Why a realistic business plan is crucial
Updated: May 15, 2020
You must have watched Dragons' Den at least once. If you have, you will have noticed how many times contestants did a great job in presenting their idea but then, when asked about financials, they responded starry-eyed with crazy figures. From that moment they would get either laughed at or chewed out.
Nothing too surprising if the entrepreneur has not carried out a realistic examination of their forecasts and their plan.
In all fairness, anything can be in life. An idea might turn out to be the next game-changer, but the thing is it will take time before this happens.
A wise investor will certainly welcome a proposition based on realistic projections and will take you more seriously. And this is already a good enough reason to make sure you check against the reality of things, analyse your industry statistics, and make a critical analysis of your own figures, possibly reviewing them with an expert.
We know that for a new business to access a market, a lot of marketing, promotion and dedication is necessary.
In any market are barriers to entry. And even if the product/service is a complete game-changer it will take months to get known and get your prospects to understand the value of your proposition.
Strategic, proactive, realistic. These are the three words I would say to anyone looking to embark on a new business venture.
Do your part, analyse your whole idea and then, once you are happy with the result, put down a great business plan!
Show investors and all stakeholders, that you know what you are doing.
Show them your proposition is strong and you want to get somewhere.
Show them you mean business!
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