You And Your Competitors

Each change carries opportunities and risks alike. Once redesign has been approved, this is a good time for a re-evaluation of one’s approach to the business goals attainment process. You can even turn to your competitors for easy answers. It may be sufficient to give some thought to the following questions: How do our competitors tackle the customers’ needs issue? What do they do well, or even better than we do? And where competitors fail? Could we do it better: Is there a way how to convert dissatisfied customers of our competitors?

Customers tend to be rather demanding nowadays; to give them a good reason to meet their needs through our products and/or services, only a small improvement will not be sufficient. If we are to stick out, we need to be at least twice as good as our competitors. We need to deliver our service in a simpler way, faster, for less money and with more convenience than are competitors do. If you considered a start-up based approach, you would have to be at least 10 times more efficient in meeting the customers’ needs, and your business should break the dogmas and standards established in your segment. It is not impossible to change the approach to doing business to a start-up based model; however, it is an extremely demanding procedure requiring a comprehensive transformation of your way of doing business. Nonetheless, you can ask yourself questions such as: how could I double my sales every six months? How could I double the number of my customers in six months? And should I be required to cut the number of my processes to half, which ones would I chose? All these questions might assist in shifting your way of thinking outside the customary standards and may even allow you to look at your business through different eyes.

Takeaway: Get inspiration from your competitors and always think of application of innovative approaches to your business.

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