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Another challenge is creating a realistic and achievable financial plan. This involves forecasting revenue, expenses, and profits for the business, as well as identifying potential risks and challenges. It can be difficult to accurately predict financial outcomes, especially for new or innovative businesses.

In addition, writing a business plan requires a significant amount of time and effort. Many entrepreneurs and business owners are already juggling multiple responsibilities, making it challenging to devote the necessary time to creating a thorough and well-researched plan.

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