How to dominate your competition becomes more and more intense with each year that goes by, especially for small businesses. When you’re not a corporate giant with endless resources, it becomes incredibly important to be aware of what is happening in your industry. The business landscape is constantly changing and every change brings new scenarios to think about and problems to solve.
If you want to stay in the game, and even dominate your competition, here are a few tips on how to do just that.
Know What Trends Matter to your Business
Every market is different. When planning for the year, you should have done research on patterns that have affected your target market in the years prior.
You will have an advantage if you can predict the changes that occur in your market and when they are likely to occur. If you can predict those changes, then you can adapt and be prepared when they appear and be positioned to dominate your competition.
Know How You and Your Competition Are Different and Similar
As a small business owner, you need to know your competition better than anyone. It may even be valuable to you to buy or get service from your competitors as a form of research.
Doing that will give you key insight into how they do customer service, their sales process, their storefront (whether physical or digital), even their process of following up with a customer after they make a purchase.
You must know what attracts customers to your business and what might be driving them away from you and to your competitors.
Strive for “Good Enough”
While having a quality product and quality service is key to business, perfection is not. Perfection rarely occurs and many businesses take too much time trying to make something perfect. Since change is constantly happening in the business world, it is important to be agile in decision-making.
Take stock of what your business does that is faster than your competition and take stock of where you can reduce the time taken. Are your meetings long and cumbersome? Do new projects go through multiple revisions before seeing the market?
Do you try to get market feedback on products before or after you launch them? The quicker you can make decisions, introduce products, and get feedback, the sooner you will know whether there is a market for them.
Remember, running a business successfully does not need to be complicated. Keep it simple!
Business owners, check out ways I can help you find hidden profit and improve cash flow at www.portalcfo.com.
Manny Skevofilax is a consultant, speaker, and author who helps business owners maximize profits and overcome growth challenges to achieve financial freedom. An expert in strategic planning, financial statement analysis, and business operations, he’s been achieving extraordinary outcomes for his clients since 2003. Prior to starting his consultancy, he was a vice president with Comerica Bank, a U.S.-based commercial lending institution. His new book is Ultimate Profit Management: Maximizing Profitability as You Grow Your Business which was published by Taylor & Francis.
Learn more at portalcfo.com. Manny can be reached at 410-808-3441 or via email at manny@portalcfo.com.
