Management
Assessing Weaknesses in Your Competition
Perhaps you have not considered the wealth of information that is available on your competitors. Public companies are required by law to give away all their financial information and most all of this is available on the Internet for free. This information is there for investors to know exactly what the company is doing so they can make a good informed decision of whether or not to buy their stock.
Unfortunately for these companies that information in the hands of their competitors can be quite deadly and since the information is available and made mandatory by government regulatory bodies you as a competitor of theirs would be a fool not to look at it, as it is free and available.
By analyzing your competitor's financial results often you can see weaknesses in your competition and by assessing these weaknesses you have a better chance to beat them in the marketplace and also learned from their mistakes so that you don't have to make them also. This is one of the two best ways to assess weaknesses in your competition.
The other way to find weaknesses in your competition is to survey their customers. In other words when a customer switches and comes from a competitor to your company; you should ask that customer why they switched and what they did and did not like about your competitors.
It also makes sense to find current customers of your competitors and ask them how they like the products or services and what they might do different if they were running the company. You will not believe the wealth of information you can get using these two methods and it will help you in beating your competition and exploiting their weaknesses.
If this all sounds a little too underhanded for you, then you might like to know that they teach this in America's top corporate business colleges and universities and it is part of their MBA programs. In other words your competition is already doing this to you. So please consider this in 2006.
Lance Winslow, a retired entrepreneur, adventurer, modern day philosopher and perpetual tourist. |
Lance Winslow
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