Being the owner of a business means you wear many hats.

That said one of those hats is being able to know and understand what your competition is up to. Failure to do this can lead to lost sales and revenue and even going out of a business if you are not careful.

So, any chance your competition is beating you to the punch?

Where Do You Need to Step Things up?

In looking at your model and how the competition does versus you, keep these tidbits in mind moving ahead:

  1. Technology – In a day and age when technology reigns supreme, how is your business doing in this area? If you’ve fallen behind the curve when it comes to technology, this needs to change moving forward. As an example, does your business have an app? Given how many folks have cell phones and the time they dedicate to them, you’d be foolish not to think of an app. With this in mind, take the time to learn more about what an app can do for your brand. Go online and learn about iOS app developers and all they can offer you and your business. When you do, chances are you will see having an app in your near future makes perfect sense. Technology also means keeping your website up to date with the latest features. Are you doing podcasts? What about adding videos and blog content to your site on a regular basis? Last, you may need to upgrade your ability to do client calls and more to keep folks interested in your brand. Use all that technology has to offer your business to stay on pace with or ahead of competitors.
  2. Service – As key as being aware of and using the latest in technology is, don’t fall asleep on customer service. Yes, good old-fashioned customer service goes a long way with many consumers. That said are you doing all you can to send customers home happy each time they deal with you? Remember, most consumers have choices when it comes to buying goods and services. As a result, chances are you are not their only option. This is why you have to outdo your competition with top-notch customer service.
  3. Employees – Unless you have a business where you are the only employee, you lean on others to help you get the job done. As such, you want to be sure you are doing all you can to attract and keep solid employees. If your competition can offer them better pay and benefits, there’s always the chance you will lose some of them. Do all you can to make your employees have little or no reason to leave you.
  4. Marketing – Finally, do all you can to beat your competition when it comes to marketing. From marketing and advertising to social media and more, never accept the idea you can’t do more. By spreading your company’s message, you have a good chance to land many consumers and keep them for a long time to come.

As you look to stay ahead of competitors, would you say you are beating them to the punch or taking one too many hits?