As a business employee or manager, you are probably aware of the importance of good business planning; but a recent example of poor planning shows just how important it really is.

A recent example of a big business mistake is Goleo, the official mascot for soccer’s World Cup. The pantsless lion is a real flop and was widely mocked for wearing a football shirt but no shorts. As a result, the mascot is labeled a perverted lion which does absolutely not reflect German culture and customs. The mascot has been largely criticised and sales were extremely low. The firm who paid nearly €300 K for the exclusive rights to produce the World Cup mascot just couldn’t make any profit.

The toy firm which designed and produce the product failed to notice flaws in the product, and failed to effectively plan for how to act if the product failed. Effective planning could have prevented or reduced the loss by changing the product, reducing production, offering sales incentives or reducing the payments made for the rights; and would have made it much easier and quicker to act when the lack of sales became apparent.

By planning effectively you can help protect your business from bad situations, and act quicker if things do not go well. It is so important to make sure that a business is prepared for every possible outcome, from rapid expansion to sudden sales drop.

If you need any help to plan your business have a look on exitplan.ie. Exit plan can help you to create your action plan for the future.

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