SME Challenges -> Competition

Competition

No business operates in isolation; ‘Competition’ is a vital part of any ecosystem. Understanding your competition is crucial for positioning your business effectively.

You need to ask yourself the following questions:

  • Who is my competition?
  • What is their size and market influence?
  • How do they operate?
  • What sets my business apart from theirs?
  • Do I fully believe in my unique selling proposition (USP)?
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They say that time changes things, but you actually have to change them yourself.
- Mark Twain

Competition can take various forms—direct, indirect, and even proxies. Identifying them, researching their offerings, analysing their strategies, and mapping their strengths and weaknesses will help you differentiate your value propositions.

Competitors can positively or negatively affect your business. They challenge you to stay honest and add urgency and passion to your efforts.

Just as a coach helps athletes study their opponents, we will equip you with the skills to approach competition with a positive, growth-oriented mindset.

Not only will you navigate these challenges effectively, but your strategies and tactics will gradually help you increase your market share.