What is missing on the business plan in this case?

[Richard92]

This only thing that is missing is innovative mind and creative mind, if you have a creative mind you will not anticipate to leave because you just got a competitor you should be wise enough to know the right thing to do a this time. The only thing to do is to have good marketing skill and also good customers care.

 

[Briangsam]

I don't think the business plan has a fault at this. Competition is good. It helps to keep people on their toes and customers are the beneficiaries of such competition. But the competition should be healthy. Your friend needs to up her game. She should get reviews from her customers. Look for ways to keep them happy and give them incentives.

 

[Diamond07]

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?

They are likely competittors always. Your friend should have anticipated the situation. Having competitors in a business is healthy, what needs to be taken care of is customer relation

 

[Sheyemanu]

Concerning this issue, my take is that in every business one indulges in one 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. I hope this helps

 

[Akinwale701]

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?

To every business, there are four things which the business is faced with... Those are Strength, Weakness, Opportunity, and Threat. Your friend failed to anticipate the threat in the business and failure is inevitable in such instance due to his failure to acknowledge threat.

 

[Bkoks]

You friend is supposed to plan for the worst that can happen. If that happens, no need to fight or something. Just look at how she's getting customers, check out the flaws in her plans , check out what is missing, then you include in your own package .

 

[Nicklas22]

At first your friend business was going well until the other person opened the same store close to your friends
All your friends need to do is to chance some of her doing, I thing she should give give her customers some packages to retain them because competition in a business is normal

 

[Olubayo12]

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?

no matter how skilled you are in the line of business you are doing, you must take your time very well to prepare yourself against the weakness and threats that come with it. do not always focus on the opportunity and strength along, business is funny sometimes and can be dangerous sometimes.

 

[Chibson]

Business plan is very useful and vital for the survival of any business. in this scenario if I were your friend I will definitely map out plans and strategies, I will definitely send a spy to her shop to know the prices of the goods she sells and then I will compare it with my own prices and adjust the prices. I can even make my own prices lower than hers so that customers will be coming to my own shop.

 

[Shayo]

Your friend didn't identify or describe his competitions in his business plan, he assumed he would always have the monopoly in the business area which is never possible, there would always be competitions. If he had done this, he would have prepared ways to tackle and go about it.

 

[Axad. Mrb]

Every business needs a blueprint and a structure. When applying for loans or other forms of funding, investors will ask for a business plan as part of the vetting process. The proposal is not the only important aspect of a pitch, but it is still critical in the path to a healthy and viable business. At its most basic, the document details the strategies and goals of a new or established company. Within the binding, there should be provisions for expected obstacles and a breakdown of necessary capital. When assembled properly, the plan can be a very impressive manuscript that will attract quality investors and employees. Conversely, it can also be the

 

[marky]

There isn't anything incorrectly in having a rival in Business. As an entrepreneur on the off chance that you position yourself well indeed and you realize you are offering the best quality administrations to your clients, no rival can come to overide you in your industry. Moreover, an entrepreneur ought to be an understudy of the market not an understudy of the item on the grounds that the market will consistently sell than the item.

 

[Ezzyoj]

There is competition in the present markets, going into business you need to look for what is missing in others products and also investigate about customers want and needs. Also look at strategic locations you can set up your business. Target your customers accurately.

 

[Neeta313]

If your friend is feeling threatened already that means he was not giving the best services. He must have seen what his competitor has to offer which will obviously be better than his that's why he feels threatened. If that's not the case, as long as he sells quality products that satisfies his customers then he has nothing to worry about.

 

[Xerryl]

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 .

 

[Mastercoded]

Every man should mind his business by doing the following
1. healthy competition is allowed in business
2. let the customer decide which shop they will patronize
3. you both can help each other
4. utilities bills can be shared.
5. love your neighbor as you love yourself

 

[Mawome]

There is a saying that says : you don't know the value of what you have until you lose it, I think thats was his problem is, he forgot to realize that in any business their must be competitors, so what do you do when you have a competitor? Do you simple quit your business? No you don't do that.

 

[Ausaf Ali]

Business plan in too the main point of the any business when you commence the new business i should be must think what is kind of business start before the earning point. You may make the more and more money for the near partner.

 

[Trojan8]

When making a business analysis one should always be prepared for the possibility of competition. It is also a very fundamental element of the SWOT analysis. I feel your friend failed to take notice of this threat and as such wasn't prepared. There's nothing he can do at this point, he has to be creative enough know to seek ways to out perform his competition.

 

[Presh1503]

I believe that friend should have predicted this if he actually has a business plan that is the importance of a business plan if he actually had a business plan he would have foretold such situation
People must have seen that is making it in the business that why they decided to engage in the business