I know, I know I'm talking about knowing your competition and being better than they offer more value ... but listen? Recently, several business owners were in my car and we were talking about the competition. Competition is a good thing. But, when you fill so much and think that you have no competition, sooner or later you will be eliminated from your pedestal. Do not let this happen to you.
We all have competition. Competition is healthy and helps us grow. My tips below will help you follow your game so you do not fall off your pedestal.
1. Know your skill. This means being aware of new businesses that are similar to yours in your area. There are many home-based businesses that offer great products and services. Do not rule out people hiring them. You can find out what new businesses are opening in your area by paying attention to video tapes and see who joins the local Chamber of Commerce. Newspaper ads and newsletters can also alert you to new businesses in your area.
2. Check the value provided. Review the value it provides to its customers or customers. Is what you are providing always necessary or relevant? Do you need to add more value? This does not mean reducing your rates or giving out more pencils, pens or magnets. It really means listening to what your customers need or want. Are you delivering a product or service that is better than expected? There are many free tools you can use to query or interview your current customers and customers to see what they want or need from you. The extra value can be something as simple as a rack card that provides maintenance or cleaning instructions for the product you just purchased. Nobody wants to ruin their new purchase by not taking care of it properly. Maybe the value it offers is a follow-up to see if they understand how to use the service or product they have purchased or if they are satisfied. We all have cabinets full of things we bought that we could never understand how to assemble or use. Business owners review what their competitors are providing and provide more value.
3. Invest As a small business owner, you must continually invest in personal growth to grow your business. Investing in improving your skills will help you stay ahead of the competition as you learn about the latest trends in the industry. Investing in the skills of your business owner is also important. When you invest in learning new ways to grow your business without debt, you will help your business grow. You can focus on creating value for your clients because you will not focus on the money to pay off your debts.
Business owners do not fall off their pedestals because they have not invested in you or your business. Do not lose customers or customers because they are looking for the brightest businesses in the city. There are many inexpensive ways to promote your business, evaluate your competition and offer value to your customers and customers. With my three tips, your competition will not make you fall off the pedestal; you will be the competition
* The tips in this article may also apply to employees, independent contractors and anyone who wants to grow personally.
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