How to modernise your business to match your competition
A collaborate post by Joseph Peake.
The modern business landscape can be daunting for both old businesses who feel out of touch with this new era of commerce, and new businesses who feel inexperienced and overwhelmed by big competition in their industry.
Of course, every great company had to start somewhere. Every big name was a tiny, unknown firm at some point. There’s no reason why your business can’t match modern day competition in the market, but you do need to have the right mindset to achieve this.
So many startups and new companies fail during their early days, not because they have a poor idea for a business, but because they don’t have the charisma or entrepreneurial talent to execute that idea properly.
So many old companies fail not because they’re irrelevant, but because they don’t adapt to the modern landscape. If you want to avoid the fate of so many other failed businesses, here are just a few ideas to help your company beat any competition within the modern age.
Plan to stay organised
A business plan is essential if you are looking for success. Of course you already know this, and probably made your business plan long ago.
Still, it’s important to remember that your plan is not a fixed or unchanging document. Consider it as a starting point for your company, giving you a framework in terms of objectives and timelines to get your business going.
However, after time, this initial business plan becomes obsolete. Not only does your company and its needs change, but the external market changes too.
Review to keep ahead of the competition
Focus on getting organised by frequently updating your company’s operational framework. Get all your employees to review your business plan, so that everybody can contribute new ideas to the business.
This is important, because your team will be better informed about any new objectives and how your company will perform in the future. All this helps towards matching your competition in your industry.
If you begin to lose your grip on the company’s finances, you might want to investigate into suitable accountants who can manage this better for you. Financial professionals can also advise your business regarding making healthier decisions towards managing your money.
Take time to follow the market
Any modern business should follow the latest market trends. However, your competition may be giving the impression they are always one step ahead, constantly inventing innovative products or services. But in reality, every successful business can achieve exactly the same by looking properly at their target consumers.
You know how important it is not to tell people what they want. Sufficient research will find out what people want or what is missing from their lives merely by observing the current market. Then you will then able to give potential customers the solution they’ve been craving.
Finding the gap in the market is the key. Even if your business seems tiny compared to the towering competition, there’s always a way to undercut the bigger monopolies.
Provide that personal touch
For example, the bigger a company, the less grounded they become. This means they are less likely to cater to individuals and smaller niches within a market.
Whereas you can offer more specific products and services, or a more dedicated customer service. Giving more personalised time to your customers will set you apart from your larger competitors.
Even making more of an effort to connect with customers on social media or via an email newsletter could make a difference. Smaller businesses are much more able to offer that human touch than larger corporates.
Additionally, you could set up a loyalty programme. This could offer special discounts and deals to convince customers to stay with your company. Another way of offering a special personalised service to local customers that is usually missing from your competitors.
How do you match your competition?
Share with us in the comments below your experiences of matching or working with your competition within your industry or market.