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1Commonly made mistakes in Business Plan | www.dessenceconsulting.com
Commonly made mistakes in
writing Business Plan
How to avoid these mistakes
2Commonly made mistakes in Business Plan | www.dessenceconsulting.com
You have got a wonderful business idea and you are writing Business plan. There are many
elements that make a good business plan. It often takes time, patience and many revisions
before you get it right. Unfortunately when rushing to get your funding in place and launch your
business, your plan can get neglected. Below we have highlighted a few of the very common
mistakes made when writing a business plan
• Procrastination :- Delay
• Too Much Information
• Hiding Weaknesses
• No clear business model
• No real Assessment of Risks
• Financial Projections
• Hockey-stick shaped growth projections
• Generalized Market Size
• The Big Deal
• Distribution Channels
• Ccompetitors Analysis
Mistakes can be avoided!!
Commonly MadeCommonly MadeCommonly MadeCommonly Made Mistakes in Business PlanMistakes in Business PlanMistakes in Business PlanMistakes in Business Plan
3Commonly made mistakes in Business Plan | www.dessenceconsulting.com
Procrastination
Many business owners under estimate the time & effort required to write a business plan. Don't
delay. If your organization is not functioning as desired or you need capital in six months, now is
the time to put it together .
Too Much Information
Objective is to focus on key elements of the plan & make your case as succinct as possible. Pages
of detailed information can be put in an Appendix and referenced when required.
Hiding Weaknesses
Most Business plan writers think
• Why draw unnecessary attention to negative aspects
• If we ignore the weaknesses, they may go away
• Once we get funding, we can deal with the problematic areas
• What investors don't know won't hurt them
If there is a weakness in your business model or Plan the savvy investor will find it within
minutes. Once this blunder is uncovered it is obvious that you haven't been completely forth-
right.
Delay and hiding weakness
may cause Investors to run
away.
Commonly MadeCommonly MadeCommonly MadeCommonly Made Mistakes in Business PlanMistakes in Business PlanMistakes in Business PlanMistakes in Business Plan
4Commonly made mistakes in Business Plan | www.dessenceconsulting.com
No clear business model
You may have an idea but the business model that you would be following needs to be explained
in clear precise words, such as how will you make money, what is the path to profitability etc.
Very often writers also loose focus while writing Business Plans, thus it is essential to have a clear
focus
Financial Projections
You should be able to provide some rationale as how your projections were put together. Data
that is inconsistent with industry norms and overly aggressive should be avoided.
Hockey-stick shaped growth projections
Have projections that are conservative so you can defend them. When in doubt, be less
optimistic.
Generalized Market Size
Claiming your market size as huge will lose credibility of your plan. In the future you can target
different segments but for now focus on specific segments you can serve effectively.
Clear precise words,
conservative projections lead
to a winning business plan.
Commonly MadeCommonly MadeCommonly MadeCommonly Made Mistakes in Business PlanMistakes in Business PlanMistakes in Business PlanMistakes in Business Plan
5Commonly made mistakes in Business Plan | www.dessenceconsulting.com
Commonly MadeCommonly MadeCommonly MadeCommonly Made Mistakes in Business PlanMistakes in Business PlanMistakes in Business PlanMistakes in Business Plan
No real Assessment of Risks
Risks are normally outside the realm of your business. An assessment of what market forces are
there that could prevent your plan from being successful in the future
Assessment of Risks: Description of Risk
• Cost Overruns in R&D and Production
• Failure to meet production deadlines
• Problems with Suppliers and Distributors
• Sales Projections not attained
• Unforseen Economic, Political,Social,Technological Developments
• Competitive Price Cutting
• Unforseen industry trends
• Capital Shortage
• Cyclical Fluctuations
• Other Risks
No Risk Assessment is last
mistake you should make
6Commonly made mistakes in Business Plan | www.dessenceconsulting.com
The Big Deal
Your business may have signed a big contact with a major Client and over-emphasis of this deal
can be viewed as a weakness. If 80% of your revenues are based on a one-company contract,
your company could tank if the deal goes bust. Highlight that your company is adept at winning
big contracts or forging strategic partnerships and this skill will be utilized to diversify the client
base.
Distribution Channels
How the product / service reaches the market is an important aspect of the business plan. Resist
the temptation to cover all modes by listing every channel possibility it just shows that you lack a
channel strategy.
