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What are the most common mistakes small business owners make when revising their business plans?

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A business plan is not a static document that you write once and forget. It is a dynamic tool that you should revise and update regularly to reflect your goals, strategies, and performance. However, many small business owners make some common mistakes when revising their business plans that can undermine their effectiveness and credibility. Here are some of the most frequent errors and how to avoid them.

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1 Not reviewing your plan often enough

One of the biggest mistakes small business owners make is not reviewing their business plan often enough. Ideally, you should revisit your plan at least once a quarter, or more frequently if there are significant changes in your market, industry, or operations. Reviewing your plan regularly helps you track your progress, identify gaps and opportunities, and adjust your actions accordingly. It also helps you stay focused on your vision and mission, and communicate them clearly to your stakeholders.

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Baurzhan Shaikhin

CEO at Astana Garden School
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One important thing I'd like to add here is that sometimes a standard framework (monthly/quartlerly/annually) may not really work because of your field or seasonality. For example, in the field of education, you live in cycles of quarters/trimesters/semesters, which would most likely affect your planning.

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2 Not involving your team or advisors

Another common mistake is revising your business plan in isolation, without involving your team or advisors. Your business plan is not just your personal document, it is a collaborative tool that should reflect the input and feedback of your employees, partners, customers, mentors, and other experts. Involving them in the revision process helps you gain valuable insights, perspectives, and ideas that can improve your plan and your performance. It also helps you build trust, alignment, and commitment among your stakeholders.

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3 Not updating your market research and analysis

A third frequent error is not updating your market research and analysis when revising your business plan. Your market research and analysis are the foundation of your plan, as they provide the data and evidence that support your assumptions, goals, and strategies. However, markets are constantly evolving and changing, and so should your research and analysis. You should update them regularly to reflect the latest trends, customer needs, competitor actions, and industry standards. This will help you validate your value proposition, identify your competitive advantage, and refine your marketing and sales tactics.

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4 Not setting SMART goals and metrics

A fourth common mistake is not setting SMART goals and metrics when revising your business plan. SMART stands for Specific, Measurable, Achievable, Relevant, and Time-bound. SMART goals and metrics help you define what you want to achieve, how you will measure your progress, and how you will hold yourself accountable. They also help you align your actions with your vision and mission, and prioritize your resources and efforts. Without SMART goals and metrics, your business plan becomes vague, unrealistic, and ineffective.

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Baurzhan Shaikhin

CEO at Astana Garden School
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With modern toolks like Notion and Miro, it is easy to set your SMART goals, which are perfect to most business scenarios. One popular mistake here is that business owners and executives often have disjointed understanding of how much time and effor a certain task (or goal) may take, which then leads to miscommunication and potential issues of mistrust. Setting SMART goals from the get-go helps mitigate such risks.

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5 Not being flexible and adaptable

A fifth frequent error is not being flexible and adaptable when revising your business plan. Your business plan is not a rigid blueprint that you have to follow blindly. It is a flexible guide that you can modify and adapt as you learn from your experience, feedback, and results. Being flexible and adaptable means being open to new opportunities, challenges, and solutions that may arise along the way. It also means being willing to experiment, test, and iterate your strategies and tactics until you find what works best for your business.

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6 Not seeking external feedback and validation

A sixth common mistake is not seeking external feedback and validation when revising your business plan. Your business plan is not a secret document that you have to keep to yourself. It is a communication tool that you should share with your potential and existing customers, investors, lenders, and other stakeholders. Seeking external feedback and validation helps you improve your plan and your performance, as well as your credibility and reputation. It also helps you build relationships, networks, and partnerships that can support your growth and success.

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Baurzhan Shaikhin

CEO at Astana Garden School
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One important aspect of sharing your business plan with your colleagues, advisors and clients is that you can easily see how your priorities align with others' priorities. Being immersed in business day-to-day operations, some executives lose track of what's really at stake. This is why regular business plan re-visits with other stakeholders are essential reminders, especially when it comes to setting priorities and proper deadlines.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are the most common mistakes small business owners make when revising their business plans?

1

2

3

4

5

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7

1 Not reviewing your plan often enough

2 Not involving your team or advisors

3 Not updating your market research and analysis

4 Not setting SMART goals and metrics

5 Not being flexible and adaptable

6 Not seeking external feedback and validation

7 Here’s what else to consider

Small Business

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What are the most common mistakes small business owners make when revising their business plans?

1

2

3

4

5

6

7

1 Not reviewing your plan often enough

2 Not involving your team or advisors

3 Not updating your market research and analysis

4 Not setting SMART goals and metrics

5 Not being flexible and adaptable

6 Not seeking external feedback and validation

7 Here’s what else to consider

Small Business

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