So what exactly is a bad business plan? What makes a business plan a failure? With so much questioning about what makes a plan a success, looking at the issue through the opposite lens actually makes a lot of sense. Your business plan can be doomed to failure without you even knowing it if you violate any of the common rules about readability and substance. You don't want to bore anyone, you don't want to mislead, and you don't want to rely too heavily on something that not everyone will understand (i.e., if you have a great technology, break it down into basics!). Any of these will make your plan bad:
• Unreasonable projections
• Assumptions which are not realistic
• An executive team with no experience
• Outdated market research
• No demographic or industry trends insights
An endless, dull document with no photographs or graphics is also likely to be received poorly, so you should carefully liven things up where you can. And while everyone gets to a point in their work where they need to make an estimate, you should try to ensure that your guesswork is educated and carefully plotted out. Also, don't go for filler – your plan shouldn't be longer than 30 pages, and if you simply can't bear to cut something, move it into an appendix and supply it only to people who ask for more detail. Want to consult about what makes a plan good or bad, or get your work reviewed? MasterPlans has been writing professional business plans since 2002 and our team of expert writers can help you make your plan great. Call us to learn more: (877) 453-2011.
