A mistake I made regarding our business plan is that it requires constant development. A business plan isn't something static in time. As many investors point out, things rarely pan out as delineated by the business plan. Investors look for the person, not the plan.
Now I have found that a business plan is useful. But for it to be useful, it has to be accurate and actual. Hence it's an ever evolving process that should not go a step without being updated.
For example. I completed my first business plan not long ago. But, my business is not performing as delineated in the plan. In the mean time the idea surrounding the business, including the actual business model has changed dramatically, while the business looks the same.
Changes must be reflected in the business plan.
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