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Common mistakes in business planning

As writing a business plan  is time-consuming, entrepreneurs has a reason for not completing one. But it is not the only alibi. Most of the entrepreneurs don’t believe the business plan will be useful and they are not sure where to start, and so on. Not making a business plan is a fundamental error for an entrepreneur. In fact, when reviewing an unsuccessful venture, many find their biggest mistake was not taking the time to think through what it would take to make their venture successful. While a complete, well-developed plan is the goal, an incomplete business plan is better than no plan at all. Even an incomplete plan will move you in the right direction and provide something to which others can respond. Readers of your plan will be able to see what is missing and can point out flaws in your logic if they have something to evaluate.

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5 key things investors search in your business plan

Imagine you've got an innovative business idea and have decided to start your own business! you'll need to find a right person to invest in your startup! before taking thew first step you should write a business plan which functions as a road map to your startup journey and would attract the investor's eyes. But how can your business plan grab their attention?   

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How often should you update your business plan?

Every entrepreneur should know  that business planning is a continuing process  – it is not just something you prepare for the bank manager at the start of the year, and then throw it away and forget all about it Most business plans are updated every year. For most small firms, it is unrealistic to prepare budgets and cash flow forecasts for more than a year ahead, and less than a  year would be too short to generate useful information  . Some firms revise their plans at the half year stage if some major changes are going to happen. Plans need to be monitored periodically  if they are to be of any productive use. Budget outcomes should be compared with forecast figures at least once each month, and then within two weeks of the end of the month. This will enable prompt identification of any major discrepancies or problems which lie on the horizon.

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6 Steps in writing a winning business plan

To setting any new venture or expand an existing one, preparing a business plan has the highest priority.  this plan
must include your short and long term goals for the venture, a description of the products or services you will offer and the market opportunities you have anticipated for them; and finally, an explanation of the resources and means, you will use to achieve your goals despite having to deal with likely competition.Listed below are the steps you should follow in preparing your business plan

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