Business Plan Mistakes That Can Ruin Your Small Business

Perhaps, you have the idea of doing business in Indonesia. However, it is not easy, and you need to plan it well. Creating a comprehensive and mature business plan is a must for anyone who will start a business. The business plan will help you in capturing business opportunities and do it to be strategic steps so that the business they can grow as expected. Somehow, that hope will not be realized if there is a mistake in preparing the business plan itself and worse, the error is often done without us knowing it. The following are mistakes to never make when you are planning to run the business.

1. Less Optimal Market Research

Many beginner entrepreneurs are too eager to get started so ignore this market research when precise and up-to-date market research can help avoid mistakes in making business plans so that they can be realized without any significant constraints.

2. Financial Analysis Less Realistic

The result of less than optimal market research triggers an error in preparing the next business plan. Lack of information on current market prices will make financial analysis less realistic. And this is dangerous because the financial calculations between capital required and the results to be obtained will miss the very far. If you use this business plan to make a proposal to find the source of venture capital then the investors will doubt you because of the unreasonable financial analysis and mistakes in preparing the business plan page.

3. Low Competition Analysis

One way to win the competition is to figure out the advantages and disadvantages of our competitors. Not conducting an optimum competition analysis is a mistake in formulating a business plan because doing competition analysis will make it easier for businessmen to formulate strategies to win the competition, for example by making products and providing services that are superior to our competitors.

4. Hanga Has One Business Plan Only

The mistake in preparing the next business plan is to have only one business plan when the business world is an uncertain world and we are not sure exactly what will happen in the future. Therefore always make some plans so that if something happens in the first plan then we still have the second plan and the next as an alternative.