The competition is a major part of business, without it, the drive to work would only be money and you could get carried away and end up providing sub-par services. The good thing about the competition is that they give you the drive to become better and better every time. If they catch you napping however, it could be the beginning of the end for your business as your customers will always run to them if they have superior products and services… and most importantly, a better business enterprise structure than yours.
In business, nothing is promised and loyalty is only among family member. Thus, the competition in some cases could be the termite chewing the wood under your feet. Why would they beat you in business?
If there is a breakdown in communication in your business, you will realize that the things you intend to be done will not be done. The key to business and anything else is undoubtedly communication, without it, things would fall to shambles as the human race struggles to attain perfection in all they do.
Having a network that supports efficient communication makes it easier for you as an executive to make and pass down decisions to all your employees at the touch of a button. What this does for your business, whether in a single town, multiple towns or multinational locations, is that the information is received at the same time and put to action at the same time in the store. The customer will then not be confused by conflicting information by the same business in different places.
2. Poor networking
If you have read articles and the information shared on various authoritative websites, then you know how vital networking is. With this, you will come to understand why a competitor who has applied such changes to his business would be a threat.
It is absolutely vital to have a proper enterprise network for your business because it will let your business become very efficient. The truth of the matter is when you relay information over a network, especially when your business is a large scale one, you cannot afford to face downtime or use a simple dial-up connection to get you and your staff connected. Your biggest competitor has a high-performance engine for their networking solutions and this is what you ought to have too. When it comes to networking, make sure your have these buzzwords: faster, smarter and more reliable!
3. Unimpressive customer experience
Customer experience is at the heart of the business world in the recent years. It has to be well-developed by acing in the provision of the traditional customer care and customer service. Today, the business environment wants you to have a great experience when customers come to their premises.
What this does is give the client an unforgettable good experience that they will undoubtedly share with a friend who might decide to switch to your company. It is a long shot way to market our services but also a good way to create good public relations. If you have not started working this out on how to better your customer experience, you had better start and beat the competition before they beat you.
4. Lack of employee motivation
Warren Buffet turned quite a few of heads when he uttered the statement ‘the customer is not king, the employee is, you cannot expect to treat someone in royalty if you are not royalty’. That said; it is important to treat your employees well and to ensure that they are in a position to treat your clients well.
If your competition treats his employees better, you can be sure that you will not be in a good place as your employees might resort to underperforming due to a lack of motivation as well as to show just how angry they are in some sort of protest. This might trickle down to result in bad treatment of clients and led to loss of business. As charity begins at home, take care of your people.
5. Lack of proper business strategy
Business is all about strategy, you will find that most companies have a strategic team involved in innovations and making decisions that give your business an edge over the competition. This means that if you do not have such a team, you need to get one or have strategies that will put you ahead of the competition and ensure that the lion’s share of the business is yours. This way, you are guaranteed a profit even in hard times.
Business is a cutthroat competition all year round. Your completion will come up with ideas to make more money or to undercut you every chance they get. You should embrace new business practices to make your business stand out and be worthy of the competition.