Business planning common mistakes

Common mistakes

• Purpose and sections of business planning common mistake 1

  Giving a vague answer instead of directly addressing: Explain why businesses create plans, including setting up a new business, raising finance, setting objectives and organising business functions..

  Fix itAnswer by clearly explaining how to explain why businesses create plans, including setting up a new business, raising finance, setting objectives and organising business functions..

• Purpose and sections of business planning common mistake 1

  Giving a vague answer instead of directly addressing: Identify the main sections of a business plan..

  Fix itAnswer by clearly explaining how to identify the main sections of a business plan..

• Purpose and sections of business planning common mistake 1

  Giving a vague answer instead of directly addressing: Analyse the benefits and drawbacks of business planning..

  Fix itAnswer by clearly explaining how to analyse the benefits and drawbacks of business planning..

• Basic financial terms common mistake 1

  Giving a vague answer instead of directly addressing: Distinguish variable costs, fixed costs and total costs..

  Fix itAnswer by clearly explaining how to distinguish variable costs, fixed costs and total costs..

• Basic financial terms common mistake 1

  Giving a vague answer instead of directly addressing: Explain revenue, costs, profit and loss in a business planning context..

  Fix itAnswer by clearly explaining how to explain revenue, costs, profit and loss in a business planning context..