Art of Staying Ahead from Competitors
- Jan 15 2018
- Project Management
Competition in the market is quite a normal part of business. Without competition, it is sometimes impossible to gauge your growth valuations and productivity as a business. Therefore, it is crucial that every business or organization masters the art of staying ahead of its competitors in order for their organization to stay afloat in the now very aggressive marketplace.
Competition can be described as any external force that possesses a threat to your business or organization in terms of its productivity and profit-making ability. Competition usually comes in when one is trading the same product with another or when the same product or service is being offered by many companies at the same time. It is, therefore, very important to learn and understand your competition and what they are all about so you can manage your projects effectively and maximize profitability.
Project Management plays a big role in implementing fair competition in the market. Competition is actually healthy as it has numerous benefits to the consumer. Some of these benefits include the offer of quality products, price reduction, as well as quick accessibility of products and services to consumers among others. However, a level playing field is important in order to achieve the best results out of good competition.
If you want to stay ahead of your competitors as much as possible, you can use some of the tactics below to manage your projects for maximum productivity:
1. Innovation or Innovative Ideas
You must come up with new innovative ideas that will bring in a sense of advancement to the business. This will ensure that your competitors are aware of your knowledge of the market and your ability to be inventive. This may mean having to hire an innovative team so they can come up with the ideas for your business to advance. Invention plays a very big part in business productivity as customer needs keep changing all the time.
2. Sensing of Weak Signals
A weak link in business can possibly spell doom for the entire organization. As the saying goes, you are as strong as your weakest link. At this point, teamwork is very important in order to reach your business targets and goals. Immediately a weak signal is detected, either in the business process or the labor force, it must be dealt with as soon as possible. This will ensure that there are no cracks in the system. The organization should also invest in advertising and getting feedback from the public so that they can use this information to better their business.
3. Measure Competitors and Plan to Do Better
Always know what your competitor is doing. Keep good communication with them and show some sort of interest in what they are doing. That way you will know their strengths and weaknesses. This information will, in turn, enable you to make a good comparison to your business against theirs. Therefore, you can plan to do better in the future.
4. Demand High Level of Performance from Employees
Ensure that when you are hiring new stuff, you hire competitive employees who are able to perform to their best ability. Conduct frequent training sessions to ensure that your employees are up to the challenge. Then you can demand and expect high levels of performance from them.
5. Continuous Learning and Practice
As mentioned earlier, conducting frequent trainings and practicing on the job constantly ensures that maximum productivity is reached at the workplace. This will help in keeping ahead of the competition in the market. New methods of working keep coming up all the time in this fast-paced world and if your business is left behind, your competitors will soar above you.
6. Focus on Quality
In business, there is absolutely no need to focus on quantity when the quality of your product or service is poor. This will only channel your customers towards your competitors. Don’t just think of profits. Also, keep in mind that you need to satisfy the needs of your customers.
7. Use Smart Tools to Increase Productivity
There are very many applications on the market today that can help to increase business productivity in many different ways. In this busy lifestyle of today, smart tools can help us save time and capture the real picture on the ground in regards to our business performance without having to seek out too far.
In conclusion, it is important to pay close attention to your competitors. Ignoring your competition can easily kill your business or literally bring it to its knees. Remember that good competition leads to very productive businesses as it ensures quality products and services are offered to the customers in a timely and satisfactory manner.