What is missing on the business plan in this case?

[Abisola]

What Expenses to Include in Your Business Plan · Expenses for marketing and advertising events. · Expenses for small items like a coffee

 

[ronaldlorenzo01]

The one thing he skips is to do a market survey before. Background check on what their products are selling. So before he can open the business you have the strategy to counter them. For example the pricing of their product and what to sell. If they have a higher price then adjust your price as long as you are still in the margin of profit.

 

[Profwriter]

Your business plan must contain your risk assessments and possible challenges that will confront your business, also your competitors and how you plan to manage crisis when they occur without bringing your company to her knees.

 

[Kehinde]

Your basic business concept. ...
Your strategy and the specific actions you plan to take to implement it. ...
Your products and services and their competitive advantages. ...
The markets you'll pursue. ...
The background of your management team and key employees. ...
Your financing needs.

 

[Alee]

Some businesses develop Visions, Strategy, Objectives and KPIs independently of each other, not understanding that they should be linked. Even though they may focus on each area, the fact that they are not aligned results in lack of focus,

 

[shakky2]

whenever preparing for a business plan you should always strategize healthy business competition and structure it well such that when such competition arise it wouldn't affect your brand too much and should rather strengthen and make your brand more healthy

 

[Mahnoor]

A business plan is an essential tool when you are starting a business. Creating a business plan is a worthwhile activity for new business owners. A business plan:

• Can help you create the structure of your new business, so you know who is doing what and what you are producing and selling

 

[EMMANUEL]

To me it is not then there is nothing wrong with the business plan, reasons are that there is something wrong with himself I mean the owner of the business himself because for every business it possible highly possible for you to have competitors and competitors is not a barrier if you know what you are doing as a business owner.
There is no business that doesn't have a competitor, the reasons why some people survive is because they intensify more effort towards achieving the business goal.

 

[idhans]

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?

One of the most important thing you consider when you write a business plan is your fellow competitors. You have to figure out how you are going to deal with your competitors in your business plan. There are so many ways to strategize. You can work on the prices of your products and customer services.

 

[Neeta313]

You have not included your capital that you will use to startup the business. A strategy you will use for your business because every business should have a strategy, you are going to meet competitors, what will be your strategy to stand out and also should there be a case of loss how will you tackle it.

 

[Godleads1]

A good business owner anticipate and recognises a treat even when not seen. Lack of proper awareness to the arrival of a competitor is a side effect which an individual can pay for so dearly for.

 

[Maiira]

Every business should have a business plan. Unfortunately, despite the fact that many of the underlying businesses are viable, the vast majority of plans are hardly worth the paper they're printed on. Most "bad" business plans share one or more of the following problems

 

[Anas Chaudhary]

Most, if not all, questions about the company's day-to-day operations and functions should be answered in the document. That way, don't get too confused. Additionally, don't overwhelm investors with too many technical details.

 

[Janita]

That's why I always prefer that before starting any type of business idea it is shop or factory do plan for your future as well that if a competitor arise at any time so what will be your second step now see if a person has opened the same shop for your friends shops front so she should play a game now I think she should try to manage the client and make them satisfied from the production that she is selling from her on shop she need to to put sale on her product and items whatever she is telling on her shop his shop it is necessary for the satisfaction of client and customer both if the customer is satisfied from here production products and items so no doubt he will visit again and again without any doubt.

 

[Dowenship]

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?

Hmm..... I don't really get the question, but I will only give some advice for your friend.
If your friend was a sitting type he as to be active! He already gain some ground with some few customers then he need to maintain that relationship.

 

[zahidhussain]

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.

Poor planning is missing strategy about business which can fell ddown your buisness unexpercience employees can also low down your business

 

[Sariana23]

Poor planning is missing strategy about business which can fell ddown your buisness unexpercience employees can also low down your business

True, when employees are inexperienced, they can ruin the business as long as they are left without guidance. If an employer hires inexperienced staff, he should not leave him alone performing important jobs, he should be constantly supervised to avoid wrongdoing on his part.

 

[Chris Jo]

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?

Every entrepreneur should know that competition is inevitable. Having competition should help a business pinpoint weaknesses and restrategize swiftly. Your friend's plan has got nothing to do with his competitor's relocation into his business area. It's a normal phenomenon. He should learn from the experience and most importantly know what he's doing right to get results!

 

[Mostee501]

Nothing is wrong with the business plan,all your friend needs to do is to continue to work on more innovative plans that will continue to drive the business forward and enlarge the business,staying focus too.

 

[FreshKaz11]

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 think your friend drive his or her customers away by himself or herself ,you know why I said this,he or she might be treating his or her customers in an unpleasant way before the new shop open beside him or her as a competition. So with his or her bad treatment giving to customers,when they see alternative place to get same things he or she is selling they will eventually go away from his or her side. So you must always treat you customers well no matter the situation. Because they are the king in business.