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Top 10 Business Plan Challenges in Malaysia

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Writing a business plan is gruelling, but it’s necessary. You can use a business plan for various tasks like establishing your business’s focus, securing funding, and acquiring new investors. How you propose to use your business plan will affect how you tailor it, since every business plan should uniquely address your stakeholders’ specific inquiries. Here are the top 10 business plan challenges in Malaysia from experts and business owners.

Top 10 business plan challenges in Malaysia

Top 10 Business Plan Challenges in Malaysia: Knowing your target market

1. Knowing your target market

“The hardest but most important piece is getting your target demographics dialled in properly. You need to know whom you’ll sell to and how big the market is to estimate with some accuracy as to how many people you can reach and sell your product or service to.” – David Batchelor, founder, DialMyCalls 

2. Getting started

“The hardest part of writing a business plan is getting it started. Lock yourself in a room, turn off your phone, and focus.” – John Gavigan, managing director, Endeavor

Top 10 Business Plan Challenges in Malaysia: Establishing workable goals

3. Establishing workable goals

“Establishing clear, concise, and understandable goals – these goals must also be realistic. When people can’t see the vision of the plan, they won’t take action to pursue the plan. In addition, by having set goals that align with your plan, you have measurable targets to track your progress.” – Mike Rodriguez, coach and business consultant

4. Identifying cash flow and financial projections

“The most difficult part of writing a business plan is the financial section. It is difficult to project figures on a brand-new business with, possibly, a brand-new concept. There is no roadmap, no one to follow. The best you can do is find a similar company and try to gauge what they are making.” – Rosemary O’Brien, owner, Pocket Parks Publishing

5. Proving that your idea is worth it

“A common challenge is being able to express your idea and prospects for growth in hard numbers. If you seek capital, numbers are of the greatest importance. Investors and lenders will look at projections and determine the business’s prospects for profitability. They will want a return on investment over time, whether it be a year, five years or whatever the parties agree on.” – Rick Cottrell, CEO and owner, BizResults.com

6. Finding the right amount of flexibility

“The hardest thing about writing a business plan is making it flexible enough to allow for change without making it so flexible that it isn’t really a plan. There is a happy medium between these worlds, and this is where the most success can be found.” – Idan Shpizear, co-owner and co-founder, 911 Restoration

7. Creating a strategy that you can implement

“In my experience, the biggest challenges CEOs face is creating a business plan that can actually be successfully implemented. Many companies create plans, but too often, those plans sit on the shelf with actions not done, targets not met.” – Renee Fellman, a turnaround expert, and change agent CEO

8. Being concise

“One of the top challenges is keeping it short and sweet. The more concise and focused a plan is, the more likely business owners are to achieve the goals they have set for themselves and their business.” – Rick Faulk, CEO, Locus Robotics and Quiet Logistics    

9. Making it interesting

“The hardest thing about writing a business plan is being able to tell your story in such a way that people buy into your idea. If you tell a lousy story, people won’t want to invest.” – MJ Pedone, president, and founder, Indra Public Relations

10. Being realistic about business growth

“[You need] to be honest with yourself. Entrepreneurs are, by nature, dreamers and optimists, and business plans require them to challenge their assumptions about the market opportunity, the competition, the value of their product, and growth projections. That is where they get caught up in defining an aspirational but somewhat realistic business plan.” – Vikram Aggarwal, CEO and founder, EnergySage

Key takeaways

By identifying the top 10 business plan challenges, you can overcome them much more easily. This will give you a head-start over others that do not have a plan.

 

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