The Top Business Planning Challenges for Small Businesses

Unrealistic financial projections?

• Business owners can overestimate the value of their company.
• If your plan is overly optimistic it does not reflect a realistic picture of where your business is now and where it hopes to be.?

Not defining your target audience?

• It's important to know your clientele and their needs.?

Bad research

• It is important that all research is double checked and substantiated.?
• Using outdated information can discredit your business plan.

No focus on your competition

• Focus on your niche and what differentiates you from your competition.
• Outline how you plan to compete in the marketplace.

Including too much information?

• Typically stick to 10-12 points in your business plan.?
• Use clear and concise writing.

Lack of revision?

• Make sure to ask several people to review your plan.??????
• Others can point out inconsistencies and errors that you may have missed.