What are the top business plan mistakes?

What are the top business plan mistakes?

With a business plan, probably the biggest mistakes are sales related with the sales being too favorable I the financials. Sometimes it's obvious you don't know what you're talking about. A lot of the time though, it's an honest mistake because we all tend, its kind of wishful thinking to say “I know I can sell in the millions”. So, you have got to be very careful with that and careful about over hyping because that comes through too. Be careful with the use of adjectives about how wonderful things are, don't do it! Let the facts speak for themselves, use figures, references, quotes or anything like that from anyone else, but let the facts speak for themselves. Don't use adjectives about how wonderful something is, you want to make sure everything is in there. As I mentioned already, about make sure you cover threats and problems as well as the opportunities. Show how you take advantage of the opportunities, how you avoid the threat and how you handle the problems. You want as much of a complete plan as you can. That is why with good plans you can't say I can't get one on the back of an envelope, or do it in a few pages, because it takes time to tell the story.