The How of Business - How to start, run, grow and exit a small business.

540: Is Your Small Business Competitive?

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Oct 7, 2024

Explore the essence of competitiveness in small business! Discover how to build robust business models that drive profitability and growth. Learn about the importance of recognizing your competitors and the potential to outmaneuver them. Delve into strategic concepts like Blue Ocean Strategy and how identifying niche markets can keep you ahead. Find out the signs that indicate your business might be falling behind and why innovating and understanding your unique strengths are crucial for customer satisfaction and long-term success.

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INSIGHT

Business Model vs. Idea

A business model is how you run your business, distinct from the business idea, which is the what.
It dictates how you'll profit, grow, and stay competitive.

ADVICE

Analyze the Competition

Understand your competitive landscape by analyzing competitors' positions and potential threats.
Use a SWOT analysis to assess your strengths, weaknesses, opportunities, and threats.

INSIGHT

Competitive Business Traits

Competitive businesses offer unique value, meet customer needs, and stay profitable despite market challenges.
Customers choose them for more than just low prices.

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Is your small business competitive? Whether you are starting a business, or running and growing a small business, you must be able to beat the competition in your selected market for your business to remain viable.

Show Notes Page: https://www.thehowofbusiness.com/540-is-your-business-competitive/

On this episode Henry shares his thoughts and tips on remaining competitive in your market or expanding and shifting into new markets in order to remain competitive.

While the business idea is the "what" of the business, the business model is the "how." Your business model is how you will run your business to make a profit, have the ability grow, and remain competitive.

Staying competitive is essential for long-term growth and success of your business.

Being competitive starts with understanding your Competitive Landscape. Who are the competitors in your market? What is their position? Are they dominant or is there truly an opportunity to compete or displace them? If it’s a new competitor, are going to be able to leapfrog you unless you change something?

Topics covered on this episode include:

What it means to be a competitive small business. Blue Ocean Strategy. Signs Your Business is NOT competitive. How to help your small business remain competitive.

Staying competitive isn’t just about competing—it’s about innovating, understanding your unique strengths, and focusing on your customers.

Remaining competitive in business requires offering unique value, understanding the competitive landscape, and using strategies like differentiation and the Blue Ocean Strategy. A small business can lose its competitiveness because of stagnant innovation which ultimately results in declining profits. A small business most remaining competitive, including refining a unique value proposition, exploring new markets, and continuous innovation.

This episode is hosted by Henry Lopez. The How of Business podcast focuses on helping you start, run and grow your small business. The How of Business is a top-rated podcast for small business and entrepreneurs. Find the best podcast, small business coaching, resources and trusted service partners for small business owners and entrepreneurs at our website https://TheHowOfBusiness.com