Writing A Marketing Plan

Teaching others to blog

Tuesday, May 25, 2010 by Laura Colar

We discuss the importance of blogging and social media quite often. It should be a part of everyone's business plan and an even greater part of your company's marketing strategy. And while you can appoint one key person to handle the load, it's important you have diverse voices coming from all areas and levels of your company so the average reader gets a comprehensive look at your operations.

Yet explaining the importance of blogging, making sure others understand it and are willing (maybe even excited) to participate isn't easy. You should be prepared for it to be a long process, one in which you will need to be patient and regularly follow up with people. I have been charged with implementing a social media strategy here at Milestone Advisors and encouraging others to take part so we provide well-rounded information on all of our specialties (which include marketing, technology, outsourced bookkeeping and much more).

Here are some suggestions that might make the process a bit easier for you that I have learned through trial and error:

1. Take time to explain and be sure participating members truly understand the value of social media, what it means to your company, your customers and more.

2. Explain the technical aspects of the platform you're using. You will surprised at how many people don't adapt quickly to different software products. Carving time out to walk people through the steps, leading by example will save you time in the long run

3. Do some creative brainstorming as a group. Just explaining what blogging is and how to do it isn't enough. And leaving it at that can lead to your team members sitting in front of their computers with question marks in their brains and blank stares on their faces. Helping them talk through subjects they can write about a few times will help them to easily develop story ideas on their own.

4. Send them some examples of blogs you really like, whether that's because they are well-written, tackle pertinent subjects or are just fun -- giving your team examples will also aid in inspiration.

5. Continue to provide encouragement. You're asking your team to step out of their comfort zones and do something for the good of the company as a whole. A confident financial advisor or marketing strategy pro may be nervous about sharing their thoughts in an open forum like a blog, check in regularly with words of advice, tips or positive feedback. It will go a long way

Company blogs aren't easy to get off of the ground and they're not easy to maintain but I will say, they are more than worth the effort. They enable you to connect with like-minded businesses, leaders, enhance your brand and maybe, sell a little!

A double edged sword

Monday, May 17, 2010 by Laura Colar

Blogging is a fantastic business medium. It can be molded to any cause or purpose, put a human face on your company, help build relationships with customers and make important information available immediately to large groups of people.

We've also discussed that encouraging your own team members or employees is a great way to fill a blog with rich content, different perspectives and infuse personality. And it should be a part of your business strategy to reach customers. However, empowering employees to put personal thoughts on your company website would give any leader pause.

There is always a chance that they could disclose confidential information -- it's easy to get lines crossed concerning things that are discussed in the office but shouldn't go any further than the front door. And, as much as we hope it never happens, unhappy employees sometimes choose to vent or air frustrations in public forums.

So, how do you give employees ownership of this social medium and ensure that your trust isn't violated?

1. Create a governing policy
Guidelines reign people in well and can be pointed to when there are small mis-steps giving you something to reference when discussing what is expected of all your bloggers.

2. Make it clear what should and should not be included
It's okay to tell people what they can and can't write about. It's also okay to extend the agreement to their personal blogs, if they want to participate at all, they have to agree to terms for both.

3. Learn from those who have gone before
Plenty of companies both small and extremely large invite employees to participate on corporate blogs and have create social media policies to govern their participation. Their guidelines are readily available online, when creating yours, see what some of the most successful companies have done.

A social media policy can save you a lot of frustration, time and money should someone abuse the forum. Incorporating a policy into your company's business plan, marketing strategy or strategic hr plan can only benefit operations.

Another visit from Stanley Bing

Saturday, May 8, 2010 by Laura Colar

Here at Milestone Advisors we advise businesses concerning almost every aspect of running a company. We consult on product marketing plans, financial market forecasting, writing business plans to attract potential investors or simply taking a look at someone's books to see if they could benefit from outsourced bookkeeping.

Recently, there has been a shift in the tools we recommend for marketing strategies. Social media has come out of the blue and now dominates most marketing and business strategy tactics. One of these mediums, Facebook, a social networking site, has become a hotbed for not simply B2C outreach but B2B as well.

In his most recent column, Fortune's Stanley Bing asks if this platform does society more harm than good. Even if you still plan on using the site as part of your social media strategy it's prudent to be aware of all the uses of Facebook as well as the different opinions being voiced about it.

He writes about Facebook as a place where the ugliest aspects of our worst high school nightmares come to life and fears that the worst perpetrators in this online environment will enter the business world and do immeasurable damage.

