10 Gross Mistakes in Business Planning

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An analysis of the activities of Russian enterprises leads to a disappointing conclusion: many business owners consider business planning to be something unnecessary, a waste of time and effort. Another approach is to entrust the development of a strategic document to outside specialists. As a result, a business plan exists, but its indicators are very far from the real state of affairs. Needless to say, there is no benefit from such a document; most often, it is a formal fulfillment of the creditor's requirements.

Brief description of the main sections of the business plan

Let us list the most common mistakes made when planning a company’s business activities:

Complete lack of a plan . The height of cambodia business email list frivolity and arrogance that beginning entrepreneurs often allow themselves. When they start implementing a business idea without basic calculations and risk assessment, they inevitably fail, because they are completely unprepared for the harsh reality.

Formal approach to writing a plan . A document that is created according to a template, without taking into account the specific conditions of the project implementation, is completely useless. It is too far from reality to become a reliable guide for your enterprise and assistant in critical situations.

Ignoring Customer Needs . The success of a business depends largely on whether the product it produces satisfies the needs of its customers. No matter how excellent the product is, you cannot expect to make a profit if it is not in demand by the target audience.

Underestimating competitors . It is a big mistake to consider yourself better than all other market participants, especially without preliminary research and assessment of your own prospects.

Lack of confidence in your own strengths . It is important to adequately determine the strengths of your project and use them wisely in the fight against competitors.

Erroneous underestimation of the need for financial resources necessary to implement a business idea . Many aspects are not taken into account when drawing up a plan due to inexperience, which in practice results in a shortage of material and financial resources.

A one-man approach to solving business planning problems . Even if we are talking about opening a micro-enterprise, it is useful to involve a consultant in developing the strategy, who can point out the problematic aspects of the project.

Unprepared for change . Any business must develop: expand production volumes, increase the customer base, etc. Not all of us are ready for inevitable changes - sometimes it seems that there is no need to improve what is already working well. A good business plan provides for timely steps to develop the enterprise.

Striving to avoid reasonable risks . Modern business requires a willingness to make quick decisions and the ability to respond quickly to changes in external conditions. A competent approach to entrepreneurship does not mean a complete rejection of risks, which is impossible in principle. You should be prepared for them, including through the creation of a business plan that takes into account the main risk factors and provides ways to mitigate them.

Underestimating employee incentives . A business plan is not a beautifully bound book that adorns a shelf in the manager's office; it is a real action plan that is well known to all employees of the company. When employees know what bonuses they will receive for the successful implementation of a particular stage of the project, they work with enthusiasm and full confidence in future incentive payments.

The business planning system as a mandatory element of the preparatory stage of opening new or developing existing enterprises is recognized by an increasing number of Russian managers at various levels. Both ordinary entrepreneurs and representatives of top management of large companies understand how important it is to reflect in a single document the main directions of project implementation, the need for financial and human resources, and the necessary material resources.

[yadaysrdone]

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