What is missing on the business plan in this case?

[Setho]

If you want to be in business and to be successful in it, you should jot be scared of competitions at all. Your friend should just come up with offers that ensures he retains his business customer while observing his competition.

 

[Eodine]

Your question is not really straight forward but if I understand correctly what went wrong Is that the owner of the business didn't adjust for competition.

 

[btaliat]

A business owner will have plans and strategy to muzzle his competitors. Competition in on business is allowed, they should serve as motivators for quality products

 

[GIFTMICHAEL]

That isn't about plan, its all about finding the right strategy to market the business to outclass the one set up by our competitor.

 

[Setho]

If you want to stay long in any business which you want to start then you should not even be scared of competition because they would always be there instead you should learn from them and make them part of you to wade of competition.

 

[Dubai]

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?

Let your friend know that he has to plan and be strategic about his business. He must devise a means for selling more of his product than the new competitor.

 

[Patrik]

the wrong thing is that he didn't expect competition at the first place, which is wrong, competition exists in every domain and you should expect it before releasing any business of yours and take it on consideration

 

[Setfragil]

Competitors will always arise when we least expected, we should always plan ahead of this so that we will not be beaten at our own game. Your friend should improve on his marketing strategies to win the heart of more customers or do more to retain the old ones. This way he should be able to defeat his business competitors.

 

[Setho]

If you want to reach far in business while being realistic to yourself, then you have to accept that you can't run away from competition as they would always be there .

 

[Prettyjanie]

Well your friend should have anticipated it as we are in a free world. Moreover, competition is good as it helps you think outside the box. Your friend has to come up with modalities to retain his customers and lure new customers to his own shop.

 

[Razor1911]

Well your friend should have anticipated it as we are in a free world. Moreover, competition is good as it helps you think outside the box. Your friend has to come up with modalities to retain his customers and lure new customers to his own shop.

These things sound good on paper, but it is very hard to implement in reality. "Thinking out the box" cannot be done by everyone. Only the smartest of the people can think like that.

 

[Prettyjanie]

These things sound good on paper, but it is very hard to implement in reality. "Thinking out the box" cannot be done by everyone. Only the smartest of people can think like that.

I agree, so in business, we have to be smart otherwise we would lose our customers. You have to constantly think of upgrading yourself so you can survive with competitors.

 

[Josemendez]

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?

Well, if you friend has been offering good services to the customers , I don't see any need for him to be afraid ,however he can go ahead and implement things he thinks he is not doing well on.

 

[eLdavis]

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.

You are right, competition is normal on every business, it is not something to be worried about. But one can only worry when proper preparations are not made. And this is where many businesses today fall into

 

[Kunkun]

Well in this situation there is no need for panic at all because healthy competition in a business can be beneficial, it's just up to your friend to step up too and rise to the occasion

 

[Razor1911]

I agree, so in business, we have to be smart otherwise we would lose our customers. You have to constantly think of upgrading yourself so you can survive with competitors.

The market keeps on evolving. According to markets, we should evolve ourselves too. And for that smartness is required, one who has good skill of reading the market will do better in these businesses.

 

[Dowenship]

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,

Yes you are right, but there are done competition they you already have an upper hand, if you have been in a location before, and c you already have trusted customer, why will someone else win over you...

 

[Sotherefore]

Since there is a competition in the business I think the best thing your friend has to do is to improve his relationship with the customer, because this will help you to always get in touch with your customer all the time, you can also reduce the price of your products slightly.

 

[Snazzy001]

I have just observed that self confidence is missing in that business plan. Maybe he also realised he never had a good relationship with the clients and that is why they can ditch him for the other competitor

 

[Jlife]

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,

Ok in the case of difficulties and competition in business, what are the things we really need to do to make sure that overcome our competitor in the business sector, I really need this information because I might soon start a business.