HOW TO BE AHEAD OF YOUR BUSINESS COMPETITORS,AN ENTREPRENEUR'S MUST READ

Business takes place in a highly competitive and volatile environment. To succeed as an entrepreneur you have to understand competition and learn certain strategies when dealing with it.

Competition arises when two parties strive for a goal which cannot be shared or which is desired individually but not in sharing and cooperation.

Let me speak to your mind!

Every business person and entrepreneur face this issue of competition. To develop a competitive advantage, you as an entrepreneur must study your leading competitors in order to understand how to compare your business with theirs.

Competitive advantage should be at the heart of your strategy as an entrepreneur and the reason you will expect to succeed in the market place. As an entrepreneur, you  should also have the interest of your customers at heart, know how to meet their needs and satisfy them. Tgats why i wrote a post on How to know what your customers want,where i discussed the strategies that will help you determine the interests of your customers and as well boom your business. I will like you to understand that meeting the needs of your customers is a good way of handling competition in business and being on top of the game.

How To Be Ahead Of Your Business Competitors.

 To be ahead of your competitors, you have to analyze and address the following.

• List out all your competitors, make a summary of their products,location,qualities,advertising staffs,distribution methods,customer services and promotional methods.

• Study their strengths and weaknesses from the customers view point. Capitalize on their weaknesses and meet the challenges represented by their strengths.

• Discover their strategies and objectives. This can be gotten from their annual reports.

• Have a unique selling proposition that will attract customers to buy from you. Offer something to your target customers that is better or different from your competitors.

• Have a cost structure about your business and compare it with your competitors. This will help determine your profit. 

The above listed points will definitely help you discover ways to be ahead of your business customer especially those who have been in the business before you. To gain more insight on the issue of competition and succeeding, i wrote another post on How to get ahead of your business competitors 2 where i discussed further others tips and ways to beat competition in business.

Bottom line: Staying ahead of competitors is the target of every business owner. To achieve this,you have to have a unique paln in the sense that doing better than your competitors will help you beat competition in the market place, attract customers to your business and also increase positive results.

I believe you like this post.  So please leave a comment below and Share.