Competitors are the best key to achieving your success in Business. They are the driving force behind your motive to making profit and owning a large portion of the market. It should be a part of the company’s culture to consider the competitors in their short, medium and long term plans.
The best approach to leading your competitors is to study and understand the SWOT ANALYSIS.
That’s, Strength, Weakness, Threat and Opportunities. With this approach, you can lead your competitors. Note that, competition is inevitable. It’s an indication that your kind of business is healthy. Determine what your strengths are and weaknesses which are internal. This can be dealt with within organisation. Work more on how to correct your weaknesses. Your weaknesses could be staff lateness to work, cold attitude to customers, high prices, lack of promotional gimmicks, etc. Strive to correct the weaknesses. Increase your advert, a unique one is recommended. Having done that, check mate what your competitors are doing with yours and see if that is the reason why they are doing better than you. With all this in place, you’ll lead your competitors.
Most organisations underrate their competitors and that’s why they fail. SWOT ANALYSIS is best for a competitive world.
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