What is missing on the business plan in this case?

[chicnthin]

Let's say that I have a friend who has shop that's been going well for years now. Then one day, a competitor opened his own shop near my friend's. My friend didn't anticipate the threat and and for that he thinks that the business plan is not helpful.

What do you think is wrong with his business plan?

 

[Trexxxy]

Your friend should have anticipated this scenario. People will see that she is making sales and open up shop directly opposite or beside hers. Your friend needs to step up her game ,include small packages for her regular customers and clients. She needs to start thinking of ways to be ahead of the game .

 

[Shaffy]

If your friend can ensure that the customers are kept happy and satisfied, there is no reason to worry about the next door competition.

It will be good now to ask the customers want they want to be improved about the products/service.

It's also time to find ways to create little bonuses for the customers so they can remain loyal.

 

[Ralphjoe]

That your friend should have put competitors into consideration in their business plan, it's important on the business having a plan on how to outperform a competition in the market.
That friend of yours just have to improve her products to the best of her knowledge, ensure customers satisfaction and ask customers for feedback, in this way, she will definitely beat her competitors.

 

[Alexandoy]

I don't think the business plan is not at fault with the situation. The appearance of a competitor is not unusual but not usual either. The business just needs to be adjusting to the prevailing condition from time to time. In the main road of our village there are 4 eateries that are selling cooked food. They are together in one area so the impression is a stiff competition. But the eateries are selling well, they are all profitable because they sell different kinds of cooked food. They had to innovate to avoid stiff competition.

 

[Sariana23]

Competition is good, as it is the engine and the reason to improve in terms of quality and customer service. There should not be any kind of concern, on the contrary, you should evaluate the business and see how you can improve it. The business plan is sure to be successful, you just have to make a few changes.

 

[Adebayonle7]

If he didn't consider a threat then he doesn't have a plan. Businesses are like games and matches. While trying to win, you also have to defend and not allow your opponent win. It's a rule for everyone and everything. Win or be win. Eat or get eaten. In that case, he should anticipate his competitor's moves, and then use that to block such threats. He would need to think ahead. Do better than your competitor has done. If he's on a level B, restrategize and beat him to level D, let him do the chase.

 

[chicnthin]

If he didn't consider a threat then he doesn't have a plan. Businesses are like games and matches. While trying to win, you also have to defend and not allow your opponent win. It's a rule for everyone and everything. Win or be win. Eat or get eaten. In that case, he should anticipate his competitor's moves, and then use that to block such threats. He would need to think ahead. Do better than your competitor has done. If he's on a level B, restrategize and beat him to level D, let him do the chase.

I think so too. I always say to myself if ever I'm going to plan to start a business, I must anticipate problems and have the solutions to these problems ready. Be it a competitor or other threats. I'm not trying to be negative or something, I just wanted to become prepared as business is a serious thing.

 

[Nurudeen]

There is nothing wrong in having a competitor in Business. As a business owner if you position yourself very well and you know you are offering the best quality services to your customers, no competitor can come to overide you in your industry. Furthermore, a business owner should be a student of the market not a student of the product because the market will always sell than the product.

 

[Erik4150]

In every business you will certainly face competition in one way or another, that is why it is important to put measures in place to tackle competition. Measures like innovation, creating and implementing new business ideas will give you an edge over your competitors.

 

[Pirate]

Thats why I always talk about experience, with that experience your business plan will be top notch.
At a level like that, competition is not supposed to be left out of a business plan, as a trader one should always experience competition. What is left os for him to be creatibe and think of a strategy to recover customers.

 

[Ridorz]

I think this is time for your friend to get more Seriousness about the business, he has to be more creative and Innovative. In any business you must always be at alert to be competitive with other, he should rearrange, adjust his strategies to retain his customers and get more customers.

 

[Bilal0087]

Let's say that I have a friend who has shop that's been going well for years now. Then one day, a competitor opened his own shop near my friend's. My friend didn't anticipate the threat and and for that he thinks that the business plan is not helpful.

What do you think is wrong with his business plan?

I believe that business plan is always very helping and encouraging for a businessman, you may face different situations where you have to survive with your backup plan if your friend is not worried about others, he may be affected by several other competitors in the market zso he must have a backup plan to keep running his business well.

 

[joy101]

Because a good business plan always takes competition into consideration, always plan before going into business or whatever it is very important, business in every business you will certainly face competition in one way or the other,

 

[Kamon c4]

A good structured business plan should comprises of possible threats and competition. If your friend had a good business plan he/she would have anticipated the threats and competition. In this case now I feel the right solution is to create a good market strategy.

 

[Damismiling]

This is a normal occurrence in every business and every business should be prepared to adapt or amend to this changes as the bus grow
Proper risk management should be put in place, understand that sooner or later some challenges will arise analyse then and be prepared to face them for smooth running of the business

 

[Samuel77]

According to my own point of view, I don't think anything is wrong with his business plan. Business is all about competition, all you have to do is step up your business plan and manufacture new product or give out promo. All you need is good customer care to keep your customer

 

[Milz]

What happened to your friend happens to those who think Monopoly will last forever. When a new competition cimes around, they crumble. Your friend should go back to his business plan and restrategize on how to take advantage of the situation. Competition is good.

 

[eLdavis]

there is nothing wrong, the issue is your friend didnt plan and prepare for competition. Business itself is a competition, there are thousands of people offering the same service as you, so why should people come to your store? Its how you market your products, how you package your products that matters

 

[Hasan Raza]

Competition is acceptable, as it is the motor and the motivation to improve as far as quality and client care. There ought not be any sort of worry, despite what might be expected, you ought to assess the business and perceive how you can improve it. The field-tested strategy makes certain to be effective, you simply need to roll out a couple of improvements.