Whether in a downturn or an economic boom, even the most successful companies can lose out if they rest on their laurels – these five easy points will help you make sure you can beat off even the stiffest competition
1. Put yourself in the driving seat. Knowledge is indeed power, so be absolutely sure that you fully understand all the market drivers relevant to your business. This way you can develop and position your products or services to respond to the needs of your market.
2. Get engaged. By inviting feedback and listening to your customers, you’ll be able to anticipate and respond to their needs more accurately. Endeavour to not only meet your customers’ expectations, but exceed them, striving to excel on quality, delivery and price – engaging with your market will not only help you work out how to do this, but you’ll be able to measure the impact of any changes you make.
3. Don’t stagnate, innovate. If your niche is becoming crowded, then you need to inject some fresh thinking into your organisation in order to maintain a point of difference. Keep an eye on developments in technology, and new legislation, so that you can stay ahead of the game, and try to create a company culture that encourages and rewards innovation.
4. Know your enemy. Well, know your competitors, at least! Work out your direct and indirect competition in the marketplace, and also be aware of any firms which could expand into your area in the future. Gather as much information on their activities as you can, including factors such as price, expertise, added value, reputation, customer service and marketing – try to exploit their weaknesses by turning them into your strengths.
5. Make friends. Get out there and network with other business people – by discussing ideas with company directors from different sectors, you can often pick up suggestions that can inform your own strategy
