Posts Tagged ‘Pause

09
May
12

7 Business Plan Mistakes

1. Misunderstanding the purpose: it’s the planning journey that matters, not just the document Planning is a process of setting goals and establishing specific measures of progress, then tracking your progress and following up with course corrections. The plan itself is just the first step; it is reviewed and revised often. Don’t even print it unless you absolutely have to. Leave it on a digital network instead.

2. Doing it in one big push: do it in pieces and steps The plan is a set of connected modules, like blocks. Start anywhere and get going. Do the part that interests you most, or the part that provides the most immediate benefit. That might be strategy, concepts, target markets, business offerings, projections, mantra, vision, whatever. . . just get going.

3. Finishing your plan: your plan is living If your plan is done, then your business is done. That most recent version is just a snapshot of what the plan was then. It should always be alive and changing to reflect changing assumptions & feedback from all levels of your environment.

4. Hiding your plan: be transparent as possible Use common sense about what details you share, keeping some information, such as individual salaries, confidential. But do share the vision, goals and measurements, using the planning to build team spirit, peer collaboration and ventures.

5. Confusing cash with profits: understand both There’s a huge difference between the two. Profits are an accounting concept; cash is money in the bank. You don’t pay your bills with profits. Make sure you take the time to forecast realistically  – this usually means you will have to take the time to throughly understand expenses, cash and profits.

6. Diluting your priorities: pick a few and complete them A plan that stresses three or four priorities is a plan with focus and power. People can understand three or four main points. A plan that lists 20 priorities doesn’t really have any.

7. Sweating the details : having a strategy does not mean you don’t have faith Details are important, especially in the beginning, but remember that your plan is fundamentally an invitation to the universe to play with you. Make it a priority to take the time to breath deeply, meditate and connect with your inner strength & guidance. This will allow you to not get caught up in anxiety & control.

Sourced from Tim Berry entrepreneur.com

Related Post:

Top 10 Reasons to Embark on a Planning Journey

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