There is a saying KILL or BE KILLED ! It is the same in business. Can you name your top 10 competitors ? Have you studied them ? Have you done a SWOT Analysis on them ? Start by downloading their last 5 years accounts and analyse - use www.companieshouse.co.uk A set of accounts costs just £1 ! Compare your business costs and income and ratios to theirs. Compare things like sales per staff member compared to your company. Then look at their website - you can learn alot from this. Is it better than yours, are the services they offer better than yours ? Looking at a competitor website is free information. Use it.
GOOD COMPETITOR ANALYSIS IS KEY. Benchmarking can be very enlightening - and many companies say they do it but they don't really do it properly. |