"In teaching social networking, virtual presence, aggressive electronic messaging and cold-blooded manipulation of group dynamics, Facebook is preparing young people to thrive in business life, particularly on the executive level. I’m just not sure it’s a future office space that I would want to live in."

What do you think? Is this a business world you want to live in? What can be done?

Some leadership best practices

Monday, March 8, 2010 by Laura Colar

I am actually in the process of ordering both books by Dan and Chip Heath, Made to Stick and Switch: How to Change Things When Change Is Hard. The brothers, both business professors by trade who jointly write a regular column in Entrepreneur magazine are experts in what they teach as well as human psychology. Essentially, a great read for leaders to understand what their roles demand and what those they lead want from them.

In a recent interview the brothers shared insight into how to introduce your organizations to change - a difficult pill for the average person to swallow. If you're preparing to introduce different protocol, new employees or something far more drastic - understanding ways to facilitate widespread acceptance will go a long way.

Some of my favorite insights are below.

In reference to getting employees to accept change...
"One of the main mistakes is when leaders come up with a new vision but never translate that broad analytical vision into something people on the frontlines can actually execute. I was talking to an entrepreneur who wanted his employees to have a "mindset of customer service." But if you're an employee, when you hear that, all you hear is buzzword, buzzword, buzzword, jargon, jargon, jargon."

What about stubborn people...
"You can try to find the feeling that's going to make them empathize with customers. For instance, Microsoft had some very stubborn programmers who thought they were writing brilliant software. But six out of 10 customers Microsoft surveyed couldn't figure out how to use the new feature. When they told the programmers this, their response was, "Where did you find six dumb people?" Microsoft brought the programmers into a usability-testing lab and put them behind a two-way mirror. When the programmers watched a real customer struggle with the software they designed, the programmers immediately started thinking about ways of changing it. Don't try to argue with a stubborn employee. That appeals to the dark side of the analytical parts of ourselves."

Using the bad economy to motivate...
We commonly think that fear is a good motivator, but fear works for only a short time. And this recession has gone on for a couple of years in some parts of the country. So when we try to motivate people, we need to find feelings of hope and optimism.

Figuring out what motivates people, including clients, customers and employees is going to position you for success. Once you understand how people make decisions, you can tailor your services or management style to get the results you desire.

A strategic HR plan is just as essential as an in-depth marketing strategy plan. Establishing a communication style for your organizational development strategy will please both you and your employees allowing both parties to welcome change.

Drawing a line in the sand

Monday, February 8, 2010 by Laura Colar

In this month's Inc. I was delighted to find yet another fantastic piece by Meg Cadoux Hirshberg, 'Bed and Boardroom'. Hirshberg has been given a regular column dubbed Balancing Acts where she tackles the abundance of issues family members of entrepreneurs face and em pathetically shares her first-hand experiences learning how to smile through the trying times.

In February's story she recounts instances of employees in her home at all hours of the day, using she and her husband's private facilities and the overall lack of boundaries there were both literally and figuratively with regards to employees, work and personal.

She shares that, "One Sunday morning, Gary and I were in bed when into our room walked an unfamiliar teenager. He announced he'd been hired to clean the offices, and did we know where to find the broom?"

Yikes!

Lack of privacy is an understatement. In this instance, the concept has been completely shattered and such is the case for many passionate individuals trying to launch profitable operations. Many of our clients work out of home offices to avoid overhead costs or because they simply don't have the cash to spend on an alternate work space. One can only get so far with writing a marketing plan when your 3 year old needs help doing, well, anything. While it works well for some, it can be hell on others and their family members.

There are certainly ways to make it work, as Hirshberg points out. She had to draw some very clear lines in the sand with her husband and his employees in order to feel at peace with their working arrangements. Boundaries for home offices are important. Many families struggle to acknowledge that even though Mom or Dad work from home, they're not necessarily available.

This all goes back to why I believe every company must have a clearly defined business strategy to provide it with these boundaries and with clear, concise direction so that your personal and professional life don't always have to be so closely mixed.

As an Indianapolis business consulting/business analysis company, we have met with many smart individuals struggling to draw these lines and balance work, home and family. Many of us have families as well and not only can relate, but provide insight and advice on how to best operate in your given situation.

