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PITFALL: No business plan- substandard business plan

The old adage “failing to plan is planning to fail” is so relevant when it comes to business. And how would you know if you are succeeding if you don’t know where you are heading? A business plan is the roadmap for success. This document should demonstrate a thorough understanding of your industry, its future projections and your competition. And there is always competition. It should illustrate your niche; the need you are fulfilling for your target customer and who that customer is for that matter. This forms the basis for your marketing strategy. And of utmost importance, a business plan lays out what it will cost to start and operate your business so that you know: a) how to price your product or service, and b) the sales volume necessary to turn a profit, and c) when to grow and how quickly.

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