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11 Replies Last post: Feb 4, 2009 7:11 PM by goosby

Business Plans No No's

Jun 25, 2009 6:09 PM

Click to view LUCKIEST's profile SCORE LUCKIEST 7,935 posts since
Aug 6, 2007
Words to avoid in your business plan

Huge (as in Our market is
Conservative (as in We conservatively forecast that
Revolutionary (as in Our technology is
Assumptions (as in our financial figures
No competition
We believe (we have a better mouse trap

Please add more, Thanks, LUCKIEST
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Click to view LUCKIEST's profile SCORE LUCKIEST 7,935 posts since
Aug 6, 2007
1. Re: Business Plans No No's Jun 26, 2009 1:50 PM
in response to: LUCKIEST
Business Plans No No's

Anybody need help with their business plan??
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Click to view Iwrite's profile Mogul Iwrite 1,101 posts since
Dec 29, 2007
2. Re: Business Plans No No's Jun 27, 2009 3:27 PM
in response to: LUCKIEST
I only have one suggestion: please avoid the repetition of any words too often, including the name of your business. Trust me, you do not have to repeat the name 4 or 5 times per page for people to know who you are talking about.
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Click to view phanio's profile Mogul phanio 483 posts since
Apr 7, 2009
3. Re: Business Plans No No's Jun 28, 2009 7:31 AM
in response to: LUCKIEST

Very good information - no reader of your plan wants to see the words conservative. Work your best numbers and be able to back them up. If someone tells you they don't beleive your numbers - tell them OK - what would be a better number?

Also, not only do not repeat your business name - but don't repeat any information in other sections. If you are just repeating information - just lose that section.

Keep it short and concise - more than 20 pages with financials and appendices.

Lastly, focus on your executive summary - the executive summary is like marketing - it drives interest in the rest of the plan. No one wants to read a 20 page plan that they are not interested - also, know you audience when writing.

If you are just writing for yourself - to create a road map for your business - you do not have to have a formal plan - notes and abbreviations are ok as you are the only one who needs to know what they mean.

Business Money Today
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Click to view alwinaw's profile Professional alwinaw 2 posts since
Jun 16, 2009
4. Re: Business Plans No No's Jun 28, 2009 8:01 AM
in response to: phanio
Business plan is not written within a set time period,don't think that they'll be a day that you can end re-writing it (unless your business go bust).

With the ongoing business plan revision, one should get advice as early as possible from qualified advisors with track records,AND not seek advice fro inexperienced business people.
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Click to view LUCKIEST's profile SCORE LUCKIEST 7,935 posts since
Aug 6, 2007
5. Re: Business Plans No No's Jun 28, 2009 8:52 AM
in response to: alwinaw
Business Plans No No's, Welcome

Saying the same thing - - In other words

A business plan serves as a tool to you, the owner. As you work your way through the plan, you have to reaffirm the viability of your ideas. As you and the business grow, the plan should help you keep track of the details and help make sure that the business is progressing as you intended.

LUCKIEST

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Click to view Lighthouse24's profile Mogul Lighthouse24 2,396 posts since
Oct 10, 2007
6. Re: Business Plans No No's Jun 28, 2009 5:22 PM
in response to: LUCKIEST
Speculative words -- e.g., estimated, anticipated, projected, etc.

Either the plan describes what's going to happen, and provides abundantly strong evidence to support that fact (plus a contingency/risk management position just in case) -- or the "plan" is not really a plan at all (and therefore still needs work).
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