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.

Looking for an inspirational speaker? Kedma Ough’s dynamic keynote presentations are in high demand! Contact Kedma Ough about speaking at your next corporate meeting or conference.