• Dennis Kelley

    David Kelley

    Dennis Kelley is a seasoned professional with over 30 years experience leading teams and coaching people to success. Dennis is in high demand as a speaker, consultant, trainer and an author... Read More

    David Kelley

  • Inspirational Quote

    “The greater danger for most of us is not that our aim is too high and we miss it, but that it is too low and we reach it.” -- Michalangelo
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  • February 2009
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Creating and Keeping a Healthy Business- Part IV

gearsThis is part four in the series about the critical steps you must focus on and understand in order to build and maintain a healthy business. In the first part I addressed the importance of key financial drivers to your business. The second part focused on truly understanding your business and how it works – how it makes money and what drives it. In the last post I reviewed the importance of establishing the shared values for your business and why it is important to communicate this culture to your team.

The fourth critical step is to have a realistic and complete understanding of the competitive environment you operate in. This is not just those direct competitors in your marketplace but also the overall environment in which your business operates. Here are a few questions to ask yourself about this:

  • Where is your industry on the product life cycle? Are you in an industry in its infancy, in a growth mode, at its peak or in decline?
  • How much does the competitive environment directly affect your business? Is your product/service unique in the marketplace or are you competing with everyone else on the same value proposition?
  • How does this environment align with your beliefs and personal goals?
  • Who are my main competitors, how do they position themselves, why would someone do business with them instead of me and what do I like and dislike about them?
  • What does my target customer really want or need from their relationship with someone in my industry?

The better you understand what is happening in your market the better you can build your strategy to compete.  Most business owners tend to just look at the few competitors that are taking business from them. The most successful companies look at the competitive environment and determine what the marketplace wants and then fills that need.

It may mean adjusting how you do business or bringing new products to the marketplace. The important thing is to understand what your target market wants and needs and figuring out how to position your business as the solution. If you stay attuned to the target audience instead of just trying to one-up your local competitor you will be the market leader and success will follow.

Thanks for tuning into this series. I hope you have found it helpful and would love to hear your feedback.

To Your Success,
Dennis

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