Business Plan – contemporary issues KKG

Contemporary Issues in Planning for Business

Planning is an essential function of management for any small business. Business owners must plan
for changes in their industry, the marketplace, the macroeconomic environment and the legal
environment. Contemporary issues in business planning include an uncertain legal landscape,
technological advancements and the changing face of the lending market.
Legal Issues

The 21 century has already seen its fair share of political and legal uncertainty, as issues in health care,
consumer protection and intellectual property, to name a few, have given birth to new industries and
put established industries under pressure to change or fade away. Business planners must keep abreast
of new developments in local, state and federal business law, anticipating legal changes and adapting
their organizations early to gain a competitive advantage rather than facing a hindrance from new
laws.

Technology Issues

The world of technology has been a game-changer in business for the past 30 years, and this trend is
likely to accelerate in the foreseeable future. Savvy business owners keep abreast of new
developments in technology, including anything from new production automation technology to new
customer relationship management software. Getting on board with emerging technologies early can
give you a competitive edge over competitors as they struggle to adapt to new customer preferences
stimulated by the new technology. Leverage

Financing

Financing, in the form of debt or investment, is not as easy to come by as it was in the later years of
the twentieth century. Today's business owners must place a greater emphasis on planning for
financing, seeking any advantage they can to appeal to lenders and investors. Thoroughly researching
lenders and investors before contacting them, and custom-tailoring your business plan and
correspondence to suit each potential funding source can help your business to stand out in the lending
market.

Marketing

Today's marketing world is in a continual state of flux. Unlike the advertising behemoths of
yesteryear, today's marketers must make innovation and true creativity the first order of the day.
Business owners must plan for changes in customer tastes and preferences, as well as predict the future
strength of existing and emerging industries and product categories. Being on the cutting edge of a
new marketing technology or methodology can help your business to stand out in the eyes of potential
customers as well.