What are the most common mistakes made when writing a business plan?
A. The most common mistake made is lack of attention to the market analysis section of the plan. This is because it is one of the most difficult sections of the plan to research and write. A properly done market analysis will identify, profile, and provide a measure of your intended market, and will provide the basis for both the marketing plan and the financial projections. Properly done, there will be a logical and straightforward connection between these sections. Another common mistake is one of leaving basic information out, based on the assumption that this information would be self-evident to readers of the plan. Often plans are reviewed, for funding decisions, by those who have no working knowledge of your business. So detail is good, as long as it’s clear and concise. Well, I got my loan, can I throw my Business Plan away now? A. A business plan remains a valuable tool for your business, even after financing (if required) has been obtained. Reviewing your business plan on a re
