The Innovation Mindset by Lorraine Marchand

Author:Lorraine Marchand
Language: eng
Format: epub
Tags: BUS063000, Business   Economics/Strategic Planning, BUS019000, Business   Economics/Decision-Making   Problem Solving
Publisher: Columbia University Press
Published: 2022-08-23T00:00:00+00:00

Mistake 3. Making incomplete plans

Every business has customers, products and services, operations, marketing and sales, a management team, and competitors. At an absolute minimum, your plan must cover all these areas. A complete plan should also include a discussion of the industry and trends affecting it, such as whether the market is growing or shrinking. Finally, your plan should include detailed financial projections—monthly cash flow and income statements as well as annual balance sheets—going out at least three years. When I see plans that skip any of these important fundamentals, I send the entrepreneur back to the drawing board to gather more research and engage in thoughtful deliberation with her team.

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