The 4 ‘don’ts’ of a business plan
The wait for a job is getting tiring and you’re starting to feel like you’re wasting time waiting. Well, the good news is that while you wait you could set to work on establishing a business of your own. To start a business and have it grounded on time, you need a business plan. A business plan will guide you through the start-up process and keep you going in the long run.
There are however 4 things that you should never do with a business plan. We’ll deal with them as the don’ts of a business plan.
First among them is
‘don’t make assumptions’. A lot of people form business plans without detailed information, merely working on assumptions. In writing your business plan you should conduct a comprehensive research on the business in order to build a solid business plan. You need facts. The results of the research will tell if you should go ahead with the plan, if the plan is viable or not.
Another one of its kind is ‘don’t be ambiguous’. A solid business plan should be as logical and realistic as possible with no ambiguous claims on either long or short term goals. There shouldn’t be too much ‘grammar’ in your plan either. It should hold enough clarity and should be specific in all ramifications.
Many people are guilty of this next part. ‘Don’t hide your business plan’. The good thing about having the right people see your plan is that they could have an input that would be of great help or assistance to you. The more ideas you can get the better your plan. You might even get financial assistance from someone who appreciates your efforts. The problem lies in identifying the right people to share your plans with. This could include a mentor, a trusted family member or friend (preferably someone with experience in the field), and employees (if you have any). If you’re wondering why your employees should see the business plan, well, for smoother operation of the business it is best that they share the same vision with you. It’s just like letting them in on a big secret.
Finally, ‘don’t lose sight of it’. A lot of people after writing their business plan or at least after accomplishing the first phase throw the plan into a file and throw it somewhere – out of sight. This is wrong. Remember that the business plan is not just there to help you startup but to guide you through the journey as well. It’s best to revisit your business plan as often as possible especially as the business grows.
Now you know what not-to-do with your business plan. Get started on in while you wait for that job.