No matter the field of business you’re in, there is always a competing company. In some sectors, competition is so cutthroat some businesses close up shop. Being a small entrepreneur, you’re constantly looking over your shoulder with regards to competition, right?
This leaves you with the recurring question of: How do I stay ahead of the competition. Take an example of Jeremy Thompson’s company who decided to create led lights for playing golf at night. This idea was not only revolutionary, golfers loved it. Now the age old game could be played once the sun set. The lesson to take from that is: keep looking for new opportunities. Here are a few more tips to stay ahead of the curve;
Lack of innovation is one of the major reasons business end up folding. As a business person, you should look to develop new products each time. This will guarantee your business remains relevant to the consumers.
Clients will be always on the lookout for new products from your company. On top of that, your customers can be able to give you tips on how to improve the current products. Using this tactic, your competitors will always be chasing your shadow.
Did you know that social media is the single biggest tool out there to grow your business? I will hazard a guess and say you use social media to view funny cat videos and the like, right? If so, you should wake up and smell the coffee. The growth that can be achieved through social media is incomparable to any other method. Used effectively, it will be like advertising on steroids.
Garner as many followers on social media networks such as Facebook, Instagram, and Twitter as you can. Inform them of new, upcoming products and have them share the information with friends and family. All this without spending a single cent on advertising, what more could a business want?
Knowing the competition
In Sun Tzu’s “The art of war”, knowing your enemy is one of the most important rules during the war. Business is war, albeit of a different caliber. Knowing your competition’s tactics and strengths are as important as having a strategy for your business.
If possible, know everything about your competition. Once you have all the information, find the chinks in his armor. Prey on those weaknesses, so as to effectively beat him. In no time you will have taken up his customer base.
Proper Cash Flow Management
Poor cash flow can cripple a business. It’s responsible for the fall of Soviet Union and the demise of 70% of all small businesses.
The folks over at emergency loans company Cashry advise companies to always seek external funding if they’re running low on cash. “You can’t cash receivable when you have bills of your own to pay. Companies operating on net 90 payment schedules often need to seek emergency loans until client bills are paid.”
When purchasing items customers want to feel they are purchasing unique products. If your product looks the same as your competitors, chances are you’ll get overlooked. Being unique will force the customer to have a second glance at your product.
Knowing your customer needs is the most important thing. This will allow you to tailor your product to suit their needs. Failing to know your customer needs is akin to suicide in the business world. Knowing this will keep you ahead of your competition.