Feb 17-23 – Writing a Business Plan? 4 Common Mistakes to Avoid

This article is called “Writing a Business Plan? 4 Common Mistakes to Avoid” (http://www.forbes.com/sites/dailymuse/2013/02/14/writing-a-business-plan-4-common-mistakes-to-avoid/) and talks about the correct procedure and tips to follow while writing your own business plan (for executives or entrepreneurs). The article expands on 4 common mistakes made and the appropriate ways to correct them. Firstly, many people think that they dont need a business plan, but this just leads to a lack of organization in the future, also meaning that there will be less productivity in the future on your part and on the part of employees. Secondly, too many people “speak in features” on their business plan, which means that they spend too much time listing off features about their end product or service but dont actually talk about the plan to get to the sale of the end product, therefore the actually operations of the company become disorganized and lead to less effectiveness. Next, many write their business plan ” in a vacuum”, meaning that they only focus on their business when considering their plan; since it is hard to predict the future of a business, it is important to look at other business and observe what went right or wrong with them so that you can apply it to your own business for a more successful future for your own  business, rather than only looking at your own business. Lastly, many people only look into the near future, which results in less organized results in the long run and overall poorer quality control in the business because only the near future has been considered without all the factors taken into consideration. I agree with this article because it brings up many valid points about common mistakes which might get made and shows effective ways to correct these mistakes before they occur. This relates to our BOH course because its similar to the planning unit, specifically under “Planning and Controlling – The importance of planning to the organization” because it also discusses how important it is to have a business plan. 

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