Why Can’t You Do Without a Business Planning Course?

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Planning for the uncertain future, developing correct strategies and using a systematic method to eliminate problems is the only way a business can expand successfully. However, it’s easier said than done.

Planning for the uncertain future, developing correct strategies and using a systematic method to eliminate problems is the only way a business can expand successfully. However, it’s easier said than done.

According to the U.S. Bureau of Labor Statistics, almost 20% of businesses shut down within the first two years of opening. Within a decade, this grows to 65%. The data has remained pretty consistent throughout the years, proving that the wrong business decisions and improper planning can make all your hard work go to vain.

Real-life Examples of Businesses Thriving Despite Challenging Circumstances

 Going back to the beginning of 2020, no one could have predicted the drastic changes that COVID-19 would bring about. Research suggests approximately 200,000 to 600,000 small businesses have shut down due to the worldwide shutdown in trade, ban on physical gatherings and other restrictions. 

However, businesses that adapted to the times and found another solution to the problems could thrive despite the circumstances. For example, when people couldn’t go out to buy necessities, smaller distributors had teamed up with online delivery services to send the items to people's doorsteps.

Other examples of small businesses thriving during these challenging times were:

  1. Meal prep services

Preparing meals for workers stuck at home with barely any culinary skills became one of the most thriving businesses during this time. Growing tired of fast food quickly, the craving for home-cooked meals resulted in several small businesses keeping a roof over their heads.

  1. Cleaning services

Cleaning services were the most in-demand across the country due to government-mandated sanitization rules. As a result, the sale of sanitizers and cleaning supplies soared to the sky. This profited both the services and the suppliers and distributors of the cleaning and sanitization products.

  1. Canned food sellers

With people stocking up on canned food and jarred goods, several small businesses have reportedly introduced new flavored sauces and new items like blueberry cakes, curd chilies, fancy mushrooms, and more!

  1. Fitness companies

If you’ve spent time working on your BBS302 assessment answers, you should be able to identify why fitness app downloads grew by nearly 50% in 2020. With people confined to their homes, health concerns grew to new heights, pushed by fitness companies’ aggressive marketing.

  1. Tutoring businesses

The nationwide shutdown of schools, colleges, and universities led to increased subscriptions for online tutoring. Most of these services had been operational for years and offered better learning environments in comparison to traditional institutions that struggled to change their mode to online learning.

Going through these examples of businesses doing their best to make the most of a challenging situation, you should remember that this success isn't reliant only on their determination to survive. Instead, it owes much to the business planning abilities of the companies.

Why Should You Focus on Your BBS302 Assignments Answers? 

The BBS302 business planning course is a crucial section all business students have to master. It's also a great course to sign up for if you're planning to open a new business but lack fundamental knowledge in the field.

The course covers 11 basic lessons:

  • Introduction to business planning
  • Focus and direction
  • Legal and administrative requirements
  • Developing objectives and strategies
  • Planning for growth
  • Risk management and contingencies
  • Systems
  • Marketing plans
  • Operation plans
  • Human resource plans
  • Financial plans

Your BBS302 task answers will determine whether you've been able to master these topics to a T. Without a thorough idea of the topics covered in these lessons, it is impossible to thrive in a business venture.

Here’s a close look into some of the topics you’ll have to study in BBS302 business planning:

  1. Strategic and operational planning

A businesses’ success doesn’t happen overnight. It requires the right strategic plans to overcome hurdles, set future goals and make changes in the operations when needed to stay at the top of the competition.

  1. Licenses and permits 

You'll come across licenses and permits multiple times when working on your BBS302 assignment solutions. Without them, your business is vulnerable, and you cannot protect your intellectual property through legal means. Licenses also help boost credibility, and permits allow you to sell or distribute a particular product.

  1. Visualizing future business directions

A stone that has been stagnant for a long time is bound to gather moss. Similarly, if your business grows stagnant and you can't visualize any future opportunities, it's bound to lose out to the competition over time. That's why this course is vital to broadening perspectives and opening your eyes to future possibilities.

  1. Planning for growth

Planning for growth is all about identifying potential markets for expansion and securing more funding from investors. A realistic plan can help you develop future goals and plan operations around turning them into reality.

  1. Marketing research

You’re bound to encounter the importance of marketing research in your BBS320 answers. In a nutshell, it allows you to figure out how the customer's reaction can be to a particular item or service. This helps you make more informed decisions before going ahead with a specific project.

Source: https://friendship.money/read-blog/38917_why-can-t-you-do-without-a-business-planning-course.html

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