Have you ever heard that phrase, “If it’s not broke, don’t fix it?” Well guess what; throw that mess out the window right now! As an entrepreneur you are constantly in competition with so many different businesses, products, ideas, people, forces and services.
Let’s face it, in our society there really just isn’t enough money in the hands of buyers to go around. Don’t get me wrong Americans love to spend dough, but the largest class of people and most likely that class will be your consumers- the middle class; they have to pick and choose what company they’re going to spend their hard earned buck on.
Since this is the case not only are you competing against businesses and firms that are directly in your product or service class, but your competing against just about every brick and mortar, mom and pop, internet operation around.
With that being said you don’t have the time or the money to become some lackadaisical, complacent, content and mediocre entrepreneur. You have to constantly be looking for areas of opportunity and also areas of weakness to propel your venture to the next level.
Always trim the excess fat and if there seems to be nothing wrong with your operation begin to look for faults, look for problems or potential conflicts. If things are fine in the short-term then make sure you look at the long-term as well.
An example of a short strategic list that you can review and follow on a monthly basis is presented below for analyzing and creating plans to fight competition.
This list is similar to the ones that multi-million dollar corporations pay their strategic managers and business policy executives to work on, so don’t be afraid to give them a shot, because they can work if applied properly
Remember this is just a basic starting point, if you put your mind to it and include alternative forces other than competition, you can create hundreds of strategic questions and answers. Don’t be afraid to get creative and make sure that you construct a plan that is applicable to your current business venture.
- First analyze who your strong competitors are.
- What your competitors don’t have that you have or that you can get?
- What are your competitors objectives compared to your objectives?
- How vulnerable are your competitors to your ideas and future plans?
- How do you stack up against your competition?
- How do you think your competitors will respond or counterattack your new plans?
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