What should you do if a competitor is trying to drive you out of your industry? Unfortunately, some companies will attempt to get a bigger piece of the pie by driving their competitors out of the industry. How you handle a situation like this will not only reflect how you handle yourself as an individual, but it will also reflect how you handle your business. Here is my 5-step process to help you strengthen your small business, especially if a competitor is trying to drive you out of your industry.
5-Step Process to Deal with Competitors
Propriety – Is there unique about your business’ technology? Do you have a specific process that could be protected as intellectual property through a patent, trademark or even a trade secret?
Innovation – Pay attention to what you are doing as a business to ensure you’re on the cutting edge of your industry. Staying innovated will help you stay ahead of the market and therefore your competitors.
Ecommerce – How are you positioned online? Have you invested in a website and social media? Make sure your website and social media represent how you want to present your business.
Customers – Look to your customers to help strengthen your position in the market. Customer loyalty is an invaluable resource for any business. Put out a customer survey, provide loyalty rewards and let them know they’re experience matters to you.
Engage – As a small business it is very important to engage in your community and be an active member. They want to support their community and so should you!
Kedma Ough is a nationally recognized small business funding expert and author of Target Funding, a book that helps you discover a proven system to get the money & resources you need now in order to grow your business.