Financial planning is the backbone of any organization, and the supply chain is an influential factor for consideration in managerial decision making. Other factors include the effect of substitute goods which have direct impact on the financial picture. However, when a company loses sales because of strong market competition then most of the financial planning is useless. The reason is that without sales no money is coming in to the company to continue its existence. Without customers or a client base there are no sales. So, a very important question to ask is: How can a company start or re-start its engines?
One answer to this question is to benchmark the existing market to identify additional opportunities and eliminate threats. Barrier entries should be determined and the competition researched. Workplace training provides skillful benchmarking techniques to equip team leads and managers with the ability to assess environmental conditions in today’s marketplace. This will help every company identify new market potential and enable new growth.