It can be a dog eat dog world out there in the world of business—as a home business operator, you may think of yourself in your own little bubble—managing your business and family and interacting with your clients or customers. But it can be well worth your while and efforts to find out who your competition is and just what they’re up to…
Depending on the kind of work you do, it may take some research to figure out who you are competing with. If you are in direct sales, there may be other sales representatives or individuals representing similar companies that are operating in your same sphere of influence, community or neighborhood. It behooves you to know who these people are and how well they are doing. This can give you the information you need to differentiate yourself and make the products and/or services you offer unique.
Likewise, if you operate another type of business—even freelancing and consulting, it can be beneficial to understand with whom you are competing for clients and revenue. What’s going on in your field? What’s new and innovative? Who is doing really well? Finding the answers to all of these questions can help keep you competitive in your own business.
You might think you are too busy to worry about “what anyone else is doing.” While this is good advice when it comes to managing your personal affairs and staying out of other people’s business—it doesn’t fly in the business world. You actually NEED to know what other companies and colleagues are doing in order to adjust your own business practices and remain competitive. So, take some time to do a little research. Ask your clients or customers where else they shop or purchase similar items, who else they work with, if they have “favorite” consultants or service providers. This will give you the opportunity to find out just exactly what the competition is up to, and adjust your own business plans accordingly.
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