Are You Prepared for New Competition to Your Business?

It’s easy enough for businesses to track current competition – we know who they are and we can keep an eye on them. But what about future competition to the business? I was working with a client the other day to develop a strategy around better competing in their marketplace; which includes how to prepare for new competition to their business.

If any of the following can be said of your business…

• Your business has high profit margins
• Your business overhead expenses are low
• Your clients have the need for products and services that your company has not developed
• You aren’t innovative in the development of new products and services
• You cannot keep up with the demand of clients for your products and services
• There are no major barriers to others entering your market

…then you need to be concerned about potential competitors entering the market. Don’t be complacent in your business or assume that clients have nowhere else to turn.

Set up a strategic planning session with your leadership staff to address the issues above. Make a plan on how you’ll stay on top of the competition and how you’ll address new competition entering the marketplace. Remember – just because business is doing well doesn’t mean that can’t change. Don’t be complacent! Always be prepared by having the best talent in place to develop innovative products and services that continue to meet – and exceed – the expectations of your clients. Regularly reaching out to your clients will ensure that you are ready to address their needs before they start looking elsewhere.