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Time to prepare your business plan for next fiscal
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Bikky Khosla | 10 Mar, 2009
With just a couple of weeks left for the beginning of a new fiscal, this is perhaps the best time to prepare a business plan. With demand in the markets likely to remain low - at least for a couple of months - the much-needed adjustments in one's business plan has become imminent.
Perhaps, I think, at this juncture we need to ask a few questions before we jump to any conclusions as to how we are going to run our businesses next fiscal.
First and foremost one needs to take a good look at the product-line. Are these products really in demand or do they need certain modifications? The product-line must be in accordance with the demand in the market - there is no doubt about that.
Secondly, several nations with whom one had done business in the last calender year are now in recession. So one must ask oneself: What will be my target markets this year? Who are my would-be customers? Once these questions are answered, it will not be very difficult to find new customers. Having said that one should not forget the old customers. This is also the best time to stick to old customers. Try to give your old customers some extra incentives to keep them interested.
Thirdly, keep you business plans realistic, flexible and dynamic so that it gives ample time to cope with unexpected changes in the markets. Rigid and complex plans are not going to see the light of the day this fiscal.
This is also the time when both PSU and private banks will be reluctant to give credit. So if you are looking for credit go with a feasible project which a bank can't deny. Simply blaming banks will not help when you are at fault for not having a proper business plan.
Unarguably, this fiscal's business plans have to be specific, attainable, realistic and time-bound. We have three weeks before us to plan and face the next fiscal with exuberance and confidence or we just carry on with the same plan and wait for things to brighten up. The smartest businessmen are the ones who make the changes rather than wait for things to change. So, are you one of them?
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Preparing Business Plans
S.L.Goyal, M.D. USP Trading and Manufacturing Pvt. Ltd. New Delhi. | Wed Mar 11 03:59:51 2009
I always go through the mail received from Trade India, but have never given much thought to Bikki's stories. This time, it was so timely and so apt, that I made notes of the various points to be considered for making next Fiscal's business plan. We are in Trading and going in manufacturing. I will prepare my plans keeping in mind the advice from Bikki. Thanks.
Preparing business plans
R.PRASANNA VENKATESAN, Chairman.PRASAN LAND BANK,PRASAN ANIMATION, Inc., | Wed Mar 11 01:06:49 2009
dear Bicky, yourJUST IN TIME.The failure of many small and medium companies, is their over-sized ego and undersized performance. Many of them think that -forecastpreparing a business plan or making a budget, is a waste of time and paying such talent, is unnecessary.This is a very short sighted approach, prevalent more in the south.Bombay businessmen are very shrewd and miles ahead of others.The businesses in the south are notorious for their self-effacing humility and undue contentment, when they reach a certain height.Even the sastras ,say that humility in the mind and a lean belly is for the brahman(read enlightened) and not for a vysya(businessman)I often tell a story in my lectures.The indian flower vendor feels that there is no need for publicity to a flower shop, as customers will flock in, as bees to a honey comb and the cobbler, curses his fate and sits idly most of the time near a dilapidated wall, in a corner.But think, what INTERFLORA has done! It delivers SMALL bunches of flowers, even black roses in December, to any customer, even in Siberia, in the midst of severe winter and makes pots of money everyday.
Thomas BATA, also a cobbler, thought that every man or woman is born, not only with 2 hands, but also with 2 LEGS, and worked himself up, to cover those 2 LEGS, with his BATA SHOES and his BATA stores, around the world.
Indian business suffers not by POVERY OF RESOURCES, but POVERTY OF VISION and AMBITION. A pity, with so huge money in banks and VC funds
planning for future
emir | Tue Mar 10 22:16:12 2009
Sir, My company is collaborating with an Indian company for 6 years as their represdentative for Turkey. We have made
an average sales of some 2.5 -3 mio USD/year. This biz is their 1st export to
wetern a market. We have been amazed how these people are inexperienced and lack of int biz. we think that this is applicable to other Indian companies also.
excluding real professionally international companies, we have observed that there is a great arrogance in their managerial approach. They seem to dislike agents and think that they are paying commissions for -us sitting ducks-for nothing. In contrary they should be sticking to their marketing contacts more then ever in such crisis times as this. They should realize that their machinery is scrap if their products are not sold. However they immediately seem to beleive that they can make sales in our markets, after a few deliveries and steer clear of intermediate company. In our case the company will be very surprised when they come to the next tender as straight bidder
-because they think that they have learned the ways and met people- wher they will be discharged out of the bidding room for a very simple reason and lose all the gainings they made through our efforts in all these years.
On my terms, India poesses a great potential, without having enough experience international markets despite their export experience is very small in contrary to what they think is enough to conquer the world markets!!!! good luck
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