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Business plan mistakes - part 2 -
07-06-2004, 11:49 AM
Here is the second installment
Procrastination:
Many business owners under estimate the time and effort required to build a successful business plan. Don't delay. If you need capital in six months, now is the time to put together a plan and raise the money.
Not doing a business plan at all:
All studies show that companies with a business plan generate more revenues and profits than those without, yet many businesses simply do not have a plan.
The process is fairly straight forward and any business owner can write their plan by following a good planning process.
Ignoring the competition:
You can learn so much from your competitors to add into your own business. But ignore competitors at your peril.
If you have a new business you will be competing against existing business with reputation and existing customers.
These companies will fight to retain their business and don't just think you'll be able to steam in and take everything without your competitors fighting back
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