Before and even when you are in business, understanding who you compete is very important for the success of your eternal business. You cannot operate your business in a vacuum. You have to know everything – and I mean everything – about your competitors – they will watch you, I promise.
Before you start working on your business plan, you must observe what your competitors do. Sit outside and watch:
Who entered their business?
How long does they live?
Does the purchase of a majority or just roam?
How do you assess customer experience?
If you will try to steal their business share of them, you have to use what they do badly. You also have to be better than in areas where they are superior. There is no point in “just as good as others” – you have to be better.
You must continually rank competition in the main fields:
A business consists of a number of different components and your task to identify them and decide whether you can do better than your competitors at each or everything. You must evaluate your own business after you open to see if there are weaknesses in your operation. Don’t fool yourself. Brutally honest. You must always be objective about your own business. If you experience problems with objectivity, then hire someone to tell you what they think.
You must realize your own weaknesses and move to eliminate it. If you have a supply problem, you have to change your supplier. If you have an employee problem, then you have to find a new one. If your training program is inefficient, then you must modify it. Knowing that you have a weakness and don’t do anything about it makes you very vulnerable.
You must always look for opportunities to help distance themselves from your competitors. These opportunities may be short term or perhaps long term. It doesn’t matter, when you see the opportunity to dominate the market, use it by moving quickly and firmly. Seizing the moment for him who was hesitant missing. Say, for example, that your main competitor has little or no social media presence. Immediately immediately and always stay in front of them as they try to catch up.
Having a healthy relationship with your competitors is also a good idea. Maybe you don’t want to deal with certain industrial segments and he does it. Send business with how. He will remember. He might return the favor if given the opportunity. You never want to have a relationship with your competitors – it’s not healthy. As they say, keep your friends and your enemies closer.