Has competition become a scary phobia to your business?

Have you been struggling to keep your business afloat? Has competition become a nightmare to your business? If your answer is yes, then you are in the right place. Many businesses are started but they do not go beyond one year in operation. They are either stagnant, making losses or are wound up/sold. Though businesses collapse, a majority of them collapse due to competition related issues. This has propelled me to write on this topic to share tips on how to remain relevant despite stiff competition. Remember most business competitions are healthy and they should be a revelation to come out of comfort base. This will push you to seek alternative ways of doing business. The following question will ground us well on the topic “Is competition the scary threat to your business.” Let us follow through and we will be in a better place to answer the question. To counter the competition, you will have to adhere to some basic business ethics or principles. If you follow these principles, the issue of competition will not scare you. If anything, business competition should push you to seek alternative methods of running your business. The following business theatrics will keep your competitors at bay, ​

A good business name

 The name you give to your business can attract or repel customers. Let your business name go in line with the goods or services you offer. An example, let us say you have a hospital and you give it a scary name expect losing many customers. A name like “care to death” will do you a big blow in regards to customer base. Consider this “care to recovery” many people will flock the facility because the name gives hope.​

Good customer relation

 Consider communicating well with your customers. Engage them in a professional manner by giving them tangible assurances. Remember customer is the king and any action should revolve around their welfare. Do follow-up with the customers reassuring them of your commitment towards solving their concerns. You should also consider seeking the services of customer care personnel to assist in reaching out to customers. A contended customer will always come back and bring along a new customer. By becoming friendly to your customers, you will win their trust thereby opening up to give you honest reviews.

Be up to speed in embracing new technological advancement

 Incorporate new services in your business. Consider agency banking, insurance agency, selling electricity tokens, and other online services, which can add value for money. Affiliate marketing is another way of generating income passively. Use internet to reach the untapped population. Remember internet is not limited by location or time variations. You will be surprised on the kind of response you will get locally and internationally.

 Do both online and offline marketing

 Let your customers know what you are offering without necessarily coming to your premises. You can achieve this through advertisements in the major media avenues and online through copywriting.​ Let them know more about your business.

Outsourcing the right people or services to advance the course of your business

Employ the right specialists in your line of operation. Consider qualified personal relations officers to handle customer relations.

Keeping proper business records

Employ good book-keeping procedures to ascertain your business profitability. This will enable you to gauge and limit your operational costs.​ How will you be able to operate when you do not know the cost of goods you are stocking? If you are not competent enough, you can consider seeking the services of a qualified bookkeeper to assist.

Go head-on to emerging market hiccups

Try to interact with the right people to get solutions to those pressing issues before your competitor does it. This will give you an upper hand in matters relating to customer trust.

Let your goods or services be unique, original and of high quality.

This will keep you in business even when the economy is not on your favor.

Always engage your customers through random surveys, questionnaires, and emails

This will help you to understand your customers well. It will also give you the opportunity to engage directly with your customers at their point of need.

Keeping an eye/ear on what your competitor is doing

Capitalize on their weaknesses to improve your customer service. You will always surprise them for they will always come second to you in any investment move they make.

Offer gifts to your customers

 You can give shopping vouchers and discounts to your customers.​ This is a sure way of maintaining and getting more customers. Try it and you will not regret it.

Buy in bulk to attract both trade and cash discounts

 This will give you a room to lower your prices without affecting your business operations. Remember this will not affect your mark up.

Offer free information to your customers

 Listening to your customer problems and advising/directing them accordingly. This can be in form of booklets or one on one.

Offer credit services to customers with good reputation at no extra cost

For long term and good paying customers, consider offering credit facilities to them. This will make them feel appreciated and build a sense of ownership.

Get into partnership

This will boost your capital base hence more productivity. This will enable you to expand your areas of operations by incorporating new ideas and services.

Offer after sales services to your customers

You can also offer free delivery services. You can employ customer care personnel to do follow ups from house to house introducing new goods or services to your customers.

Giving back to the society

 You can start schools, health facilities and other basic services to take care of the local populace. This will make your brand a force to reckon. You can also decide to employ locals.​

These and many more are some business ethics you can use to keep your business profitable and stable. This is because competition has just begun. In order to be on the steering wheel, you should equip yourself well with the relevant tools of business. Stop struggling and take an action plan now. Let your history be on how you succeeded in business but not how you failed.