3 deadly sins in a business plan

• “Know the competition”
• “Study the market”
• “Set realistic goals”
• Etc.

Not that all of this isn’t useful, but sometimes it’s not enough to have the theory at hand if you don’t understand the actual behavior of an event. That’s why, instead of writing an article about what you “should” include in your business plan, we prefer to specify what you should never mention.

This way, you can eliminate the risk of making an unforgivable mistake or having a bad time, something that can happen even if your business plan is ––in theory–– well structured.

Superlatives like “muchísimo” and adjectives like “perfecto” They don’t look good at all in a formal document.

If you are working on a business plan, it is probably because you are looking for investors or capital partners, so it is important to present a concise and reliable report. You will not achieve this by playing with the language, on the contrary, it will give the impression that you try too hard to convince or try to decorate your insecurity.

When you want to convey the idea that your business has compelling competitive advantages, use statistics or compelling data, never speculative language.

Besides, Never include unsubstantiated claims in a business plan. Any assertion should be immediately verifiable and come from a source:

• Reliable (international organizations, government entities or recognized institutions).
• Current (the more recent the publication date of the original document, the more reliable the data).

Entrepreneurs are, by nature, motivators, so it is normal that you want to spread enthusiasm and hope to the public by telling the story of your life:

• The difficult moments you have had to face
• How have you undertaken in the past?
• Why it is worth working for a dream

All of this would look great in the initial presentation of your business project, that is, during the oral introduction prior to your presentation… But not in your official business plan.

If your audience wants to know more about your life, they will find the time to ask you questions before you leave their sight, so Stay focused on business reality and give your audience what they need:

Have you heard the phrase: “This is what will happen in the best possible scenario”?

Actually, it is another way of saying that things can go very well if there is “luck”, but it is also possible that they can end very badly.

Leave assumptions based on overconfidence out of your business plan. Of course, an entrepreneur must practice the habit of resilience and optimism to bounce back from difficult times, but he or she must also be good at reasoning and making smart decisions.

An investor will not blindly trust the “best case scenario” theory, so be prepared to explain average profit margins with both tailwinds and headwinds.

Finally, take advantage of technology to organize your ideas, so it will be easier for you to put together a coherent and solid business plan. Use a Project Management Software like Trello or Asana to gather and store data, project results, and organize pending tasks.