Naperville Business Law Attorney Discusses Business Plan Mistakes That Can Hinder Your Growth
You may already know the sobering statistics about the number of new businesses that fail. Studies show that within ten years of their inception, a shocking 96 percent of businesses have closed their doors. There are a great number of business owners and entrepreneurs who have brilliant ideas for products and services, but simply cannot make their business profitable in the long term. There are countless reasons that businesses fail, but one issue that is the downfall of many businesses is a poorly constructed business plan. If your business plan is not well thought out, professional, and realistic, you will struggle to grow your business and maintain success in the long term.
Investors Are Turned Off By Sloppy Business Plans
If you are trying to attract investors to your business, it is crucial to have a professional, well-written business plan. Your business plan should be free of spelling mistakes, grammatical errors, missing page numbers, inconsistent formatting and other mistakes that make you look like you do not care about details. The business plan should be a reflection of you and your dedication to your business. When an investor or banker sees a business plan that contains obvious mistakes, it can make them think that you will be a careless business owner.
Be Realistic About Your Expectations
When you are developing a business plan, it is essential that you are realistic. Being too optimistic about the size of your potential market, your projected timeline, and your expected revenue will cause you to make promises you cannot keep. Make sure to include well-researched information in your plan about your products or services, operations, competition, customers, marketing plans, sales, and management team. Successful business plans describe the assumptions being made and provide a detailed rationalization for these assumptions.
Get Help From Trusted Sources
When formulating a business plan, do not try to do it all on your own. Seek advice from sources you know you can trust such as business owners who have already launched and maintained a successful business. Although you best friend may have all the enthusiasm in the world, this does not make him or her the best choice when it comes to a business mentor. When you are launching a business, you will quickly learn that many people have good intentions but give terrible advice. Most importantly, get legal guidance from a business lawyer who has experience developing strong business plans.
Contact a Naperville Business Planning Lawyer
If you are ready to get started on your business plan, contact the Gierach Law Firm to get the help you need. Skilled Illinois business attorney Denice Gierach has over 40 years of experience and knows how to help you avoid the mistakes that many new business owners fall victim to. Call our office at 630-756-1160 today to schedule your initial consultation.