TO DOs And NOT TO DOs While Writing A Business Plan

When you are writing a business plan, a lot of things can go wrong. Unless you know what to avoid and what to consider while pitching your business plan, your days of efforts will be in vain. So here are some DOs and DON'Ts that you should keep in mind.

Don't keep your plan to yourself, Do share them

Your business plan is not something you should keep under lock and key. It is best to share your ideas with your colleagues.

The more people get involved with your business plan, the more flaws you get to know about the plan. Then you can work on those flaws and make the business plan full-proof.

Don't be afraid. You won’t be the first one to share your ideas with your staff. Many successful entrepreneurs achieved their peak by consulting with their team.

The best thing to do is get onboard with the idea of meeting with your colleagues.

Do Conduct Research, Don't just "Wing it."

Everything needs detailed research to get the best out of the strategy. Remember, researching is the base of every successful strategy.

By researching, I mean, to look up at the risks and estimated profit of the business plan. It is important that you know all the risks with the business plan that you are about to approach.

So it's not a bad idea to get everything on your note before launching your big idea into work.

But how should you do that?

Well, you can start by looking at your competitors’ data. If your plan is somewhat similar to other competitors of your industry, look up their annual revenue, sales, etc. 

You can predict the results with the data to an extent. Even if the results are not the same as you've predicted, you'll be well-aware of the risks.

Don’t go overboard, Do be Clear and Concise

Thinking of making colorful slides with heavy graphics to pitch your ideas in front of your team and superiors?

I’d suggest you don't save those slides.

Although it might seem that fancy slides will be helpful in putting your idea into something more realistic, in reality, the heavily graphical slides only do something far worse than you would know.

So throw away that fancy thought and write down the idea in a plain text, maybe with few highlighted points. Be clear and precise about the plans.

Don't keep the plan into the files, Do make them happen

The reason why most of the plans are “not successful” is not that they had flaws in them. It's because they weren't executed at all. That's why it's said that the best place to find ideas is a graveyard. Because all the good ideas that people just thought but never executed are with them in their graves, wasted.

But you shouldn't do it with your ideas. Don't just make piles of ideas to store them in your closet. Make them happen. Promise yourself before writing the business plan that you'll execute them.

Therefore, do not waste your time and start from the first page of your business plan.

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