A Statement Of Cash Flows Is Prepared From The 8 Business Plan Mistakes to Avoid

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8 Business Plan Mistakes to Avoid

Getting funding from a business plan is difficult, even a good business plan. You can give yourself a better chance of raising capital if you avoid eight common business plan mistakes.

Your business plan may be the first thing investors see, and it’s important that your business plan is professionally and well written. Investors look at thousands of business plans every year and less than 1% get funded. If you avoid these mistakes, your chances of getting funded will greatly improve.

1. Errors in aggregate content

A well-written business plan finds solutions to problems that customers are looking for and will pay to solve. Needless to say, the plan is great. If it’s cool, readers will jump to that conclusion. Also, make sure your plan presents a focused strategy to solve just one problem of the target market.

2. Saying “no contest”.

Every business has direct or indirect competition. A competitor is everyone else who is trying to sell to the same target market. Your plan should show how you differentiate yourself from the competition and show that you are stronger in the market.

3. Too long and technical

Your plan should succinctly convey your business idea. Any detail you think is important can be included in the appendix. Also, your plan should not be too technical or scientific. Keep it simple.

4. Poor organization

There is a logical way that business plans should be put together and each section should flow logically into the next section. You can find hundreds of resources that tell you what the basic sections of a business plan should be, and you or any professional you hire should follow this advice.

5. Incomplete or inaccurate financial statements

You must use appropriate terminology when describing the financial position of your business. The financials should be detailed enough to fully support your key assumptions.

6. Unrealistic financial projections

All figures in your financial projections should be reasonable and similar to the financial projections of other companies in your industry. Your financials should include an income statement, balance sheet, and cash flow statement, all of which should be prepared to comply with GAAP.

7. Writing errors

You must use correct spelling and grammar and cannot be redundant. Make sure your plan is attractive, interesting, easy to read and looks professional.

8. Timing errors

Finalize your plan before presenting it to investors. You won’t have the 500+ hours required to write a business plan. Then you need to hire a business consultant to write your plan. Make sure another objective person reads the plan thoroughly and gives some feedback on its effectiveness before showing it to investors.

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