Developing Downtown Indy

Friday, January 29, 2010 by Laura Colar

We're so proud to be a part of the Indianapolis business community. The business and government leaders have long understood the value of writing a marketing plan and offering customers what they want (i.e. Circle Center Mall, the Convention Center, Conseco Field House, White River Park, and the list goes on...), and executing the strategic plan. We strongly believe the state and our smaller metropolitan area has made many positive strides towards stabilizing the economy and doing what's best for its residents. We're also incredibly pleased as we see the business community and other communities grow by default as smart, passionate, driven people come in and out of our offices everyday.

These entrepreneurs take the form, including new restaurants that are popping up all over the city providing us with mouthwatering food to munch on while at work or to take clients out for a bite. Indy is fast becoming a more attractive city with options for food, entertainment and a place known for booming business.

All of that being said, we wanted to take today to draw attention to a great program currently going on to lure people downtown to experience the area. Devour Downtown has enlisted a comprehensive list of restaurants to showcase what Indy has to offer. A long list of burger joints, seafood haunts and classy steakhouses have agreed to participate offering patrons discounts and specials.

Congratulations to those behind the effort. It's another example of Indianapolis corporate strategy to support the businesses within it. We hope you see increased traffic and business and that Indy's culinary offering begins to grow.

A CEO I can get on board with, what I like about Bobbi Brown

Thursday, January 28, 2010 by Laura Colar

For the infamous Corner Office column, the New York Times interviewed cosmetics mogul, Bobbi Brown. I appreciated the simplicity in her approach to such complex and sometimes touchy matters of hiring individuals, running a business and her thoughts on getting your career where you'd like it to be.

I've included a few experts I appreciated below.

When asked how she hires and interviews candidates:
"I don’t think about interviewing them for work. I first try to understand who they are as people. I usually have someone’s résumé, but I never look at it until they sit down. Then I say, “O.K., take me through the résumé.”

I really like this approach. So many people look great on paper, but can't relate to you in person. Do you want someone on board who can write a mean blog post but when you meet with potential clients puts them on edge or doesn't communicate well? I think odds are if you knew their qualifications didn't translate into closing a potential business deal you'd pass. Bobbi understands it has to be about people first, who they are and if you like how they come across. Then take a look at what they've done.

When asked for the best career advice she could offer:
"When you’re talking to someone, look them in the eye. Always tell the truth. And you have to start at the bottom. I don’t care who you are and what you do, you have to start at the bottom. If there’s a job as a receptionist at a company you would love to work at and there’s nothing else, get that job. And don’t just sit there. A lot of people have moved up in this company. Be open and be a sponge."

Some of what she says is basic knowledge if you want to make an impression as a good communicator. However, many people perceive 'starting at the bottom' in a negative light and a definitely blow to their pride, "I have a college education, no way I'm making copies and getting coffee for these people". But being in a position that affords you the time to observe the professionals around you, the processes they go through daily and the industry you're in will give you a leg up. Hard work always pays off as does dedication to a company.

The interview is full of other insights into how Brown first conducted business in the manner she thought was expected and that she's learned she should do it how and when she wants to as this allows her to do better work entirely.

What are some of your HR policies? Do you have a strategic HR plan or approach like Brown? Do you have a work philosophy that's built into the core of your business so it guides not only what you do but your employees as well? All the things Brown expresses in the piece demonstrate her understanding that she has formed a brand, a firm corporate identity. You can be sure that identification took time and market research and was eventually used as the foundation for a brand marketing strategy and business plan the Bobbi Brown Cosmetics uses as a platform to function daily.

More Top Ten

Wednesday, January 27, 2010 by Laura Colar

As you've probably noticed, I have a personal penchant for lists. In both my personal and professional lives they are essential to my staying organized, finishing projects and ensuring I mail in the rent and am never placed in the predicament where, heaven forbid, I'm all out of toilet paper. Plus, there is the added and pure satisfaction that comes from drawing a bold line across said task or goal. DONE!

List rant over, I have another one for you and I've called out some of my favorites. Take a look at the Top Ten 2010 Trends for Entrepreneurs.

3. Solving lots of your customers needs will be king
No company can avoid it anymore. Constant, consistent, clear and positive communication with customers and clients will be a key to success, the degree to which you experience it will directly relate to the time and resources you have allocated for the efforts.

8. Being big will become less advantageous to being small
In 2010, bigger won't necessarily be better. Good news for most of us. Smaller organizations are more flexible and don't deal with as much procedural red tape, allowing them to flexibly navigate any issues that may arise.

