Generally, a poorly prepared business plan would definitely fail and it can be blamed on any one or more of the following factors: inadequate information about the industry, lack of competitors, and knowledge about the business unit's position i.e. Strengths & weakness, opportunities, threat and unrealistic goals. Good business planning could be the means to achieve this.
It is a regular problem for anyone who wishes to sell a product or service to know how much to charge. In this article the factors that need to be considered are discussed. Marketing Objectives The first issue that needs to be cleared is that we need to decide on the target market and the positioning of the product or service. The marketing objective for each product can differ and has very little to do with the internal situation at the supplier.
You can be ready to hit the ground running when the recession is over if you spend wisely and make use of your extra time now. The usual response to a downturn in the economy is to overreact and stop spending entirely. This not only fuels the recession, but severely hinders your chances of gaining a significant increase in market share. Only you know your true spending limitations.
I'm old enough to remember the 1960's, and all the bright hopes we wore on our sleeves, as if they were badges won at a Boy Scout jamboree. Like heroes, we were proud of the accomplishments we were going to grow up and succeed at. Scientific knowledge was the key to our rosy future, and science we knew would save us from any problem that faced us.
The annual business planning process can be a great exercise. It can also be a huge waste of time. The quality of the planning outcome and the experience of creating it depend on a lot of things. A great plan is one that powerfully aligns, energizes and helps the organization to achieve solid results, no matter what circumstances the year ahead brings.
In Part One of this series, "A Vision for Your Business - The Missing Ingredient", I wrote about the experiences of two women who felt frustrated with their businesses' minimal growth. When asked to go into depth about the vision they had for their businesses, both were only able to give current realities and very short term limited goals. It was the lack of vision that was the missing ingredient for their growth and success.
Imagine this: You go into an electronics store and buy the latest version of LCD TV to replace your old one that's just not making the grade anymore. You bring it home, set it up and plug it in. When you sit back and hit the remote's power button, instead of seeing the bright clear picture you were expecting, you are witness to clouds of smoke and the room quickly filling with a sickening acrid smell.
Do you know the difference between a Mission and a Vision in the context of strategic planning? Ask any group of managers to define the terms. Frequently, the answers are a big muddle in which people use Mission and Vision interchangeably. Term confusion mattered less in the early days of strategic planning in the 1950's when a small executive group tweaked some numbers, borrowed some terms from the military (mission and tactics) and told the troops what to do.
Spring is a time of renewal, revitalization and reenergizing! No doubt many of you partake in the annual spring cleaning ritual of your home. It's time to open the windows and doors, let in some fresh air, and shake out the cobwebs. Carry that same energy to your businesses as well! Today's market is evolving too quickly to review your business strategies only once a year.
A lot of times small business owners get into the business of their choice without doing the research that they should. It works sometimes, but a lot of times it does not. This is not going to change without looking at the primary reasons it fails. One important thing I see over and over is the lack of a good business strategy. In order to develop the right business strategy for your specific type of business it will take planning, good research and old-fashioned time and energy.