16/10/2022
| Five ways to stay competitive within your industry while also growing your business:
Create a value proposition:
A value proposition is a list of factors that you believe your company does well, that further distinguishes your company from competitors. Start by reviewing the size of your company and what you have to offer in terms of products or customer service. Then review the main components to a few competitors’ businesses. From this you can determine what you do better within your market. For example, maybe you have better pricing, more retail locations or additional products and services they don’t offer. Use these components as a foundation to build on even further.
Develop customer relationships:
Another great way to stay competitive within your industry is to consistently find new and innovative ways to engage with customers, improve their experience and grow your customer base. To stay competitive, make sure that your existing customers have a reason to keep coming back to you rather than a competitor.
Review internal organization:
The way your company communicates across departments and locations can have an impact on your productivity and overall success. Review the internal organization of your company to determine which departments need additional staffing, which departments don’t contribute significant benefit and which communication channels you could implement to improve the spreading of information among company employees.
Invest in new technology:
New machinery to make products, IT software and other technologies can be helpful in creating cost-effective and quick results for your business. It could be something as simple as using a business messaging app to connect with employees on a more personal level other than email or adding fabric spreading machines to your clothing factory.
Strengthen your employee onboarding process:
To stay competitive, you also need to recruit top-tier employees.
