Competition (KykNET’s Winslyn)

In a recent report by World Wide Worx, they looked at the state of small businesses in South Africa and found that competition was an entrepreneurs greatest challenge when it comes to starting a new business. It was a very interesting finding, as it’s not a factor for most of the other countries.

Why do South Africans see competition as such a big challenge and how can we overcome it? That’s what I want to talk about in this insert: 5 ways you can overcome your competition.

Firstly, know your competition.

Find out who your competition is and what they do, what they offer and what are their unique selling proposition. This will enable you to know whom you’re in competition with and how you can differentiate from them.

but, don’t get obsessive over your competition.

It is important to know what your competition does and keep your eye on them, but often businesses obsess over their competition too much, that they do not focus on their own business anymore. It is important to note, but more important to focus on what you do and to come up with new ideas and products.

Your services are the biggest factor.

Many entrepreneurs feel that they must focus on price and their products or services must be as cheap as possible, but times have changed and many customers look at the service they receive, rather than the price. The point is you need to offer something unique to the market and if you can give better service than anyone else, you will succeed, even if your competition is cheaper.

Be the best employer.

If you can get the best personnel, you have a huge advantage over your competition. Skilled, motivated employees are the reason for good and successful businesses. But to get those staff is more than just a market related salary – people seek a good environment to work in and want to be stimulated in the working environment. Work on getting the best staff and you will give your competition a run for their money.

Lastly, know your client and keep them satisfied.

Customer expectations can change drastically in a very short time and it is important to know your customer and understand them, before they go to look at your competition. Follow your existing clients and make sure you meet their needs. Remember that it is much cheaper to look after existing customers than to look for new ones.

 

We live in a time with a lot of information and more and more competition, but by doing some basic things right, you can keep your competition under control and you can start a successful business and maintain it.

Visit my website at www.marnusbroodryk.com and let’s discuss small businesses and the interesting world of entrepreneurship.

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