I know, I know I talk about knowing your competition and being better than they are by offering more value... but do you listen? Recently several business owners were in my car and we were talking about competition. Competition is a good thing. But, when you get so full of yourself and think you have NO competition sooner or later you will be knocked off your pedestal. Don't let this happen to you.
We all have competition. Competition is healthy and it helps us grow. My tips below will help you stay on top of your game so you do not get knocked off your pedestal.
1. Know your competition. This means staying aware of new businesses that are similar to yours in your area. There are many home based businesses that offer great products and services. Do not dismiss that people will hire them. You can learn what new businesses are opening in your area by paying attention to announcements for ribbon cuttings and watch who joins your local Chamber of Commerce. Advertisements in newspapers and newsletters can also alert you to new business in your area.
2. Review the value you provide. Reviewing the value you provide your customers or clients. Is what you provide still needed or relevant? Do you need to add more value? This does not mean cutting your fees or giving away more pencils, pens, or magnets. It means really listening to what your clients need or want. Do you deliver a product or service that is above and beyond what is expected? There are many free tools you can use to survey or poll your current customers and clients to see what they want or need from you. The extra value may be something as simple as a rack card that provides the care or cleaning instructions for the product they just purchased. No one wants to ruin their new purchase by not taking care of it properly. Maybe the value you provide is following up to see if they understand how to use the service or product they purchased or are happy with it. We all have closets full of stuff we bought that we never could figure out how to assemble or use. Business owners review what your competitors are providing and provide more value.
3. Invest. As a small business owner you must continually invest in personal growth so that you can grow your business. Investing in improving your skills will help you stay ahead of your competition because you will know the latest industry trends. Investing in your business owner skills is important too. When you invest in learning new ways to grow your business while remaining debt free you will help your business grow. You will be able to focus on providing value to your clients because you will not focused on making money to pay debts.
Business owners don't get knocked off your pedestal because you failed to invest in you and your business. Don't lose customers or clients because they are off chasing after the latest shiny new business in town. There are many low cost ways to promote your business, evaluate your competition and provide value to your customers and clients. Using my three tips you will not be knocked off your pedestal by your competition; you will be the competition.
*the tips in this article can also be applied to employees, independent contractors and anyone wanting to grow personally.
Coach Jaynine is the owner of Dream Catcher Business and Career Coaching. Jaynine uses the knowledge and skills she acquired during her 20 year career in the United States Marine Corps, working as a Psychologist in a locked mental health hospital, and being an entrepreneur to help medical and mental health professionals, small business owners, and medical spa owners grow their businesses by teaching them her five step process for attracting their ideal clients and turning them into paying clients. You can learn more about her signature program and download her free ecourse My Five Steps to Networking Success by visiting http://coachjaynine.com/
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