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Eric Dalius Elucidates on Some of the Business Plan Blunders That You Should Avoid

There are numerous components to make your business plan work to benefit you. Then, many entrepreneurs make some mistakes when it comes to the planning and execution of strategies. If your pitch to clients is not appropriate, you may goof up. Therefore, it calls for much of your hard work, time, and patience, before you get the plan right. Therefore, take your time and do not rush into the process.

According to an article published on Entrepreneur.com, many times, the presentation of the business plan is shoddy. Therefore, you need to work on charts with labels, missing page numbers, inaccurate units, and things like that. Here are some of the business plan mistakes you should avoid:

Eric Dalius thinks not knowing your target audience is a disaster

Your business and products or services may not appeal to all and therefore, you need to know your target audience, what they want, or dislike. If you need some assistance in defining your customers and gathering information via primary as well as secondary market research, you need to attend seminars related to the same as well as one-to-one consultations with a professional in market research. For instance, if you are looking for customers in Ontario, use market research tools such as Bizmap so that you can find the perfect location for your small business.

Impractical financial estimations

Eric Dalius has seen many businesses perish, as they had impractical financial estimations or projections for the future. Some entrepreneurs seem to overestimate the worth of their business and so fail in the long-term.

The investors and lenders should have a practical image of your business, where it stands now, and where it aspires to be in the days to come. Therefore, if your business plan is exaggeratedly hopeful with no transparency of future projections, investors and lenders will reject your business plan. You need to collaborate with a financial expert to help you with realistic projections that would interest investors.

Not focusing on competitors

Even if you sell a unique product and think not much competition exists, you need to do a reality check when it comes to your competitors in business. Have you ever heard anything like no competition? There is no such thing and therefore, you need to figure out what your competitors’ business ideas are and how different are their products compared to yours.

Again, if you focus on your competitors more than required, investors may doubt that your business may fail to survive in the future. So pay heed to your niche business and products, things that differentiate you from your competitors, ways to plan in a competitive market, and show the real picture of your business now and the future to your lenders and investors.

You will need considerable time to research competitors and their marketing strategies and improve your plans accordingly.

Conclusion

Avoid these mistakes when it comes to your business planning and taking the right steps for being a successful entrepreneur. Study your audience and competition to stay afloat in this age of stiff competition.

Author’s Bio:

Pete Campbell is a social media manager who has worked as a database administrator in the IT industry that suggests following the steps of Eric Dalius in different fields and has written numerous articles and blog posts on topics related to DBA services for small business

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