Following on from my article on Competition is NOT a Dirty Word in Issue Nine, here are some strategies you can take to better understand your competition:

· Block out some time to research who your competitors actually are. Look for those businesses that are either in direct or indirect competition with you. If they are in direct competition, then they will be offering the same services and products to the same market as you. If they are indirect competition then they will be offering the same services and products but in a different marketplace. This is where you can also begin to spot any gaps in the marketplace. Is there something new or improved that you can develop for your market?

· Once you have identified your top 10 competitors, look through their websites. How does their site compare to yours? What products/services are they offering free of charge; what ones are they charging for? Is their site easy to use and navigate? Get a feel for the language and words they use to describe themselves and their services, and compare this to your language. Are they using the different avenues of social media more effectively than you? Look further than your local competition, start to look globally and see who is out there doing what you are doing. By doing this you can begin to understand how you can tap into the global market for the benefit of your business.

· Look at what their clients are saying about them. When their clients are speaking about them, are they describing their success by measurable results, or are they only saying that it was great to work with them or spend time with them? If their clients are speaking in terms of results and benefits, then you know your competitors are solution-focused in their work. When you work with your clients are you solution-focused? So look at the results and benefits their clients receive, and determine how this differ from the results and benefits you have with your clients.

· Take a moment to consider how their product or service differs from yours. Are they offering something that you currently are not offering? Are they better qualified to provide the same service? How do they specifically describe their products and services? What terms are they using to describe their promise to clients? Do they have a clear promise for their clients? Is their Unique Selling Proposition clearly defined?

If you are ready to move out of being that everyday small business owner who struggles to make ends meet, to that of a strategic entreprenuer who knows exactly what they need to do to grow their business and increase their profits, why not check out my Fast Track Success Program Tweet