Business plans are critical when it comes to leading your company in the right direction. “Without a clear strategy, your startup might not develop to its full potential, and investors will not even consider funding it,” exclaimed Issa Asad Florida businessman and entrepreneur since 1996. Mr. Asad is currently the CEO of Q Link Wireless and Quadrant Holdings.
“If you have already sensed that your company is not growing as much as it should, the reason could be that your business plan is terrible,” said Mr. Asad. If this is also your first entrepreneurial experience, this could explain why you do not know the right way to establish a strong one yet. Here are Issa Asad 5 explanations why your business plan is terrible.
1. Your Business Isn’t Focused
You cannot possibly satisfy everybody’s needs. It is important that you understand this so that you may find an audience to offer your services. Furthermore, to find your future clients means to study their preferences, see what they desire most, and only then to sell them your products. Did you do all of these before writing your business plan? If not, you should begin everything from scratch based on what you have just read.
2. You Don’t Add Relevant Points
If your business plan is stuffed up with details about fundamental matters, it means that your reader will not get anything new out of it. Before you write down the strategy, you should know who that reader is, and what kind of information he needs to understand the purpose and the direction of your startup.
3. You Aren’t Tailoring to Your Market
You cannot expect your business to evolve if you are guilty of providing your customer with plenty of irrelevant information, instead of narrowing down to one market section. You have to be picky and choose only the most essential characteristics of that market as well.
4. Your Finances Aren’t Clear
When it comes to financials, a lot of entrepreneurs have a hard time expressing their estimates. They feel overwhelmed by numbers and language. The best way to deal with this is by replacing the frequent use of numbers with simple words that describe easily what you want to convey to the reader.
5. You Don’t Highlight the Main Goal
You may have followed the tips above, but if your business plan does not have a purpose, it will probably fail at some point. It is important that you state what you want to do with your startup in the future to achieve your goal by breaking it into multiple tasks that you and your team can accomplish gradually.
Even if you have the best business plan in the world, it does not mean that it will stay like that. When you gain more experience, and your company grows, you may switch strategies to shape it after the changes on the market. But until then, you should make sure that your initial plan is well built to develop your business properly.
