How closely should I be keeping an eye on my competition?

Creating the Very Best Organization Possible

Maybe you started your business after seeing someone else become successful in a particular field. Or maybe you started your business from scratch and were a trend-setter. Either way, at some point I know you occasionally think about your competition. As a corporate trainer and executive coach, I have the privilege of working with organizations of all sizes. One thing in common with all of them is this occasional desire to know how they are doing, compared to their competition.

I thought about the story of Sam Walton and how he started Walmart. He spent a lot of time in his major competitor’s store to see what they were doing and what could be applicable to Walmart. That’s bound to help guide you into the future, but I believe there is a more important step before you do that. There is great value in using a “blank sheet of paper” process to make sure that you create something very unique that may be even better than your competition. In other words: Don’t think about them until you think about yourself. Look at the strategy below and see if it doesn’t yield better results for you and your company’s future. Write down the answers to the following questions:

Look at the strategy below and see if it doesn’t yield better results for you and your company’s future. Write down the answers to the following questions:
1. What field are you in?
2. Did you get into this field for reasons other than making money?
3. Does your work make you happy? If your answer is “yes”, proceed to #4. (If you answered “no”, contact me soon so that I can help you ask some very important questions that will help you find the happiness you deserve.)
4. Who do you serve?
5. Who do you want to serve?
6. List all the products and services that you offer.
7. If you were your own customer, what would you take advantage of in #6.
8. If you weren’t a customer, what products/services would you add so that you would be a customer?
9. Think about the future and write down all that you will offer and do to make your organization the best.
10. After you write down all the information from Questions 1-9, move on to think about your competition.
11. How many competitors are in your region?
12. How far are you from being the leader in your market?
13. How successful is each of your competitors and list why?
14. What are they doing that you are not?
15. What are you doing that they are not?

Why did I have you do Questions 1-10 before the final five questions? I wanted you to build something great on your own. You shouldn’t think about what your competitors are doing first or you will just be a copycat. Be a trend-setter in your field.

My clients are used to me talking about their “Secret Recipe for Success”. They know this iMPACT strategy builds the very best organization possible in a short amount of time.



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