How Does Your Business Stack Up to your Competition?
How Does Your Business Stack Up to your Competition?
How Does Your Business Stack Up to your Competition - To learn more about this author, visit Gary Silverman's Website.
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New stores diluted the customers of the existing stores leading to over-saturation. The Big Boxers are currently suffering. Look at Home Depot, and Lowes for example. I still believe the concept is viable and sustainable. Going forward the emphasis will be on store closures and remodels like Wal-Mart’s recent initiatives. Small business owners can learn from these miscues. I recently went into a Circuit City store and I was more than disappointed. The store was disorganized, short of staff, dimly lit, and had a poor selection of merchandise. The sad thing was that this store was only two years old and located outside a very successful mall. I proceeded to visit Best Buy and found the experience to be far better. I had a similar experience when I compared Linens and Things to Bed, Bath, and Beyond. My experience at Linens and Things was inferior compared to BB&B. Did the top management of Linens or Circuit ever visit their stores or those of their competition? If they did wouldn’t it be obvious to them that their stores were inferior to those of their competitors? Obviously not. As top management or owners we should be intimately familiar with our own businesses and how they compare to the marketplace. Do you have blinders on when it comes to this reality? Are you staying current? In a world of continuous improvement and rapidly changing tastes and technology you need to stay on the cutting edge. It’s a double edged sword. If you aren’t adapting fast enough ...that’s one problem. If your competition is, you have a compounded problem. Take the time to research the changing tastes and demands of your customer. It is equally important to be aware of how your competitors are changing. Don’t be left behind as your revenues and profits will decline and it will be difficult to make the financial investment necessary to catch up. You need to have a discipline of regularly shopping your business and those of your competitors. There needs to be a process to survey your good customers to see if they sense any decline in your service or pricing competitiveness. They are the first to see it. You need to personally visit your competition to “take their temperature”. Be aware of any new entries in your market or perhaps businesses outside your market who may decide to branch out into your territory. Look through the windshield as well as the rear view mirror and protect what you have so you don’t disappoint like the Circuit City’s of the world.
How Does Your Business Stack Up to your Competition - To learn more about this author, visit Gary Silverman's Website.
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David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
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Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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Cheryl MatthynssensCheryl is a life skills coach, licensed Chemical Dependency Counselor and a 20 year entrepreneur. Cheryl's dedication to achieving a life of balance led to her expanding her teaching from the simple managing of life's daily challenges to adding financial well being as well. A direct marketer with DrinkACT, she is gaining ground in the online community with her concepts of making sure business owners, entreprenuers and employees have well rounded life styles. She opened up a small affiliate site - The Balance Guide- to help others find resources for mental and emotional well being. Visit Cheryl's blog to see more of the diversity beyond business she has began offering online at www.thebalanceguide.blogspot.com - Visit Cheryl Matthynssens's Website |
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