How does understanding your competition help you grow your business?

It is very interesting when talking to a business owner and ask them the following question:

“Tell me about your competition, including who they are, how do they do things differently to you?”

For many business owners usually they might know 1 or 2 names of their competitors and then that is where the sharing of information from the person I am having a conversation with stops.

Yet it is interesting when I sit down with them and begin the process of research by going to for example some internet sites that clients may go to find a business that is similar, search engines, yellow pages, look at a local newspaper.

The business owner is often quite surprised that the amount of information that their competitors are offering up on themselves is quite a fair amount and is fairly significant.

Perhaps now may be a good time to ensure that as a business owner you have a clear understanding about who your competitors are but also being very clear as to how your business is different from them.  Then by knowing this you are then able to make your business better and so more clients tell their friends about your business, leading to growth of your business.

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