Most businesses don’t do this (believe it or not) but the information obtained can be really helpful in keeping you out in front.
- Get your team together and complete a competitor worksheet for each of your competitors
- Obtain your competitors’ brochures and promotional materials to find out what they think are their strengths and how they promote themselves. Look at trade journals and the internet for product comparisons and reviews
- Collect other information by researching business databases such as Dun & Bradstreet
- Meet with your customers and suppliers and ask them for their opinions on where you are better (or weaker) than your competitors
- Analyse the information and prepare spreadsheets showing comparative strengths and weaknesses
- Prepare an action plan for improvement!
As with all of our tax tips and web pages this information is necessarily summarised and of a general nature. If you would like detailed specific advice please contact us.