Do you really know your competition? What is the genuine size of your market that you compete in? Do you or should you really care? The important thing to know is that whatever the answers are, the main thing you must focus on is giving the best service you can possibly achieve and the market will reward you fairly.
Yet, we shouldn’t ignore the competition. You can learn from them to refine your offering. If you want to be the best, you can use them to learn about what the benchmark is or you decide to become the benchmark for others to follow. In this open communication market that we live in today, transparency is more visible to competition than ever. Great businesses don’t hide their successes, they gloat about them. It shows confidence and leadership.
For instance, our franchise was created by Brad Sugars from Brisbane and he’s created the leading business coaching franchise in the world and in 2016, it was voted World’s 35th best franchise model, ahead of many illustrious and more household names. We are extremely proud of this achievement as franchisees, as without our professional input, this would not have been possible for Brad as well.
There are many reasons as to why small businesses fail, as discussed in The Sydney Morning Herald, however, one of them is being oblivious of the market needs for their products or services.
In my experience, I come across business owners who are adamant that they have what the market needs, however, it may not be in the form that the public is using it right now. Imagine starting a new daily newspaper right now without any online capabilities. That would be madness. Knowing where the competition is heading or achieved now is crucial. Being aware that newspapers are heading into the online arena with beautiful apps, such as The Age, is paramount in running a business model.
So, whatever you do, always consider what your competition does and if you want to brainstorm how to work on your business and not just in it, to develop an amazing business, please contact us and we will be glad to give you a complimentary session.