Your decisions will be based on the information that you handle in the decision-making process. How you can decide if you don’t have the right information, in the right form on the right place? You need information sources reliable to make a right decision for your small business.
Each entrepreneur wants his business to be alone on the market without competition. But, it is an unrealistic and probably unachievable situation, at least for a longer period to operate without competitors.
Competition is something that cannot be avoided, regardless the size of the business, or industry and market in which it operates. Even if there is no competition currently, it doesn’t mean it will last forever and will not appear shortly.
How can I beat the competition?
The question sounds as with too military voice asked. However, this is a most frequently asked question from entrepreneurs. If they beat their competition, they will have more market shares, that means more customers, that means more sales and more profit.
Here are 13 steps that can help you to win a battle, but not the war because this war is never ending process in the business world.
1. Follow the Steps of Your Competitors
As you have strategies, tactics and plans, also your competitors have the same. What they are doing? How they are doing business? How they approach doing business in the market? What they are doing to make their customers happy? These and million other questions can give you the real picture about your competitors that will help you to build better strategies, tactics and plans for the battle.
Today, you can not imagine a business or an entrepreneur without information. Information is the basis for making quality decisions. However, it was not about any kind of information, it is about quality one. If they are important to an entrepreneur, then the business information sources will also be important.
When we talk about information a year ago I complete a survey about business intelligence in 30 small and medium-sized enterprises. The results of this research were published in several international scientific journals. Business intelligence is a creator of knowledge for businesses and entrepreneurs. But, the basis of a business intelligence is information.
Because of that you can find many different definitions that define business intelligence as an application that will perform some analytics activities for your business. Another issue that I found at existing theories is that all tools focusing only on the analytics of internal factors available inside company. Because of that there are some missing elements: