It is the most important question for every entrepreneur and they are looking for
its solution all around the globe, sometimes solution comes from neighboring environment,
sometimes from the competitor itself.
Here we will try to mark some of the points which you should keep in mind for having
a healthy competition and grow your business.
1.Follow your own path: When competitors are doing well most of
the entrepreneurs start copying them and start following their path, which might
lead you to wrong path as you don’t know and realize their strategies, resources
and people’s strength and weakness.
2.Concentrate on your own goals: You need to be more focused on
your small and short term goals rather than worrying and panicking about big targets
as, achieving smaller goals will be easy and keeps your motivation alive than chasing
bigger ones and not getting expected results. These also help in sustaining a business
until you come up with good strategies and plans.
3.Don’t judge and invest unnecessary time in your competitors:
Often it is important to keep a close watch on your competitors but you need to
draw a line that up to what level and extent you need to judge them and give your
time in analyzing them. Doing this more will overshadow your original ideas and
thoughts, which might lead you to dead end. And at the end of the road you will
find yourself in bad shape after losing time, motivation and money.
4.Build and care for your team: It is the people who build and
run the business, not machinery and infrastructure, so in competitive market it
is very necessary to understand your team well and keep them happy and motivated.
In this process you also need to hire best talent and have to lay off team members
who are incompetent or discourage other employees to work.
5.Focus on Quality of your product or service along with a high penetration
in market: When competition is at its peak best you can do to survive
is to improve your quality standards; it is quite difficult but you need to maintain
it as sometimes, growing pressure of competition can reduce your quality. The probable
reasons for diminishing quality can be price reduction, freebies, not able to afford
good talent. Secondly, in competition, most important thing is to reach your target
prospective buyers which require a high level of marketing strategy as, if it is
not growing in numbers then you have to penetrate in somebody else market share
to gain your business.
These are some of the points we can mark as a benchmark to perform well at times
of high competition. You can visit some of our blogs which can help you in understanding little bit more
about small businesses.
If you wish to support your business with some employee management tool, try our
windows based HRIS software.