There are usually businesses entering or leaving a market. The rate is of course dependant on a number of factors. However, regardless of the reasons, you have to stay competitive in order to operate profitably. How can you stay competitive?
Training – Gather additional knowledge and skills in order to compete with increasing competition; don’t be laid back, get on top of things. What are the latest events in your field? What about new technologies? Are you able to understand these? Could they enhance your competitiveness?
Opportunities – Find out what’s new on the market, keep abreast of changes, and always try to exploit new market opportunities.
Increase efficiency – Find ways of improving your product or service; especially new methods that would increase quality and reduce cost.
Build customer loyalty – Lock in customers with effective customer care. This will result in customer/brand loyalty.
Quality control – Ensure that delivering high quality product or service is part of your business’ motto.
Well-trained staff – Your employees should be well-trained and be well aware of their job roles.
Quality input – Input in the production process should be of quality, and that quality should be supervised and maintained.
Identify areas for improvement – Keep close eye on all areas of your business so you will be able to quickly identify areas that need improvement.
Financial needs – Assess the financial needs of your business and its urgency.
Competing – Acknowledge your competitors, be ready to compete. However, don’t try to compete with large businesses head on.
Differentiate – Try to differentiate in the areas of customer service, pricing and packaging.
Explore advantages – Explore competitive and comparative advantages.
Aim for growth and development – If you stand still you will eventually go backwards. Identify areas that need improvements and determine how you will meet such improvements.
It is important that you work at enhancing your business competitiveness by implementing the changes necessary and be consistent in seeing these changes maintained and improved upon.