I do believe that a company with a lack of preparation will surely fail in the business world. It cannot be denied that most companies go bankrupt because they do not know the importance of forecasting any possible constraints that may arise. It is a fact that they should consider at all costs. Forecasting is the best course of action to maintain the viability of the companies.
Do you believe that failure is always a result of inadequate planning?
- Thread starter Shavkat
- Start date
Inadequate planning may lead to business failure in most cases. However, at times. there are circumstances which are beyond the control of the business which may also cause business failure. A typical example is the Pandemic. Many restaurants and travel agencies closed down in the past two years.
There are some failures that are part of the business cycle. And it happens maybe by little commission or omission. There are some that are structural and those ones happen because of lack of planning.
Proper preparation is said to poor performance and also helps to avoid failing and that's the key to running a successful business or any goal you wish to acheive , there must be proper planning for our goals to be acheived.
Take for instance, the cashless policy and the subsequent cash crunch in Nigeria that crippled some businesses. A bad government policy can ruin all the business plans that someone has. B
Most business usually fail because of poor planning for sure. That is why they are all required to have a business plan first. But then other things could also lead to failure. These things can be internal or external. The internal factors could include lack of self discipline and poor management of funds. The external factors mostly include natural disasters and political stability of a country.
In most cases, yes, it is. It is not good to do things in haste. Everything must be planned well to avoid problems once you already started your business. In fact, it is not only in business, but likewise in marriage. It must be planned well to avoid a broken marriage someday.
For me I can't rule out that inadequate planning is the only major reason for the failure of the business. The causes of business failure is mostly lack of financial assets and poor marketing strategies in my opinion.
A business must be properly planned and executed for it to succeed. So many strategies and counter strategies is required but it is not the only thing that can cause a business to fail.
It is not all failures that are from lack of planning. Some are from lack of proper controls.
