Business Plans For Dummies. Paul Tiffany

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businesses were doomed. Clearly, you snooze, you lose in this industry today. Perhaps a one-year time frame for planning, which in fact is little more than the annual budgetary exercise, is appropriate for firms in the retail space who have not yet gone digital — and even that might be too long.

      

When dealing with change, business planners have to maintain a balancing act between moving too quickly and not quickly enough. You have to set business goals and follow them up with verifiable objectives, basing time frames on your comfort level with what you expect to happen down the road. Build in some flexibility so you can revisit your goals and objectives and account for the changes you see; perhaps lease equipment rather than make an outright purchase or hire temps until you get your footings. Stay agile. And stay tuned. We discuss this topic more thoroughly in Chapter 13.

Part 2

      Describing Your Marketplace

IN THIS PART …

      We help you scan the business environment and determine the best fit for your business. We take a hard look at your industry to see what it takes for you to be successful, and we get you prepared for business opportunities and threats that come your way.

      We look at how you can divide your customers into groups with similar needs and wants so that you find it easier to identify and communicate with them.

      We spend time talking about ways to get better acquainted with your customers — figuring out what motivates them, how they make choices, and what makes them keep coming back.

      Finally, we talk about your competitors — who they are, what they’re up to, and how you can plan to compete against them and win.

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