What is missing on the business plan in this case?

[Ghost1]

The only thing wrong here is your friend. A good entrepreneur should never be scared of competition, it's part of business. Competition should only make him better, if he's scared, then that line is not for him

 

[Kubiat-Abasi]

Such should be anticipated I any business because having a competitor is unavoidable. If he has established a good rapport and follow up customer needs, satisfaction and dissatisfaction then he has been well grounded.

 

[Smiles20]

Your friend should know that no matter the business that they are doing there is always bound to be some kind of competition one day. You should not be scared but to learn from the competition.

 

[tyrim88]

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?

The setting up of a business that does similar thing as you do should not pose any threat to you business,because as part of your business plan of unforseen events you should have factored the turn of event to happened,the individual should look for another strategy of customer aqusition to increase his customer base.

 

[YERUS]

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 failed to include how to deal with competition in his business plan.
One thing business owners should not omit when writing a plan is possible threats.
If he had taken note of this earlier, he would have prepared earlier for it.

 

[greenie]

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.

 

[kayode10]

The scenario narrated has nothing to do with the business plan because she will always have competitor in the marketplace. I think your friend needs to intensify his marketing efforts so as to generate income regularly with the business.

 

[Thinker009]

It's the existence of the competitor that is actually affecting the business plan ,he just need to put more focus on the business and leave the competitor for the main time in the process of him building the business

 

[Kane]

The business plan needs to tell about your business in detail including what product you are selling, how you are developing products, what marketing strategy you will be using, how much money you need for product development and marketing, etc.

 

[Sotherefore]

When you are facing competition in your business , it is the responsibility of you as a business owner to step up your marketing strategy. If this is not done properly , the possibility of you losing your customers to the other party is very high.

 

[Shigobad20201]

It's the existence of the competitor that is actually affecting the business plan ,he just need to put more focus on the business and leave the competitor for the main time in the process of him building the business

Most of the time when there's too much of competition with your business , you will always thinks that your business is not working , all you need is another research on how you can win the competition.

 

[Good-Person]

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?

In such kind of cases, I would focus on improving my own business instead of worrying about what others are doing. I would make sure that I offer great services to customers and good products.

 

[Godspower]

In such kind of cases, I would focus on improving my own business instead of worrying about what others are doing. I would make sure that I offer great services to customers and good products.

This is a very good advice. He should channel his energy towards improving his own business strategy. He should add extra value to the service he is currently offering in order to gain advantage over his competitors.

 

[glitch]

Ya know, this is what companies like Starbucks did. They would find local coffee shops and open right by them. They would lower their prices until the local coffee place would go out of business then they would crank their prices back up. I have seen it happen twice in my area and it is terrible.

 

[Shigobad20201]

In such kind of cases, I would focus on improving my own business instead of worrying about what others are doing. I would make sure that I offer great services to customers and good products.

That's the exact mistakes that most business entrepreneurs normally make , instead of focusing on your own business , they will be looking at other people's business .