Staying Ahead of the Competition: Ideas for Savvy Entrepreneurs
~by Eileen O’Shanassy~
With technology upgrades and updates and companies coming out with something new every year, it’s important to stay ahead of your competitors, ensuring yourself a profitable business. One of the biggest reasons why businesses fail is because they refuse to use current technology and don’t take advantage of the benefits it can offer their business. Luckily, there are a few ways you can stay ahead and keep your business on top.
Do exactly what the competition is doing: research current trends in business. Popularity among both consumers and other businesses will help you work your way to the top if you’re not already there. Check out social media or use the internet to find what will work for you. Make sure it’s a program that will be compatible with what your customers already use.
No matter the size of your business, it’s important to brainstorm new ideas. These discussions can have you leading the trend, receiving constructive feedback on what to fix, and how to make things more efficient. The best people to listen to are the people who will be buying your product, and your employees. They know how the business works at the most basic levels, and will have some good ideas on how to improve.
Watch Your Habits
It may sound different, but use your security system much like your home security system. Any system that you have for security at your business will likely have a few cameras, which is useful on multiple levels. You can also use your security system to do a quick research of your facility. As well as keeping your place of business safe, it also is good to watch yourself work, or see how the employees work from time to time. Identify the least productive hours, how quickly customers are getting helped, and what habits slow you down. It’ll help you know where you need to go by seeing where you’ve been.
Find out what the competition is doing by checking up on them periodically. When you do, it’s best to devote full attention to it and look at all aspects of their business. Complete a thorough analysis of their web page, what they offer, social media profiles, and any other sites they might use. Even looking at their advertising is a great way to get an idea of where they stand, and where you want to be.
These are some of the most basic ways to get ahead and stay ahead when it comes to your business. There are few things that will always be important to business regardless of what the industry is, including the consumer, new technology, fixing shortcomings, and watching the competition. Once you get those things done, then is a good time to stay innovative, explore a new market and expand.
Eileen O’Shanassy is a freelance writer and blogger based out of Flagstaff, AZ. She writes on a variety of topics and loves to research and write. She enjoys baking, biking and kayaking. Check her out on Twitter @eileenoshanassy.