Taking on the Competition
Most businesses strive to be the best in their fields. But what happens when one of your competitors is quickly gaining on you? Or even worse, breaking ahead? To run a profitable business you do not necessarily need to be the best– but you do need to maintain a competitive edge.
Whether it is an established competitor you cannot seem to shake or a new competitor making waves in the market, it is crucial to keep an eye on what they are doing and plan your business moves accordingly.
A great way to assess and reinvigorate your competitive position is to start with a SWOT analysis. A SWOT analysis is an assessment of your business’ Strengths and Weaknesses while considering business Opportunities and Threats. Undertaking a SWOT analysis will enable you to explore the best opportunities for your business to grow, and read more….