“You
can’t play checkers on a chess board” – D’Angelo (Episode 1 season 1 The Wire)
Keeping on top of the competition can be difficult; it’s advantageous
if you see the hidden complexities and the obvious ones. Competition in
business is an important motivating factor for the entrepreneur keeping in tune
with available strategic information is quite important. Playing in an institutional racist environment
where the rules and daily play are stacked against you makes it difficult but
not insurmountable. Much of my blog will touch on these issues because that is my
experience since living in Britain.
Once you've
identified your competitors, the competition section of your business plan is
pretty simple: Discuss how you are identifying the competition and then list
the top two or three competitors you consider major threats. If you want to do
a really thorough job, go a step further and include a blurb on each
competitor's response to you and how you might anticipate and deflect their
actions.
Always deliver more than expected
With
the economy slowly getting better you try to stay on your feet and do your best
to overcome the tough times. As a hard working entrepreneur you need some inspiring quotes
that will make you work better and focus on your success;
Don’t
rush, but review and Work hard and success will come!!!
It's not
just about merchandising; it's about the whole experience you offer your
visitors. Time they spend in your sales arena whether or not they buy--is time
they used to spend somewhere else. That somewhere else is your competition. Again,
the question to ask is: If they aren't walking in your door, where are they
walking instead?
What you're
listening is the criteria in your customers' minds that they use to choose you
over others. Those are what you want to duplicate as you expand, and those are
what you want to use to identify competitors. If you have a clothing store and
customers tell you your styles and selection keep them coming back, then your
competition will be rooted in fashion. If they tell you it's your convenient
mall-based locations and overall "feel" that keep them coming back,
your challenge will be identifying other chains that appeal to the same
consumer and offer mall-based experiences that compete with yours.
If the soul of your business is about
specialized services, then consider where people might go to get those same
services.
To keep on top of the competition it necessary
to present and act on strategic information that is available.
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