A significant amount of work is required if companies are to successfully compete in the business world. Business planning is essential in addressing problems, finding solutions and putting ideas into action. Michigan business owners who feel that their companies are threatened by competitors can take the necessary steps to adjust their goals, plans and products accordingly.
One company that has had to plan for and adapt to a growing threat is Spotify. Spotify is one of many music streaming companies that is used by consumers on a global scale. While this company has surpassed the value of Pandora — another popular streaming business — it is concerned about the effects the new Apple music streaming product will have on its bottom line.
Apple is, of course, a large corporation with significant funds available to roll out products and make changes necessary to compete with firms that have similar offerings. The Apple music streaming program is said to be easy to control and navigate, which are both things consumers have complained about with the Spotify service. In order to make changes, Spotify has gained the support of several investors, obtaining over $500 million in capital. These funds will go to address concerns such as growth and product development, both of which are essential to keep and earn customers.
Business planning is something an owner will have to do time and again in order to set new goals, address concerns and make any adjustments that are deemed necessary for the company’s survival. Making such changes may involve bringing new people into the business — just as Spotify did in bringing in investors — that will want to make sure their investments are protected. Assistance is available to help a Michigan business owner with the planning stages, negotiations and the drafting of agreements that will best serve the future interests of his or her company.
Source: businessinsider.com, “Spotify is launching its counterattack on Apple Music“, Andrew Tonner, Aug. 18, 2015