What Makes You Competitive?

What? Makes your business competitive

Pop quiz. If you answered “quality products and great customer service” you get an “F” for the course. “Best value” might get you a “D-“ if I am feeling generous.

Have you asked your employees why the company is successful? If you choose to, that survey has to be a confidential survey of production people, not a sales meeting poll.

Have you asked your customers? That should also be done by someone other than your sales staff. Consider a focus group, perhaps at a trade show where you have a booth.

Have you asked the customers of your competitors? There are creative ways to find them and get their opinion.

As Dr. Phil says, “Let’s get real and honest.” ARE you competitive? Have you done any research comparing your sales growth to the industry as a whole? How are your margins? Maybe you are only maintaining sales by underpricing your product.

What are you designing for tomorrow’s sale? Do you watch your competition and follow their lead or do you analyze the needs of your customers and prospects and respond appropriately? Either might be acceptable in certain circumstances.

Quality of earnings and sustainability of revenue stream are major concerns of both buyers and those funding the buy out when it comes time to sell your business. Be prepared with good answers in order to get top dollar.

Jim Peters
Peterspective
(317) 372-2304

The instant a private thought is communicated to another in any form, compromises begin to be made in the confidentiality, integrity and availability of the information shared. Yet the appropriate sharing of information is critical to the operation and success of every organization. The purpose of our relationship will be for me to assist with the safeguarding of the information critical to the continuation of your business. My role in our relationship will be similar to that of the sailor in the crow’s nest. I am not there to steer the ship nor am I there to read the compass or do soundings. I am there to keep a watch out for storms or pirates on the horizon and to keep an eye on the distant shore.

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