Keep Your Eye on the Competiton

If the competition in your market is aggressive in trying to lure away your customers, a would-be buyer may hesitate. The buyer will want to know how the competition is affecting your business. The buyer may even consider the possibility that increased competition may be the reason you’re selling and decide to walk.

Even as you’re in the process of setting up a sale, you’ve got to keep your loyal customers and continue to try to attract new ones. Knowing what your competition is doing and having a good understanding of how they operate is a big advantage for you as a business owner.

The competition is a force aimed at driving down your profitability, and thus, your salability. We would suggest the best way to begin to counter this is to perform a competitive analysis. Analyze the market forces local, national, and international. This can only help you to come up with new strategies, perhaps for marketing your products, or even coming out with new products or services.

Set up a Google Alert for the names of business competitors and for yours as well. Remember that information is power. Gather all the information you can about competitors from trade papers or mainstream publications. Read your competitors’ ads and their marketing materials. Having wide knowledge about your competition can only help you in the long run.

The silver lining within the dark cloud of having competition is that it forces you to do better yourself and with your company. When you discover that the competition is doing something that you aren’t, strategize about a way to counter their move and to stay ahead of them.

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