Wednesday, April 27, 2022

5 common mistakes in writing a business plan

The preparation of the action plan is of great importance to all business owners and start-ups and discovers when getting into trouble, they know the importance of developing the action plan and not waiting to fall into crisis until the project is fully completed. But first, you have to get to know me.

The concept of the action plan is:

Detailed points that illustrate the stages of the project from inception to successful completion of the strategy and project.

Second, elements of the action plan:

The plan of action is often questioned about the most important elements of the action plan so that they do not fail to scrutinize it, so we are now presenting the most important elements of the action plan:

1- The idea of work: - At the beginning of any project you should think well about its idea where it must be realistic and specific so that the idea can be easily clarified for all the workers on the project as well as for all customers 

2- Marketing: - Marketing is one of the most important elements of the project because the success of the project depends heavily on the success of marketing to know the most important elements of marketing and how to manage it visit the marketing courses of the Academy of Business

3- Setting the objectives of the work: - the set of goals that must be achieved through the action plan and you must be accurate and simplified for easy achievement.

Identify partners and customers: - This is to identify the expected business partners and target customers and how to reach them.

5- Preparing the project schedule: - which is to determine the exact time for the start and implementation of the project effectively.

6- Identifying resources: - The owner of the enterprise must determine the resources needed by the project to implement it well

7- Identifying the indicators of success: - these are the signs that determine whether the project achieved the desired success or not 

Now we are reviewing the most important mistakes to avoid drawing up the action plan in detailed points as follows:

Common Mistakes to avoid when developing a business plan!

There are many mistakes that business owners make, including common traditional mistakes, including what was discovered during the project. 

1. Failure to set the target

One of the most important reasons for the success of the action plan is to determine the basic objective of the action plan and determine the goal of establishing the project 

The objective must be clear, measurable, and achievable, avoid vague targets, and focus on the fact that the objective of the plan is its results

2- Complexity in the development of the project plan 

The complexity of developing an action plan makes it difficult to achieve it, so a plan must be developed simply and easily, where it can be implemented and followed one by one.

3. Do not plan before the project begins 

Many business owners make this mistake, i.e. They do not initiate an action plan until after crises and problems, which is a big mistake because it leads to a halt in the movement of the project and leads to a loss of time and effort as well as funds, so it is recommended to develop the action plan at the beginning of any new project.

Relying on a single fixed plan 

The employer often relies on a single fixed plan and this is a big mistake the reason for this is to change the circumstances surrounding the project and the economic and other crises going on in the world, so prices, markets, and importers change and therefore an alternative plan of action must be developed in anticipation of sudden crises.

4- Neglecting adequate research work

Good research on the project should not be neglected, as adequate scrutiny and research on the project facilitate the implementation of its steps.

It should also be made clear in the action plan that the entrepreneur understands well the project, the existing business, the target market, and competitors, and if he does not have this knowledge, he must re-examine the project before starting it.

6. Lack of focus 

Lack of focus is one of the most widespread mistakes in the development of the action plan, so it is very necessary to focus on achieving the objectives of the action plan and not to be distracted and lose focus, which may result in the loss of the whole project or business as well as result in the loss of time and money as well as customers.

7. Failure to verify the possibility of the idea of the project 

Some seek to work on the establishment of the project and business without verifying their idea whether it is feasible or difficult to implement and needs deep thinking or is it pure imagination cannot be achieved,

Therefore, the importance of the idea should not be overestimated, because the success of the project does not always need a great idea that cannot be achieved, but needs time, money, perseverance, and always seeking to implement the idea,

Given the existing projects, we may find that few have new ideas and may be more difficult to implement, unlike the widespread and often similar projects, which we have no difficulty in implementing.

In the end, we discover the importance of developing an action plan as well if you are looking for a way to increase income or seek to implement a new project, or have an idea to achieve, then you should develop a simple court plan easy to implement with high study as well as you should avoid mistakes to develop the action plan and to avoid making marketing mistakes all you have to do is get a marketing course from the Academy of Business Work.