9. Focus on relationships will pay
We're taught at a fairly early age to treat others as you would want to be treated. Somehow, throughout our college experiences and early careers we seem to completely forget this principle. Any CEO will nod in agreement as working at maintaining relationships is discussed, even place and emphasis when it comes to personalization. But most don't spend time and money on these efforts, those who do will see it pay off.

Have you taken a look at certain economic predictions and spotted trends that may help enhance your business for 2010? Spending some time in market research analysis then building a plan or global marketing strategy using the results as a basis is a great place to start. In the full post, some of the other 'Top Ten' predictions deal with cloud computing and may be important to include in your technology strategy or business continuity technology plans moving forward.

Spend some time reading this list then write one of your own. I promise, you'll enjoy it.

Where are you? Have you checked in yet?

Tuesday, January 26, 2010 by Laura Colar

No, what we're talking about has nothing to do with airports, terminal, security checkpoints, etc. Today we're talking about Twitter again. More specifically, we're talking about the growing popularity of an off-shoot networking tool called FourSquare. First let me say that if you're still fighting the near necessity of allocating some resources to investigating how your operations could utilize and benefit from Twitter, you may be fast losing ground to key competitors.

Now, Foursquare. What is it? As defined in a great post from Marketing Profs, Foursquare is,

" ...a location-based social network where users “check in” wherever they might be.
Whoever has checked into a specific location the most is crowned Mayor and part of the social network’s appeal is this sense of competition for the title of Mayor in key locations."

I can already here many "why do I care where other people are eating lunch or who flies out of Indy's airport the most often?". Well, bring out the most recent marketing plan or marketing strategy you have on file. What initiatives do you have place to connect with customers? Do have any promotions, contests or similar activities scheduled for new product positioning on the horizon or as a part of a brand marketing strategy? If not, you should.

Here are some fantastic ideas from Drew McLellan (we'll only share a few as there are many, please read the whole post, I promise it will get your creative juices flowing):

Give the Mayor his/her Due: Imagine the local pizza palace declaring that on any given day…if you are the Mayor of their palace, you and your party dine for free. (Who wouldn’t love to announce that to your friends or the kid’s baseball team?)

Buddy Up: Imagine four or five businesses working together to create a fun scavenger hunt of sorts that requires you check into each locale…and then you enjoy some huge discount or prize package that features all of their offerings.

Newbies Welcome Wagon: When you check into the dry cleaners for the first time, those laundered shirts are just a penny each.

And Drew acknowledges, his ideas are only scratching the surface of all the potential impact Foursuare can have on your marketing initiatives, brand awareness and customer connection. When you're writing a marketing plan, I'd advise you give both Twitter and Foursquare a fair shake, possibly including them.

Buying a business (or selling)

Saturday, December 12, 2009 by Laura Colar

I have a rule I'd like to introduce. If you're not familiar with Norm Brodsky, you probably should be.

Norm has been a contributor for Inc. magazine for years. A serial entrepreneur who has started and grown six different companies. Lately, Norm has been writing a column that details the incredibly complex and drawn-out process of selling CitiStorage, one of his six endeavors.

Each column details a new phase or challenge he's encountered during the process and I must say, his musings have been simultaneously intriguing and frustrating to follow. It seems the process of either buying a business or selling one (depending on which side you are on) is fraught with unseen obstacles whether those be morale of current employees, environmental regulations (one of Norm's problems) or adequate financing for the sale.

Even if you aren't currently in a position to either sell or acquire, reading through Norm's experience will open your eyes to the all the potential complexities involved in the process.

At Milestone Advisors, not only are we familiar with these complexities, we've helped many an entrepreneur sell their operations as well as buy other business that will enhance their products or brand.

We believe it an essential part of the process to contact a firm like ours who can objectively analyze the situation pre-sale and anticipate obstacles, thus building a strategic plan to ensure a smooth process. Such plans include organization assessment before a purchase or sale is made, market analysis (how will the sale or acquisition affect your remaining operations in the current economic client?) and much more.

Check out Norm's trials and tribulations throughout his process and if selling or buying is in your future, contact someone who can help you navigate through it.

Michael Dell, why now is a great time to start a business

Friday, December 11, 2009 by Laura Colar

His story is as inspiring and motivational as any - a curious 19 year-old dismantling computers in his dorm room instead of investigating all that college night life had to offer is now the leader of the company that has changed the way we think about computers.

