But it is My Business in which she shares tips and realistic ideas for small business owners.
From ideas on how to terminate employees to tips on sales and planning, Laina approaches the process of owning a business with humor and serious advice.
The book will be launch on March 30, but it is available now for preorder at http://candsconsulting.biz/
Business Plan Mistake # 8 Activities Not Tied to Goals
Many successful small business owners have more than a slight case of ADD. It is what allows us to juggle all the balls our business requires. Sometimes however, it is tough to keep one eye on the most important balls, because we are attracted to the small shiny objects. Allowing ourselves to get distracted too often leads to today’s mistake.
Business Plan Mistake # 8 Activities Not Tied to Goals
Business Plan Mistake # 7 No Meaningful Goals or Milestones
A business plan is more than just a financial spread sheet which tells you where you will end up, must include the milestones which help you all along the way see you are headed in the right direction.
Business Plan Mistake #7 No Meaningful Goals or Milestones
A good business plan outlines your goals. Take a good look at your company’s potential for growth. Your goals should be challenging but attainable. Goals also should be specific and measurable.
Business Plan Mistake # 5 – Limited Market Research
Business Plan Mistake # 4 Limited Market Research
Too often, innovative entrepreneurs become enamored with their technology, product, or idea and fail to look at the larger community. How many individuals or businesses have a need for your product or service? And, more important, how many are likely to buy?
If potential customers are not uncomfortable with their current situation or method of solving a particular problem, they may be unwilling to spend money on your product. Even if your product provides a better solution, customers may choose not to change. History is full of well-designed, extremely innovative products that were commercially unsuccessful because consumers did not believe they needed them.
Research will help you determine a preliminary level of interest in your product and your customer’s willingness to change. A good starting point for your research is data from the U.S. Census Bureau and information from your local chamber of commerce or commerce department. These broad studies can give you a feel for the overall size of a community.
Surveys, focus groups, and informal conversations with potential customers, even on a limited scope, will help you evaluate the market acceptance of your product. Remember, just because they “should” like it, doesn’t mean they will. Consumers are not always rational.
Business Plan Mistake # 4
Today we look outside your business to your customer to find our next mistake.
Business Plan Mistake #4 Poorly Defined Customer.
Everyone is not your customer! Too often small-business owners, afraid to walk away from even one potential customer, try to define their market so broadly they include everyone. The danger? Without a focus, you end up spreading yourself so thin you do not effectively reach any particular customer.
Business Plan Mistake # 3 Too Much Detail or the Wrong Type of Detail
Business Plan Mistake # 3 – Too Much Detail or the Wrong Type of Detail
Business Plan Mistake #1 No Plan
About once a month I teach a short workshop on the 10 mistakes business owners make when it comes to business planning. Since only a handful of people can attend at any given time, I thought it would be fun to take a closer look at the mistakes, one day at a time.
Today we begin with Mistake #1 – No Plan
Many business owners put off writing a business plan until they have no choice because their banker, investor, or potential landlord requires it. This is a huge mistake! It is easy to put off writing your plan for “someday when you have the time.” But you will never have enough time unless you make the time. The busier you are, the more you need a plan to guide and simplify your decision-making process and automate day-to-day operations. A well-thought-out plan will help you do just that.
- Executive Summary
- History and Position to Date
- Market Research
- Business Strategy
- Operations
- Financial Performance
- Appendix
Now start collecting all the scraps of paper, notes and ideas you have stored somewhere, and start organizing your information. Before long you will be well on your way to a productive plan





