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.
Competition is something that you cannot avoid, regardless of 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.
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 business.
If you ignore your competition, you will have real problems, manifested through declining market share, lower sales, a decline in the number of customers, and yes, 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, you will always need to ask yourself and answer the following questions related to your competition.Read More about 22 Questions You Need to Answer For Your Competitors