Competition in business is surely inevitable. Surveys reveal that competition is the biggest concern to small businesses. It becomes a worry when the competitors are offering better and more quality services than you are.
One has to monitor his competitors: carefully monitor their products and services and how the market and customers respond to them, are their any significant lapses you can spot to improve your product and perhaps secure your customers? What are their innovations and most of all ask yourself, imagine yourself as a customer at the verge of making a choice between your business and that of your competitor, which would you take? That helps you access and carefully scrutinize your performance.
You must ask yourself how well you measure up with methods, in this technological age, are they using some equipment to make their work better than you are? How is their marketing and advertising? Is there anything you can learn from their methods? Are they giving out any Promos or incentives? Next are their employees.
Do you think any of your staff will jump at the offer of working with your competitors? Customers can also be a performance indicator of how well one could be said to be performing. It is basically simple; how well you are doing will reflect in your sales and profits. If your customers prefer to visit your competitors, it probably means there is something they think is better with your competitor.
What do you do then if your competitor is edging you in the market place? It is simple, re-strategize, call a meeting of your key staff or employees, seek their council and make adjustments. The business is focused on the customer, satisfying him might be what your competitor has arrived at which you for some reason is still fumbling at.
The key remains: Be flexible enough to make changes and adjustments and always keep an eye on your competitors, they help you run a self check always and hence build your business.