Competitor Analysis
Listing names and addresses of your competitors is NOT a competitive analysis. The investor is
interested in knowing what you see from your competitors in the near term; their strategic
direction, core competencies, why do customers opt for them, their weaknesses and if they can
be exploited
Be precise and realistic
Commonly MadeCommonly MadeCommonly MadeCommonly Made Mistakes in Business PlanMistakes in Business PlanMistakes in Business PlanMistakes in Business Plan
7Commonly made mistakes in Business Plan | www.dessenceconsulting.com
Contact UsContact UsContact UsContact Us
D’Essence Consulting
303, Aar Pee Center,
11th Road, Gufic Compound,
MIDC, Andheri (E)
Mumbai- 400093
For further queries:
Chandni Sahgal
+91 9820075332
sahgal.chandni@gmail.com
URL: www.dessenceconsulting.com

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Commonly made mistakes in Business Plans

  • 1. 1Commonly made mistakes in Business Plan | www.dessenceconsulting.com Commonly made mistakes in writing Business Plan How to avoid these mistakes
  • 2. 2Commonly made mistakes in Business Plan | www.dessenceconsulting.com You have got a wonderful business idea and you are writing Business plan. There are many elements that make a good business plan. It often takes time, patience and many revisions before you get it right. Unfortunately when rushing to get your funding in place and launch your business, your plan can get neglected. Below we have highlighted a few of the very common mistakes made when writing a business plan • Procrastination :- Delay • Too Much Information • Hiding Weaknesses • No clear business model • No real Assessment of Risks • Financial Projections • Hockey-stick shaped growth projections • Generalized Market Size • The Big Deal • Distribution Channels • Ccompetitors Analysis Mistakes can be avoided!! Commonly MadeCommonly MadeCommonly MadeCommonly Made Mistakes in Business PlanMistakes in Business PlanMistakes in Business PlanMistakes in Business Plan
  • 3. 3Commonly made mistakes in Business Plan | www.dessenceconsulting.com Procrastination Many business owners under estimate the time & effort required to write a business plan. Don't delay. If your organization is not functioning as desired or you need capital in six months, now is the time to put it together . Too Much Information Objective is to focus on key elements of the plan & make your case as succinct as possible. Pages of detailed information can be put in an Appendix and referenced when required. Hiding Weaknesses Most Business plan writers think • Why draw unnecessary attention to negative aspects • If we ignore the weaknesses, they may go away • Once we get funding, we can deal with the problematic areas • What investors don't know won't hurt them If there is a weakness in your business model or Plan the savvy investor will find it within minutes. Once this blunder is uncovered it is obvious that you haven't been completely forth- right. Delay and hiding weakness may cause Investors to run away. Commonly MadeCommonly MadeCommonly MadeCommonly Made Mistakes in Business PlanMistakes in Business PlanMistakes in Business PlanMistakes in Business Plan
  • 4. 4Commonly made mistakes in Business Plan | www.dessenceconsulting.com No clear business model You may have an idea but the business model that you would be following needs to be explained in clear precise words, such as how will you make money, what is the path to profitability etc. Very often writers also loose focus while writing Business Plans, thus it is essential to have a clear focus Financial Projections You should be able to provide some rationale as how your projections were put together. Data that is inconsistent with industry norms and overly aggressive should be avoided. Hockey-stick shaped growth projections Have projections that are conservative so you can defend them. When in doubt, be less optimistic. Generalized Market Size Claiming your market size as huge will lose credibility of your plan. In the future you can target different segments but for now focus on specific segments you can serve effectively. Clear precise words, conservative projections lead to a winning business plan. Commonly MadeCommonly MadeCommonly MadeCommonly Made Mistakes in Business PlanMistakes in Business PlanMistakes in Business PlanMistakes in Business Plan
  • 5. 5Commonly made mistakes in Business Plan | www.dessenceconsulting.com Commonly MadeCommonly MadeCommonly MadeCommonly Made Mistakes in Business PlanMistakes in Business PlanMistakes in Business PlanMistakes in Business Plan No real Assessment of Risks Risks are normally outside the realm of your business. An assessment of what market forces are there that could prevent your plan from being successful in the future Assessment of Risks: Description of Risk • Cost Overruns in R&D and Production • Failure to meet production deadlines • Problems with Suppliers and Distributors • Sales Projections not attained • Unforseen Economic, Political,Social,Technological Developments • Competitive Price Cutting • Unforseen industry trends • Capital Shortage • Cyclical Fluctuations • Other Risks No Risk Assessment is last mistake you should make
  • 6. 6Commonly made mistakes in Business Plan | www.dessenceconsulting.com The Big Deal Your business may have signed a big contact with a major Client and over-emphasis of this deal can be viewed as a weakness. If 80% of your revenues are based on a one-company contract, your company could tank if the deal goes bust. Highlight that your company is adept at winning big contracts or forging strategic partnerships and this skill will be utilized to diversify the client base. Distribution Channels How the product / service reaches the market is an important aspect of the business plan. Resist the temptation to cover all modes by listing every channel possibility it just shows that you lack a channel strategy. Competitor Analysis Listing names and addresses of your competitors is NOT a competitive analysis. The investor is interested in knowing what you see from your competitors in the near term; their strategic direction, core competencies, why do customers opt for them, their weaknesses and if they can be exploited Be precise and realistic Commonly MadeCommonly MadeCommonly MadeCommonly Made Mistakes in Business PlanMistakes in Business PlanMistakes in Business PlanMistakes in Business Plan
  • 7. 7Commonly made mistakes in Business Plan | www.dessenceconsulting.com Contact UsContact UsContact UsContact Us D’Essence Consulting 303, Aar Pee Center, 11th Road, Gufic Compound, MIDC, Andheri (E) Mumbai- 400093 For further queries: Chandni Sahgal +91 9820075332 sahgal.chandni@gmail.com URL: www.dessenceconsulting.com