A smart company is one that keeps tabs on its competitors. Not with disdain or lust but with an interest in their workings. This is how you will garner invaluable lessons on being an entrepreneur. The trick is appearing not too affairs or they may steer you in the wrong direction.
A caveat to this rule is, observe competitors that are more experienced and above you. They will have knowledge of the that fuels their growth. This could be achieved through targeted marketing or customer profiling. Here are a few more lessons you should learn from your competition:
Irrespective of the field you’re in challenges are bound to face you. This is the single biggest factor of why many businesses fail. A close look at your competitors’ way of dealing with challenges will give you vital lessons.
Since you’re in the same field of business, the lesson will be vital. Chances are in the not too distant future you’ll face the same challenges.
This is one of the factors which will determine your success or failure. Therefore it cannot be overstated how vital it is for you to get it right. Your competitor will have more than a few years of experience under his belt. The experience will be shown in how they price their product. An old company will price their product according to their experience. They will most likely have a loyal brand of customers who’ll pay anything to buy their brand.
On the other hand, new companies will be fairly priced so as not to lock out any potential customers. The culmination of these factors should help you decide how to price your product.
In the business world, the customer is king. Look at your successful competitors’ mantra and you’ll find they hold the same view. This is no coincidence. If you don’t meet your customer’s demands you might as well close up shop. Strive to always provide an opportunity for your consumers to express themselves.
This is irrespective of whether the opinion they express is negative. Once you receive the feedback, work on the criticized aspects of your business. This character will be exhibited by your competitors once you take a keen glance of their activities.
You should endeavor to always have a rainy day fund. This is meant to shelter you once the rain starts beating heavily on your business. The future is a mystery to us all and preparing for the worst is what differentiates between the wannabes and the successful businessmen. Your successful competition will exhibit a saving culture. Have a separate account for expenses and savings, this way you won’t struggle saving up for that rainy day.
There are valuable lessons to learn from your competitors. However, you should be careful to only take the positive lessons. Due to the competitive nature of the business world, it isn’t uncommon to find with a nasty hidden streak.