Business plan acts as a guideline for business conduct. Some small business owners keep the business plan along with them all the time and refer it for every major action.
Business plan, whether created by the business owner himself or by a hired pro, contains some harmful cons. These pitfalls are likely to be inflated when the owner himself writes the plan.
First important aspect that is overlooked by the writer is about the emotional element. The owner gets so much attached with the product through research that he finds almost nil or zero problems with the product and its success in the market place. This problem is limited to an extent when an outsider (for example, a pro writer or consultant) writes the plan.
Another problem with the plan arises when the owner fails to exactly simulate the likely scenarios over a period of time. Although no one has seen the future, it is always better to build as many future scenarios at the time of writing the plan. It always helps to write Plan B (even C and D) and get fully accustomed to that situation in the mind set. This prepares the small business owner for the worst things coming to life.« Return to all articles