After it was scientifically proven that cannabis helps people with cancer, the world has somehow come to terms with the fact that this plant is not just a drug that can be used for recreation. However, some people were skeptical and thought that cannabis was addictive and there was no going back, like some more dangerous drugs. However, after realizing that this plant and you can soothe the side effects of receiving chemotherapy in cancer patients and that it reduces or soothes the symptoms in people suffering from anxiety, PTSD, and reduces the stress that can further cause many other diseases, their opinion was drastically changed.
Slowly, governments around the world have begun issuing licenses to cannabis-growing companies but only for medical purposes. Over time, the use of this plant for medicinal purposes has increased so much that it has led to competition between companies engaged in this field. To continue to survive in this market, these companies had to take certain measures in order to maintain their place and work better than the competition. They had to find a way to increase their profits without increasing costs.
The first step they can take to do this is to change the existing business plan with a completely new one. But there is not always a need to change the business plan. In the continuation of this text we will show you which signs indicate that you need to change the business plan according to which you have been guided in your company so far. So if your company is in the cannabis production sector, I would highly recommend you stay until the end as you will gather some important information that can be of great importance to you.
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1. If you notice that costs have increased significantly, as opposed to incomes that are constantly declining
Source: terrameridiana.com
This is the first sign that is alarming and indicates that you urgently need a business change. Your goal is to find out what is the reason that leads to a constant increase in costs and in no way leads to an increase in revenue. Many businesses tend to ignore this situation, but if the ignorance continues, in the long run this can cause major problems. Therefore, it is necessary to closely monitor the direction in which the company’s profitability is moving, and if there are negative results, measures should be taken and a change should be made in the business plan.
2. Introducing new products in the range
Every upgrade or introduction of a new product on the market is an important part of the company’s operations. Any change to an existing product or the introduction of a completely new one can cause positive or negative consequences in the operation of the business. When such a change occurs, it means a change in the business plan, which should be notified to all who have a stake in the company.
3. Dissatisfied employees
Source: entrepreneur.com
Employees are the ones who are most responsible for the operation of the business, and any dissatisfaction with their operation can have negative consequences for the business. And your goal is to find out what makes them dissatisfied, and how you can motivate them so that the work can continue smoothly and without any problems.
4. Increased competition in the market
A new company has appeared on the market that in a short time has achieved what you have achieved over a long period of time. The competition has always been and will always be there, but you have a task to discover what you can do to be better than the competition. And how to prevent a competing company from taking your place at the top. We would only do this through SWOT analysis. Through this analysis, you will find out your strengths, weaknesses, opportunities, or threats that give you an advantage over the competition or prevent you from being better than it.
5. Dissatisfied customers
Source: allbusiness.com
This is the worst thing a company can face, and it is a dissatisfied consumer. What could make your loyal customer stop using your product, and start buying the product offered by a competing firm. What is the reason for this? Your goal is to find out. Is it maybe the change of packaging, is it the withdrawal of a certain product, is it the price. You can find out only through direct contact with your customers. A survey that you can do for loyal customers, to review the comments or reviews on your online website if you have one and the like.
6. Emergence of new technologies
The change of technology is very important for the functioning of the business. Adapting the company to new technologies offers the business the opportunity to reduce operating costs, the opportunity to improve operations, better efficiency, improve the organization, and many other benefits. Therefore, if you plan to incorporate the use of new technologies in your new business plan, it will only provoke positive reactions from consumers or new investors.
7. The business plan is outdated
Source: getfullyfunded.com
If you have been working on an outdated business plan for a long time and many things have changed in the company, now may be the time to update it. If you have no idea how to make your business plan, and you have all the other important components to work with, I will be happy to help you.
If you have noticed some of these signs in your company, now is the time to make sure your business plan gets a better and updated version. This is crucial for the good performance of your company. By changing the existing plan, you will achieve the desired results and you will be strategically ahead of the competition. So do not wait another minute, because procrastination will harm your company. Consult the professionals at the link above, and witness the creation of the ideal business plan for your company.
