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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