Most people who start a business know that they need a business plan – a guide to starting and managing the business to ensure success. Business plans detail all the elements that go into building the business so they are a crucial way to get off on the right foot. 

While the reality of your business will often force changes in your business plan, there are still numerous errors made during this planning stage that can irreparably harm your business and ensure you have a much tougher time than usual getting going. Surprisingly, some of them are very common. Here are five quick tips for mistakes to avoid when writing your business plan.

In the recent 2023 Budget, it was announced that the urban development zone (UDZ) tax incentive will be extended by a further two years until the end of March 2025. The incentive creates beneficial tax allowances for property investments in certain central business districts of South Africa’s major cities. 

While not every local business may be able to benefit from this tax incentive programme, those that do qualify will find it can reduce taxable income by millions and - because it is not limited to the taxpayer’s taxable income - even create an assessed loss. Find out here what this tax incentive entails, where it applies, and whether your business could benefit from it before it expires in 24 months. 

New companies are launching every day. They each have hopes of one day becoming large brands, but the first step is cutting through the clutter, attracting customers and making their first sales. But how do you get customers to trust you when you may never have sold a single product? Why should these customers visit your site, or buy your things when they know absolutely nothing about you or your ability to offer after sales follow ups? 

Giving your customers belief in your business before you have even made a single sale, or won a single pitch is one of the most crucial steps in building a company. Here are a few tips on how to make it happen.