There most definitely is a competitive market at the minute. In fact, it’s so competitive that the statistic shows that most startups are going to fail within the first two years. Within those two years, there could be a mountain of debt piling up, and stress like you wouldn’t believe. Even those who still stay trading are not necessarily making a wage that’s appealing. In fact, it might be better off for some business owners to go back into the employed working world. So whether you’re within that two-year window, or whether you’re through it and still want to carry on doing good, we want to show you how you can beat the competitive market that there is today, or at least be one of the top runners. If you keep on reading and follow the tips that we have for you, hopefully, you’ll do just that!
Close Skills Gaps
The skills of you and the person that you’re working for are going to have a big impact on how your company is run. If you have no professional or leadership skills, it really begins to show when you start to hire employees. Trying to manage them alongside a bustling business just doesn’t seem to happen. So you could get out STL Learning and see if you can put you and your business onto one of their courses. The more you know, the more your business is going to be able to grow. But to apply yourself and put yourself onto a course like this is half of the battle. Business owners who are more established than a year or two feel like they’re above the need to learn about business when they have been doing it for years. But, if you check out the course you will find there’s so much to learn that you probably don’t know.
Close Competitive Gaps
Competitive gaps are going to be there throughout your time running a business. It’s that little bit of a gap between the competitors above you, and the competitors below you. The really important one is the competitors that are below you and trying to take the spot that you have. They’ll most likely be offering what you do, and be trying to do it better. To close that gap we’d recommend a push for marketing and sales to make sure the word about your company is dominating theirs. They might not have the money that you have to run effective marketing campaigns. Pushing for sales can easily be done by boosting production and following up on customers who have previously ordered from you to see if they’re interested in ordering again.
Have The Competitive Edge
The competitive edge is something many businesses have already. Those who are fresh as startups will have that competitive edge over someone who has settled into the profit that they’re making. However, to have that competitive edge can mean simple things like getting out in the public and interacting with customers face to face. Online businesses, in particular, are terrible for this. Face to face contact is the easiest way to make a sale.