Underestimating costs or overestimating revenues can create the illusion of profitability when in reality the business is unprofitable.
How to avoid: Be careful when making financial calculations. Use real data, not hypothetical assumptions. Forecast several scenarios for the development of the situation: optimistic, realistic and pessimistic.
Ignoring competitive analysis. Many entrepreneurs start their project without taking into account the real situation in the market and without understanding who their main competitors are.
How to avoid: Regularly analyze your competitors. croatia whatsapp number data Develop a strategy that will allow you to stand out from other players. Make sure your unique selling proposition (USP) is clearly spelled out in your business plan.
Unrealistic goals. Some businessmen set themselves unrealistic goals, without taking into account the available resources. This leads to disappointment and failure.
How to avoid: The strategy and goals must be realistic and supported by an analysis of available resources. Clearly define what you can achieve in the short and long term.
Lack of attention to operational issues. Often, a business plan focuses on marketing and financial issues, but forgets the details of operational work.
How to avoid: Write down all operational processes, from production to logistics. Think about how internal document flow will be organized and what resources will be needed for effective work.