Know Your Competition

Why should you care about your competition?  Because they certainly know you!  Thinking about where you stand in comparison to your competition can open two large doors for you: Improvement and Niche Creation.

Improvement

By thinking critically about how you stack up to competitors you can begin to see clearly where you are lagging.  Maybe it's hours of operation, price, or customer service.  Identifying the factor is the first step - then think, "is this something I should change?" and "is it feasible to make this change."  If you should, and you can, then make the plan and implement!

Niche Creation

How is my business unique? Do I stand out enough from competitors that I have created a niche?  Capitalize on your strengths.  Small businesses often win out over box stores when they offer the customer service, customization, quality or ease of service that national businesses often lack.

Here's a Competition Comparison Chart that you can fill in to rank yourself against your competition and see how you stand.

We can help you think critically and make a plan for changes.  Contact us to start a conversation with a business adviser.