Tuesday, 3 June 2014

What is your competition doing?

When was the last time you carried out a SWOT analysis on your own business? Equally important when was the last time you did one on your main competitors? 

If the answer is within the last 12 months what did you learn and what actions are you going to take?

If the answer is more than 12 months or 'never' then how do you know how to position yourself in the market?

12 months is a long time in business and certainly in the UK the last 12 months has seen significant change as the economy moves ahead. Competitors which perhaps weren't around prior to the recession have grown and are looking to expand while existing competitors may have changed their strategies to gear up for growth.

A “SWOT” analysis – that’s strengths, weaknesses, opportunities & threats - should be done on your own business and also on your competitors to identify how you can emphasise your strengths against their perceived weaknesses & vice versa. It is not just about today, rather it is about the future and the analysis should take into account new developments and challenges in your industry and sector. Businesses that constantly monitor changes and react to them are the ones that will grow and thrive in the markets of today and tomorrow. Burying your head in the sand and thinking that nothing has changed is a recipe for disaster.   

Paul Clayton is business management & training consultancy specialising in business growth, strategic Sales & Marketing planning and Customer Experience Management (CEM).

www.healdi.co.uk                  t: 0845 3081377

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