Discover The Fatal Flaws Of Business Plans
Most business plans fail for several reasons, and even a short and concise plan can still fall short of expectations.
With people checking their phones up to 80 times a day, it’s unlikely that anyone wants to read a 100-page business plan.
Here are five reasons why most business plans fail:
1️⃣ Lack of attention to the exit strategy — it’s crucial to know your end game, so make sure your business plan includes a clear and realistic exit strategy.
2️⃣ Unrealistic objectives — avoid overestimating your potential or setting unachievable goals. Be honest and realistic in your projections.
3️⃣ Outdated information — a dusty old business plan is no use to anyone. Keep your plan short, sweet and easy to refresh.
4️⃣ No input from investors or M&A specialists — don’t be afraid to seek input and advice from experts. It can help identify potential issues and improve your plan.
5️⃣ Poor execution — a business plan is useless if it remains a document and not a plan. Make sure you follow through on your objectives and update your plan as necessary.
Remember, a well-executed business plan can be the key to unlocking the true potential of your business and provide a clear path to a successful exit. Keep these tips in mind as you create your plan and set your business up for success.
#SME #UKBusiness #MergersAndAcquisitions #ExitPlanning
