Five common mistakes in a business plan

An objective view of the project resolves these errors.

1. 1. Undefined market. We always define our product or service very well, but we forget to assess who it is aimed at. When we don't define our target market, we run the risk, among others, of overvaluing it, undervaluing it, or failing to identify competitors.
2. 2. Sales optimism. Making constantly increasing projections that aren't based on "real" demand is ill-advised. We often say that "Excel can handle anything." Being prudent doesn't mean "thinking small."
3. 3. Financing needs. It's essential to carefully assess the necessary investment, as well as the initial losses, until the break-even point is reached, in order to determine the capital that partners will contribute and the financing required from banks. Without money, there is no business.
4. 4. Dying of success. Rapid growth can lead to stagnation in companies, whether due to deteriorating service, an inability to adapt their structure, or a failure to consider working capital financing (do new customers pay in cash?). This scenario must also be included among the various options considered in the plan.
5. 5. Tell me what I want to hear. It's our project, we're very excited about it, and we don't accept anyone pointing out difficulties or threats, because we're the ones who know the most about this. Too often we deceive ourselves "so that things turn out the way we want."

To avoid these and other common mistakes, it's best to enlist the help of experienced professionals who can propel your company toward new successes by following a solid Business Plan. At Àmbit Assessor, we've been supporting SMEs for over 30 years, helping them achieve their goals, and we offer consulting and Business Plan development.

Ask us for information and we will assist you without obligation.

Pau Riera
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A Àmbit Assessor, SL has 40 years dedicated to the tax, comptable and labor consultancy of the Pime.

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