When we do a business plan must take into account some key issues, as mentioned in the article basic components of a business plan. However there are some errors that are very common and we should avoid when developing a work plan.

Some of these errors can be considered although easy to identify, and correct. However, some other errors can not be identified with the naked eye so I invite you to become aware of its existence and especially pay close attention so you have to do a rework to correct them.

Errors

Spelling mistakes and poor formatting. Emphasize the spelling do not rely solely on Word. We all know that is an excellent tool to make text, but not 100% reliable. Check that you are unsure words in a dictionary, revised the text again and again, invite your partner, family and friends to read it.

Besides spelling, wording that takes care of everything you write consistency. Regarding the format used only one, please do not mix formats of letters, font size, options, securities, etc.. It always follows a standard.

Lie

Although I have said enough on this subject it is worth to repeat “No lie,” Reporting actual financial statements, the strategy to follow, the projected states, and so on. Always be honest and see that honesty will allow you to succeed.

The Financial Analysis is Not Correct

Many cases of people who have a business plan is that they are not familiar with financial terms. So I recommend you to advisers, and please do not use programs that generate all the data automatically. In my experience generated many errors.

Lack of Market Research

Many entrepreneurs live blindfolded believe competition from years ago remains the same, that the distribution channels have not changed. Put emphasis on understanding all of your competitors, what are they doing? How do they do? What are its advantages and disadvantages? Finally there are many questions to answer before you make a good study of your competition.

Poor Organizational Structure

Companies are often composed of “cronyism” and not capable people. Avoid this happen in your organization, this aspect is reviewed thoroughly by the people who will provide funding, this due to that they must verify that the money invested will be in capable hands and that they may recover.

In addition to these errors there are others that I would mention only such as: costs have not been registered properly, the financial projections were not designed correctly, the study of industry and market has been conducted in a very superficial .