Inc. has Michael Dell quoted back in 2002 saying, "the worst thing you could do to a new business is to give it too much capital." An interesting thought considering most entrepreneurs are continually struggling to garner funding to secure their start-ups future.

But could there also be advantages to being, as the article calls it, a lean operation?

Companies with funding challenges are sometimes forced to find creative means of accomplishing objectives which can often lead to innovation or breakthroughs that help streamlines processes making a company run more efficiently. Thus, giving the organization a leg up on competition and opening up new doors.

These challenges could lead to rethinking operations, outsourced bookkeeping, conducting more market research or forecasting possibly even writing a completely new business plan or brand marketing strategy that will shake up strategies that already exist, positioning the company for success in a changed market.

One huge advantage new companies have is they are in a position to observe what competition is already doing and take a different, more advanced approach, "attacking" the competition if you will. In being new, your operation is poised for an element of surprise and has an advantage.

Yes, this is a risky time to be opening up shop. But take a look at history, some of our country's most successful operations were started in times of economic turmoil. Entrepreneurs got creative, thinking of means to solve current issues across several industries, fill a need no one else had. It may be the most challenging time to do so, but it is in that challenge that true break through and ultimately, success, awaits.

Blogging for business

Wednesday, December 9, 2009 by Laura Colar

Here are three rules that I live by when blogging for Milestone Advisors. Their explanations are a little harsh, but important insights nonetheless.

Blogging has become an essential part of many small businesses marketing or business plans. It's highly-cost effective and allows you to reach desired audiences as well as provide information of value to others within your industry. And yes, I know there are literally thousands of sites out there recommending best practices.

However, I think these are three very simple, direct and priceless insights. If you pay attention to no other advice when blogging for your business, I would pay attention to these:

1. Don't publish bad content
For a good SEO strategy you need to have a lot of content but publishing just anything to make sure you have a high volume of posts violates a standard rule of them, quality over quantity.

2. Don't publish bad content
Yes, it's the same rule, in an effort to reiterate it's importance. The explanation is priceless and you should give it a peek.

3. What makes good content?
The third rule is more of a question. The author's theory: good content doesn't necessarily demand skill. It comes from writing about topics you know inside and out, lots of care and even more time in crafting the message.

If you're not already blogging, you should most likely add the effort to a marketing strategy or your business plan. Writing a blog will allow you to garner exposure for your company, your product or your brand.

Business plan writing mistakes

Wednesday, November 25, 2009 by Laura Colar

Inc. Magazine has a great new 'Top 10' that as we read here at Milestone, we just kept nodding our heads and thinking back to times when we've worked with entrepeuners who have suffered from or made similar mistakes when drafting actionable business plans to guide growth.

Here's a peek at some things that are all too common and should be avoided:

1. Trying to be all things to all people
There's no way a business plan is going to appeal every party involved nor will the business model that's chosen work for multiple industries. If the business plan is designed too generically, it will spread the company too thin, cheating itself out of the potential for success.

2. Being Boring
A business plan has to be thorough and intelligently written, however, it has to keep a potential investors' attention. If they become bored to quickly, they may not make it all the way through the plan which can cripple a presentation.

3. Measuring market size too optimistically
We often tend to think bigger is better. Projecting large profits and vast markets can seem like impressive numbers to include within a plan - however, it may give the impression that the numbers weren't thoroughly researched or the writers of the plan are overly optimistc and lack a sense of reality.

For the rest of the mistakes, take a look at the original article here.

Looking for resources

Monday, November 16, 2009 by Laura Colar

Yesterday I talked about how important it is to research what other entrepreneurs or small business owners are doing to either launch or improve operations. This is not in an effort to copy necessarily but learn by reading about their major blunders and analyzing their success. Will things they have done work for your business strategy?

A lot of these thought leaders are more than happy to share their triumphs, processes and struggles in hopes that it can positively affect other business leaders. A wonderful aspect of 21st century technology - they can share all of this online, making their expertise and acumen more accessible than ever.

I present to you Inc.'s list of 19 Blogs You Should Bookmark Right Now. Some of my favorites and regular reads include Seth Godin, Guy Kawasaki and Michael Arrington. Seth Godin usually only writes a few sentences but it's as if he has taken an industrial power flashlight and shined it through a mass of clouds. His reflections are insightful and will get those wheels in your head turning.

