Common Mistakes Made During Business Planning

The performance of your business depends on whether or not you have a vision and more importantly a plan to realize that vision. At the end of the day, your business plan can be reduced to a couple of pages. During the planning process, however, there are some common mistakes that can be made.

• Many owners rely on a gut feeling rather than analyzing what is really happening.
• Few actually examine external factors affecting the business, such as completing a competitor analysis.
• Many owners are excited by their business and fail to have their plan reviewed by a neutral sounding board.
• Sometimes the plans are too lengthy and full of good ideas that may not get implemented.
• Tasks can be assigned to the wrong manager.
• Profit and cash flow forecasts based on actual activities are not used to plan the financial side of the business. They may be the result of guesswork (last year + 5% for example.)

If you are experiencing any of the above, please join us for our upcoming interactive workshop entitled "New Year: New Business Plan". Visit www.simonsbitzer.com for more information about this complimentary event!