Margaret Kronfeld, an Auckland, New Zealand, resident, is an established business professional who has successfully navigated many business planning tasks. Though it can be encouraging to imagine that you’ll handle your first business planning task as seamlessly as a professional like Margaret Kronfeld might, you must take care to avoid common mistakes. Some of the most common business planning mistakes to avoid include:
- Undefined Target Audience – Your business will never appeal to everyone, and the sooner you accept that, the sooner you can define your target audience. Present your target audience, how you defined it and how you plan to appeal to them. Without a target audience, you will have nothing to base your brand and advertising on.
- Not Focused on Competition – Regardless of how unique you think your business is, you will almost certainly have competition. Research your competitors, understand them and use them to your benefit. Having competition is actually positive because you can study what marketing and tactics has worked for them, and apply it for your own business.
- Hiding Your Weaknesses – Every business has weaknesses and claiming otherwise only makes you look foolish or deceptive. Be honest about weaknesses without highlighting them. One of the best ways to address your weaknesses is with a strategy on how you plan to handle problems caused by them.
Margaret Kronfeld and other professionals do not learn without making or studying mistakes. When you make a mistake, turn it into a learning experience and take care not to make it again.