Kawasaki is constantly offering advice that can help you improve business, mainly in terms of marketing. Some recent posts include 'How to get found' that explains SEO and a few quick tips on implementing an SEO strategy and 'How I twitter' which gives you a look at the methods and practices Guy utilizes with this social media and the rationale behind them. I like Arrington because, well, I'm a geek for technology and he has a great sense of what is going on that realm which is always closely aligned with the latest and greatest innovations in our country.

These blogs can help spark or fuel ideas that can change everything from your current business plan, how you go after bank financing to your overall business strategy. Read about their past experience and see business through their eyes, a new perspective may work wonders.

IBJ Article Features Milestone Client - Ali Sales Roach, President of Compendium Blogware

Monday, August 10, 2009 by Glenn Dunlap

The Indianapolis Business Journal featured a few "Women in Technology" in this week's issue. We have been fortunate enough to work with Ali Sales Roach, the President of Compendium Blogware. Here's a portion of the article about Ali:

From fellow to entrepreneur
A case in point is Alison Sales Roach, an Orr fellow from 2003 to 2005. She majored in English at DePauw University and was not very attracted to

Compendium President and Co-Founder, Ali Sales Roach

technology.
    “I was more interested in marketing and figured good writing skills couldn’t hurt any position,” said Roach, who grew up in Columbus, Ind.
    As an Orr fellow, she worked for two years at ExactTarget, an e-mail marketing software company, where she was mentored by Chris Baggott, one of its co-founders. There, she became intrigued by “real-life problems that all marketers face: How do I generate a never-ending stream of demand? How do I constantly get new, inbound prospects in front of our salespeople?”
    She left to head online marketing at the local office of RCI, a New Jersey-based resort timeshare network, and then at Cha-Cha, a Carmel mobile search company founded by Scott Jones.
    In 2007, the entrepreneurial spirit struck. She and Baggott co-founded Compendium Blogware, which specializes in blog software and search engine optimization. Named to IBJ’s 40 Under 40 list this year, she is president of the company, which has 35 employees, offices in Circle Tower and 40 angel investors.
    “Getting technology to solve problems is easy when you have lived them firsthand,” Roach said. “You are always in the shoes of your users. So I never really aspired to create technology, but technology was the inevitable solution to the problem of customer acquisition. And the broad exposure I was able to get at ExactTarget as an early employee and part of the Orr fellowship gave me a good sense of how you build a technology company from a business perspective.”

Milestone Advisors, a group of 25 Indianapolis Business Consultants, works with Ali and other CEO's of high growth companies to provide them with strategic planning, developing financial projections, accounting services, and Part Time CFO services. If you are looking for help wth your business strategy, obtaining bank financing, or just need accounting advice, give us a call. We would love to work with you too!

Congrats to Ali on the feature!

Business Planning: Critical Mistakes to Avoid - Part II

Monday, January 12, 2009 by Glenn Dunlap

Inadequate Market Analysis

"People won’t buy your product!" is a phrase often heard from skeptical investors. Fortunately, the business planning process should help discover and define who will. In preparing your business plan, you will identify and analyze the target market for your product or service. This analysis will help you determine who they are, where they live, how much they make and additional demographic information that will help you tailor your efforts to meet their needs. When preparing your business plan you need to be assured that you have a large enough target market to support your business and that there is a compelling reason for your customers to buy.

Poor Research

As we’ve previously mentioned, a major mistake committed by many entrepreneurs is not taking the time to adequately prepare. As a result, many do not take the time to double-check facts and substantiate their claims. If you make a claim or assumption in your business plan that is critical to the success of your business, there’s a pretty good chance your investor is going to challenge it before risking their savings. If they do and can’t find anything to substantiate your claims, your credibility (and the investment community is a tight-knit one) and subsequent chances of receiving an investment may be gone.

Inadequate Consideration of Competition

There is no such thing as not having any competition, and stating to the contrary is a clear indication of your lack of understanding and preparation. Competition for a business is everywhere – there are direct competitors, there are substitute products and alternatives, and there’s the threat of customer inactivity. Even if current competition seems to be nonexistent, your business idea (if compelling) will attract new competitors to the marketplace. Therefore, a business plan must include a discussion of all of these competitive forces, as well as a business strategy for how your business will overcome them.

Over-Hype

Too much hype and the use of superlatives can be the downfall of a good business plan. Investors aren't concerned with the proverbial "dressing", but want to get right to the "meat" of the business plan. Therefore, don't disguise it with too many adjectives and clichés. Investors are investing in you because you have a good business plan and model, not because of your creative writing skills.