Keep Ahead of the COMPETITION 

For the good of your company, it is essential to know what your competitors are doing in the market place. It’s a sound investment to spend time and money monitoring your rivals.

          To beat your competition you must keep on top of your products and services.  It’s more to do with people and their motivation than with equipment and working conditions.         

          Hard-nosed competition is the best assurance of a healthy business. Aim to exceed rivals in all facets of activity.

A handful of tips to help you beat the competition

* Concentrate your strengths against your competitors’ weaknesses

          What are your strengths and advantages? Do you know your competitors’ weaknesses? Don’t guess. Set up a research team to investigate and aim to turn their weaknesses to your advantage.

* Set up strong alliances

          If you cannot beat the competition you may be able to find common ground that may be of mutual advantage.

          Are takeover bids possible?

* Price goods and services at competitive rates

          Don’t be too greedy. Price your goods and services at rates the market can stand and periodically drop prices to win new customers.

          Keep trying to find ways to reduce your overheads so you can lower prices.

          Do you need to own all your buildings? Would it be more profitable to sell some of them and use the money raised to buy new equipment and rent accommodation?

*  Select your staff with care

          Staff selection and training is critical. Don’t delegate staff selection to others. You are only as good as your staff!

          Constant training is essential for all staff – including top management.

          Try training small groups and once they are fully trained, get them to train others. This way they learn twice.

          Mentoring is an excellent training tool. Choose experienced workers to coach and train new employers to the required high standards.

* Give workers a stake in the business

          People who share in their workplace profits take a greater interest in the quality of the products and the services. They work harder and become ambassadors for your products and services.

          You can always beat the competition by giving the best service at the lowest price.

-Geoffrey Moss (mossassociates.co.nz)

“Today’s quality is tomorrow’s reputation.”

Source, “Secrets for New Managers”. A collection of guidelines and helpful advice, First published by  Moss Associates Ltd, New Zealand and Cengage Learning, Asia. Also available as an e-book from Amazon.com and VitalSource.