When Submitting a Business Plan to Raise Funds, These are Mistakes that you should avoid

Do you have an existing business or you are just starting up? You probably need funds and this means you must approach potential investors or financial institutions. This is where a business plan comes into play. One secret of a business plan is that it must be believable for anyone to put their money into your business. There are of course mistakes to avoid in order to be able to raise investment funds. 

Not Having a Function Website

This is a grave mistake when in business. If an investor asks for your business website, they should be able to access it with ease, be convinced of its functionality and see it as stunning. From the photos, the design to the images and videos, everything should look professional and relevant. You will win investors’ hearts this way.

Using Jargon

Using jargon does not mean that the business is more knowledgeable about the industry it’s in or it’s well-experienced. Not all the potential clients will understand the jargon. All they need are solutions to their problems and answers to their questions. If there is too much jargon for clients, they will be frustrated and probably ignore the promotional materials or the website. Investors will visit the website and must not be met by all manner of jargon.

An Unbelievable Business Plan

A business plan must appear real and unique. The goals indicated must be measurable, realistic and achievable but if they are not, no investors will give you the funds. Have management responsibilities laid out, have specific dates that the goals must be achieved, how to measure milestones and the budgets needed to have the desired results. 

Not Presenting the Business Plan in a Professional Manner

The business plan must be presented in a professional manner. Not just papers stacked up on top of the others. This means that time, money and effort must be invested wisely when coming up with the plan. It must be visually appealing. It should not only be legible, but it must be clear and meets the highest standards possible. 

Visual appeal is vital when presenting a business plan thus it should be presented in a professional manner. For investors to be convinced that your business deserves the investment funds, they must see the business plan as believable, as a professional document and one that has been well thought of. 

How Businesses Are Meeting Customer’s Expectations

Is your business meeting customer expectations? A good business focuses on meeting customers’ expectations since if this does not happen, it will be a bad sign for the business. Customers are now demanding that their expectations are met. This is important for businesses as they get to understand what exactly their customers are looking for and ensure that they do exactly that.  Businesses, on the other hand, are working on strategies to ensure that they meet these expectations.

Integrating Social Media in Businesses

Social media has grown significantly in the recent past. Businesses have embraced it and they are using the different platforms available to understand their customers more. They help customers channel complaints, reach out for help and give their feedbacks. Social media has also made it possible for businesses to keep up with the current trends for the benefit of the customers.

Ensuring Online Presence

Customers demand to be addressed immediately. It’s not their business to understand that they should be served as they come. For businesses to meet this kind of expectation, they are ensuring that they are online to respond promptly.  Consumers need to feel that someone is listening to them and they are ready to help. This rules out the need for them to come to the organization physically.

Ensuring Human Interactions

Customers want to know that a human being is listening and they can build relations with them. Yes, there are virtual assistants but it helps to feel that there is human touchpoint. With this, they know that the response is tailored for them and it’s not the usual standard response that is given to everyone.

Having Suggestion Boxes

For the physical businesses, they have suggestion boxes installed somewhere within the premises. This is for feedback and suggestions. It is another way of finding out what the customer wants or expects. Remember that customers are looking for high levels of engagement and customer service standards. Understating what they want is key.

When customers feel that no one is listening to them and no one engages them in real-time, the issues that they could be having get magnified. They become more frustrated with the businesses and they feel that their time is just being wasted. They start comparing the brands and they eventually shift their business to competitors. To avoid this and to meet customer expectations, businesses are embracing social media, ensuring online presence and human interactions.

Is Outsourcing An Ethical Business Practice?

Just recently, businesses have embraced outsourcing not only as a cost-effective operation tactic but also as a strategic business decision. Put simply; outsourcing is the act of hiring third parties or external firms to perform contracted work. Nowadays, companies outsource manufacturing tasks as well as service-related ones.

Outsourcing is a smart financial move for businesses trying to cut back on expenses. But this practice has been faced with a lot of criticism, the most common of which is a concern for its ethics. So, is outsourcing an ethical technique for businesses? This article proves that outsourcing is ethical, but only when companies adhere to the right practices.

The Key to Long-Term Success

Throughout history, the primary tenet applied in industries is that people purchase products from those companies that they like. Ideally, every consumer prefers certain brands to others. These individuals have specific reasons for remaining loyal to these brands. On this note, a company should only outsource tasks, if this practice does not impact negatively on your brand, employees, and clients.

Culture Should Not Divide

The cultural differences between the Western and Asian countries are massive. Often, people cite these differences as a reason for the problems that arise in outsourcing projects. For instance, you may have a poor customer service experience because the caller’s language was somewhat incomprehensible, given their cultural background. But is this reason enough for portraying outsourcing as the evil it is wrought out to be?

From my viewpoint, such outsourcing issues can be bridged by merely understanding cultural sensitivities. It should be done early before the outsourcing project kicks off. Doing so helps to avert future problems. Besides, globalization has enabled people from different parts of the world to learn the Western and another custom

Get Accustomed to Breaking down Tasks

It is sometimes challenging to contact your outsourcing service provider; you may not even be in the same time zones. With the difference in geographic location, work settings, and skill sets, it is crucial that you be careful when hiring your outsourcing service provider. Mostly, you should go about this hiring process as if you were recruiting a new employee for your company. This way, you can avoid disputes in your outsourcing venture. Also, you should break down big projects into mini-tasks. Start by assigning these small tasks to the third party. If they perform well, you can entrust them with more significant projects.

Compensations and Feedback

Under no circumstances should you outsource work, which you do not intend to make payments for? The best way to guarantee that the project is running smoothly is to ask for and give feedback multiple times.


Outsourcing is no new concept in the business world. This practice has been in existence since the 1970s. In the past decade, outsourcing has gained a lot of momentum and negative attention in the same weight. How ethical your outsourcing practice is, will depend on the kind of relationship that you maintain with the other company and clients. If none of the parties involved in this outsourcing venture feel exploited, then you need not worry about this practice reflecting negatively on your company’s image.