Know Why Your Business Plan is Failing You?

Do you know 90% of startups or new ventures fail? There are reasons that could be attributable to the failure of a startup. But one of the reasons is lack of business plan that is flexible and that do not address the key challenges of business. Below are some of the things you can do to make your business plan more real and workable:

1. Make the business plan a realistic one.Most of the plans paint glorified numbers, lacking substance, facts and numbers. If your target is to achieve one million dollar in sales in next six months, then substantiate it with no. prospects, leads and sales.  The plan should clearly lay out the marketing channels with the estimated sales. 
2. Flexibility: Most of the plans are based on assumptions. Assumptions like conversion ratio. You might expect your conversion ratio to be 16%, but in reality it turns out to be 2%. Your plan should be flexible to take care of additional expenses to achieve the numbers.
3. Make the first sale. It is very important to make your first sale as soon as possible. This gives confidence and momentum. From there on, you need to ensure subsequent sales are achieved in short span of time. This way you will be able to achieve volume.
4. Relentless execution:You have to be relentless in your execution. Ideally speaking should put 10 times effort you would normally put to achieve the numbers. This ensures you are on track and you know in your heart that you have given it all.
5. Learn from the experience. Most of the businesses they plan something, but end up doing something. Your potential customers will tell you what they want and you should listen to them and if needed change the product design or offerings according to their needs