Ways To Withstand The Market Tussle
It’s the modern world ‘Clash of The Titans’ scene for business survival in the market. Setting up a business in itself is a task that requires colossal effort. Add to that the urgency and the skill set required to make the business survive in the market, and the entire process becomes a no-nonsense scene. Once a business is set, the first thing that every business owner is focused on is how to survive the competition.
It is quite a challenge to stand out among your competitors but we know that competition is healthy for business. According to Harvard Business Review, the long-term survival prospect of a firm is enhanced when it is exposed to competition during the early stages.
Know Them Well
Information on competitive analysis is a must and should be included in every business plan. It’s one of the most important points in your plan. Every business plan’s competitive analysis should consist of the main competitors and their strengths and weaknesses. The more information you acquire about a competitor, the better. Know what their location is, what their products/services are along with their prices, their marketing messages, their web addresses and their reputations.
When a competition is on a local level, the information will be harder to collect. Depending on what kind of business they deal with, you can probably give them a call, visit their offices and perhaps even buy from them. You must know about a competitor’s positioning. The more you know, the more you can differentiate yours from it and make your business unique.
There are a number of reasons why you should know a competitors’ pricing. The primary aim in understanding their price is not to match your price with or beat theirs. It is to rather understand where your pricing falls in relation to a competitor in the greater market. It is always an advantage if your pricing is lower than theirs.
On the contrary, if your pricing is higher than that of a competitor, you will need some serious efficient strategies to be able to survive the rising tide.
Remember that even your most loyal customers may turn to a competitor if the price is low enough.
Let The Internet Do Some Talking
Make the best use of the internet. Check a competitors’ websites and study them carefully. Abundant information is provided by many companies on the web. Check if they offer their products or services online, what their website emphasises on, what they say about themselves or maybe even their price list. Websites are a great source to get information about companies.
It is interesting competitive information as well if you find that a competitor doesn’t have a website.
It is amazing what the internet can reveal. So besides checking their websites, maybe you can try and see where else they turn up on the search engine. It also helps you keep a track on a competitors move. To be surprised by a competitor is the last thing that you want and it could cost you your customers and revenue. This is one of the reasons why it is very crucial to stay on top of everything they’re doing.
Get Some Experienced Help
You may want to consider the benefits of an outside agency to get the marketing done. Your business may offer the best products or services but without marketing, none of your potential customers would know about it. The benefit of getting a professional for the purpose of marketing is immense and covers a lot of areas that most owners fail to notice.
Understand your finances and seek the guidance of well experienced professionals who offer business planning services. It does not matter what point of business life cycle you are in, make sure that before a competitor wipes out your business you get some expert help.
Let Your Numbers Speak
It is very important to know your numbers and where you stand. They literally tell you how much your chances of survival are. Financial forecasting plays an extremely crucial role in this. It is always smart to know what are the possibilities that lie ahead and preventive steps that need to be taken.
It may be quite convenient for you to file your own taxes or manage your business on your own, but there are some situations where you might benefit from hiring a certified personal accountant. Consider your chances of rising above a competitor pretty high if you have a business set up in England. The services offered by expert and experienced accountants in Northamptonshire are world class. If you’re having trouble with invoices, receipts, and cash flow statements and you can’t say heads from tails , it might be time for you to hire a professional accountant. Apart from crunching numbers they can save you massive amount of both time and money.
Competition is something that you can never get away with. Take a look at where your business stands and what your needs are. Let it drive you to work harder. Find ways to enhance your work performance. Seek strategies to slay competitors and work towards achieving them.
To be able to survive and thrive in the present market is a cut-throat competition. Some owners know exactly what to do while most aren’t fortunate enough to make the cut. This article highlights some cardinal steps that are required to be followed in order to rise and survive the competition.