It is important to prepare credible business plans.  There are, however, some mistakes that are commonly found in business plans and may have a detrimental impact on the presentation of the business to third parties.

Common business plan mistakes include:

• Over ambitious projections
• Poor market research into the acceptance of the product/service in the marketplace
• Timing plans for product/service concept, development, introduction not robust
• Inadequate skills planned to support the proposed business growth
• Financial forecasts incomplete
• Financial forecasts do not reflect the plan narrative
• Insufficient funding forecast for short term and long term business growth
• Key information omitted
• The business plan is too long or too short
• The business owner does not 'own' the plan.
• Market research not thorough - a belief that no competition exists.  
• An over dependence upon one strong feature of the plan (eg patents granted)  as the bedrock to the success of the whole concept.

The document may be prepared by your accountant or other agent, however, the detail should be understood and supported by the business owner.