Each entrepreneur wants his business to be alone in the market without competition. But, it is an unrealistic and probably unachievable situation, at least for a more extended period, to operate without competitors.
You cannot avoid competition, regardless of the size of the business or industry and the 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.
You should not be afraid of competition. But, you must implement a strategic and systematic approach to analyzing your competition. After analysis, you will need to use that knowledge in your daily business operations and management of your own business.
If you ignore your competition, you will have real problems manifested through declining market share, lower total sales volume, a decline in the number of customers, and the most significant problems as cash-flow problems. These problems will destroy your business. The fact is that you can not allow yourself to ignore such possible problems.
Because of that, here are the important questions to ask about competitors. Using these questions, you can easily conduct a comprehensive competitive analysis that can be part of your market research and make informed decisions for your small business.…