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Minnesota: Business planning is an ongoing process

When considering the formation of a business, there are many things that one must take into account. Target market, overheads and premises may be the first things that spring to mind during the initial stages of business planning. One might think that, once the business is up and running, no further planning is required; however, the opposite is true whether the business will trade only in Minnesota or plans to spread further afield.

Whether it's a small one-person enterprise or a multinational corporation, business planning is an ongoing necessity. The holiday period is usually a time when various types of business expect to have increased sales and proportionally higher profits, but what happens if those expectations are not realized? With a smaller company, a temporary belt-tightening exercise may be enough to see it through until business picks up, but a larger corporation may need to take more drastic measures as one large multinational corporation discovered last year.

Best Buy, which is described on its website as "the world's largest multi-channel consumer electronics retailer," is no stranger to tough times. Last year saw the company hailed as a "great turnaround story" following a slump that forced them to shed 400 jobs from their head office premises. The announcement of poor sales over the last holiday period has had an adverse effect on the share price, which has dropped dramatically. This has prompted fears that further, potentially drastic steps may be necessary despite reassurances of the company's faith in their long-term strategy.

Like in a game of chess, one must try to see several months ahead when engaged in business planning. There are various networks and agencies that may be able to assist with advice and guidance for Minnesota businesses. Whatever strategies one decides to adopt, it is preferable to lessen the effect on employees while ensuring that any actions pursued comply fully with the law.

Source: tcbmag.com, Best Buy's Stock Plummets On Weak Holiday Sales, Kevin Mahoney, Jan. 16, 2014

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