It’s vitally important to understand your competitors. Are they stronger or weaker than you? Or should they be believed to be weaker? If you can’t grab a reality check and patch requires, then you will be out of business before you even start. Why are other businesses competing so strongly for the same customers that you currently have? What do they know about you that you don’t? How do they effectively “market” to your customers? These are all great questions that you need to discover the answer to if you wish to assure yourself that you are indeed in business.
This reality check is necessary because you need to ascertain whether your business strategy and/or your business plan has the potential to face up to your competitors. The true value of this strategy analysis is because that it will help you to eliminate other types of businesses who have discovered how to beat you out in the same target market. Why? Let’s say that a competitor is able to gain major business from customers that you have rendered go Unknown to your business. How do they accomplish this? They adopt a set of business tactics and strategies that are designed as a means to leave you in the dust so that you simply can’t get the job done. Your strategy will require an investment in time and resources to implement the new tactics. The harsh reality of the competitive environment is that it really comes down to time (hardly a second), money (not so much), capabilities and you (the only tangible way you can achieve victory to beat you) as well as an eye for other competitive threats.
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If your competitive edge has a service edge it will take a different mix of weapons (if any) to fight this type of threat. You need to find out your competitors weakness, exploit, repair and evolve your products more attractive to your target market. If you have a strong emotional edge (the only tangible of any business) it will be much easier to make the determination to evolve your business and maintain the strength. You have to dig down into your business and perform data mining in order to determine how your business is at the moment in this fast paced competitive environment. You may also have to get one of your business competitors to make a destructive offer to your clients in order to gain access to this deep goldmine.
The bottom line is that it is, in a lot of cases,, better to discover your weaknesses than your competitor’s and you will be in business long before you are dealing with a competitor in the same field. When you are in business, there is no “safe” place; there are no things that they can possibly be doing. You need to venture out and do things no longer seen as safe, safe is no longer the right term as you have to protect what you have, not what someone else has. It will ring a bell a thousand times before all life has a chance to change its course.
Each day that passes is a little longer. If you don’t have a dynamic force pushing you in the right direction you will not survive. If you are planning Grow to lionys your business either as compared to what you can now do or are capable of, you will reduce not only the chance that you will thrive but you may also be one of the many that are dead in this fast paced environment. There is no time fixed for either. Growth or anybody else is an organization game, NOT an individual game. The time has come and gone to find out what to do or what not to do.