What is missing on the business plan in this case?

[Immilash]

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 I think competition in business is very very important. its helps you to improve and introduce new things that your competitor don't have,competition in business is interesting and very simple that's if you know how to take care if it
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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 I think competition in business is very very important. its helps you to improve and introduce new things that your competitor don't have,competition in business is interesting and very simple that's if you know how to take care if it

 

[Heatman]

As long as your friend did not anticipate the challenges that is going to face the business before he started it means that he did not plan well for such business and is going to be very difficult for him to handle such challenges.

 

[Ezekiel]

In business it is called industrialization,the only thing he or she will need to do is to change plan to a better one.

 

[Skysaint]

Well, I think the problem here is actually business competition. If the competitor have just opened newly, s/he must have had an idea on how to attract customers to his side. So that leaves you with only one option which is to step up your game

 

[Senator]

Nothing is wrong with his business plan if he actually do have a business plan. What is simply wrong here is his wrong perception of business. People am come into your type of business anytime and that shouldn't be something unanticipated

 

[Ceeny007]

It's definitely a cause for worry but your friend should not panic, especially if he had a customer base already,he could also invest in complements of the current stock

 

[eLdavis]

Well, I think the problem here is actually business competition. If the competitor have just opened newly, s/he must have had an idea on how to attract customers to his side. So that leaves you with only one option which is to step up your game

That's one thing many business owners do not understand, once a competition comes up it means that person has found a way to attract the attention of customers that is why they are comfortable in starting up in the first place without minding if your business is already there offering the same service. It's lift for you to step up your game like you have rightly said.

 

[Skysaint]

That's one thing many business owners do not understand, once a competition comes up it means that person has found a way to attract the attention of customers that is why they are comfortable in starting up in the first place without minding if your business is already there offering the same service. It's lift for you to step up your game like you have rightly said.

That's very correct. For the business owner to be courageous enough to startup his or her business in the same vicinity then he must have a side plan on how to get the attention of your already made customers to his side

 

[eLdavis]

That's very correct. For the business owner to be courageous enough to startup his or her business in the same vicinity then he must have a side plan on how to get the attention of your already made customers to his side

Yes, that is why the first person into the business in that location should not be over confident to the point that he or she won't make proper measures to counter the competition.

 

[Blessedsam60]

Nothing is actually wrong with his business plan. I always tell people that competition is part of the game. Perfect market is nice. Don't just think you can monopolize the business alone cos a lot of people are seeing similar been fit just like you do.

 

[Yhubee]

An Entrepreneur should be ready for a competition at any time. He needs a better business strategy to earn more customers,step up his game and compete effectively

 

[Jhayms07]

For me there would always be competition in business. It is what drives the product or service forward. One must try as much as possible to always look for new innovations and step up her game

 

[Ralphjoe]

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.

This is one thing that most people do not know that competition is very acceptable in a business term as aside the fact that it improves the quality of product and services that the public get it also improves the business too.

 

[Toyoabasi]

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?

Your friend missed out on competitor consideration. He should know that Every business is open to competition and therefore make plans for that.
Right now,he or she will have to develop his or her products or service to draw more customers.

 

[Skysaint]

Yes, that is why the first person into the business in that location should not be over confident to the point that he or she won't make proper measures to counter the competition.

One shouldn't be overconfident while running a business and certainly not because you were the first to startup such business in that area because you never know the potentials of the emerging competitor. No competitor in business should be taken lightly

 

[eLdavis]

One shouldn't be overconfident while running a business and certainly not because you were the first to startup such business in that area because you never know the potentials of the emerging competitor. No competitor in business should be taken lightly

Very true, they could even have more potential than you who started up first. Before they would make the decision to startup the same business close to you it means they have ways in which they can counter and compete with you.

 

[Kvngsammy]

First thing your friend needs to know is to identify his unique customers - those who are loyal to him and ensure that he doesn't lose them.
Next is to craft unique offers to customers that would flood the area. He should also be up to date with recent happenings so that what isn't present in his competition's shop, he would have it

 

[Senator]

There is nothing wrong with this business plan if your friend as yet because he can't expect to be the monolpoy of that business alone I that area as he alone isn't the only person doing that business as well

 

[Godspower]

Competition is always taken into consideration when drawing up a business plan. However, your friend should not worry as long as he keeps on offering quality goods or services to his customers.

 

[kinqzbitz]

Competition is a normal thing and you friend Should always anticipate that and so he or she should try and take measure risk and should also strategize more and try to advertise his business more