Coming up with a strong business plan is important for every company. However, it isn’t easy at all – a proper business plan has to be not only thorough but also well-written. Sometimes people responsible for business plan writing focus only on the first part, completely forgetting about the second – and that’s where mistakes can be made.
So what can you do to avoid making such mistakes in your business case writing? Of course, learn about them beforehand. That’s why today I want to offer you a list of most common business case writing mistakes which you should try avoiding at all costs.
1. Your business plan is too unclear.
One of the most important things about business plan writing is to make your plan as clear as possible, including numbers, deadlines, and specific plans for it. Of course, it might not always be possible, especially if your business is related to confidential things, but still, try to be more specific. The investors and other people you’ll be working with would like to see that you do have a clear strategy in mind.
2. Your business plan is too detailed.
While the lack of details could be a flaw, their excess can be bad for you too. Sometimes, the business plans are just too detailed and these details are more related to the company (especially when it is technology-based) than to the plan itself. It is important to avoid overloading the plan with technical details – or at least find a way to mention them without distracting the readers from the main ideas too much. A good way to do so is to put such details in less important parts of the plan – in the appendix, for example.
3. Your business plan is poorly written.
It might seem that it’s the main idea of the plan that matters, not the way the plan is written. However, even the small flaws like typos and not very significant errors can ruin the impression you’ve been trying to make. The investors have to see your plan as strong and professional – and mistakes make it look written in a hurry.
However, it’s not only the typos that matter – the style is important too. In order for your plan to make a right impression, it has to look confident and precise. Stick to a formal style, don’t make it look overconfident, and avoid using too much professional jargon as it could confuse the readers instead of impressing them.
4. There’s no risk or competition.
Of course, people want to see your plan as the one that is worth investing in. However, wanting to achieve such result, some of us go too far and claim there’s actually no risk or competition involved in their business strategy.
This isn’t true, and all professional investors know that. Risks are inevitable and competition always exists if your business is successful. Therefore, by stating the opposite, you make yourself look not very professional and informed about the field.
I recommend mentioning both the risks and the competitors and explaining how exactly you are going to handle the situations related to them: how you are going to minimize the risks and how you are going to differ from the competitors. This way you’ll be able to show that you are prepared for most of the challenges that might come.
5. The presentation is bad.
Writing a strong plan is just a half of the deal – presenting it right is another half. You have to make sure that your presentation is as good as your writing: the charts have labels, the slides have headings and explanations, all technical terminology is explained, and so on. You also have to ensure that you’ll be able to present it quickly and nicely – that your plan and presentation are organized and your speech is well-rehearsed, so you won’t find yourself stuck during the presentation process.
As you see, the success of your business plan depends on many factors. That’s why if you want to make it perfect, invest some time into writing, proofread, ask for feedback, and avoid the mistakes I’ve mentioned above. I wish you good luck!
Sophia Clark graduated from the University in the City of New York with B.A. in Journalism, 2011. She is a creative writer from New York who loves to share her thoughts with readers, now she writes for BeforeWriting. In her free time she enjoys writing fiction as well as reading it. Her big dream is to publish a novel one day. Connect with her on Twitter and Google+.