10 ways to stay competitive in your business

ways to stay competitive in your business

Today’s business environment is more challenging than ever. Whether you are in the legal industry, property industry, finance industry and more, all businesses have common traits and are affected by similar changes and events.

Whether it be government legislation, industry trends, technology changes or new competition – businesses now, more than ever need to get out of the zombie method of doing everything how you have always done it.

Through my experience with a company focused on process design, technology and people, I have put together 10 considerations all businesses should adopt.

  1. Test before you invest
    So, you’ve had a great idea over the weekend. You come to work on Monday morning ready to start work on the next big thing! Before you drain all of your time, your employees time and your resources, it is important that you test your ideas on a small scale. Don’t be afraid to seek other opinions with ideas. We are forever seeing business professionals working within their own bubble without collaborating and bouncing ideas off others.Having a great polished product that you know will sell and has been tested is a much smarter way of approaching new ideas rather than launching the first idea that comes to mind.
  2. Make sure your company is adaptable

    In today’s business world, there are changes around every corner. Businesses are impacted by technological advancements, legislation changes, the economy and more.

    Businesses need to ensure they have the resources to adapt to any changes in their industry.

    It is also a good idea to create an action plan as soon as you hear about new changes being introduced to ensure your business doesn’t get left behind.

  3. Do what you do best and outsource the rest

    Unfortunately, not all aspects of your business can be fun and not all of your employees have the skills required to complete tasks to a high standard. Sometimes data entry is just a part of the job, sometimes your digital files need organising and sometimes there are just jobs that your current employees simply don’t have the time to complete.

    This is where outsourcing comes in.

    Outsourcing is becoming more than just data entry and repetitive tasks. While outsourcing can definitely be used for those repetitive, mundane tasks, it can also offer a whole lot more.

    Now outsourcing offers solutions and employees that have experience in your industry who can offer your business new ideas and assist your onshore team with tasks they aren’t capable of.

  4. Time is precious

    You may develop a great idea or be pitched a great idea from an employee. You may sit on the idea for a few days, have meetings with co-workers to discuss and it all sounds great. Unfortunately, from there it gets pushed on the back burner.

    2 months later, your competitor has launched your idea into the market and 2 weeks post their launch, 3 other competitors have launched the same.

    To be the front runner in your industry it is important that you develop a strategic plan to execute your ideas and ensure you company is the first one to hit the market with those ideas.

  5. Consult your employees

    Your typical workday may be spent in an office talking to board members, managers and others high up in the organisaton.

    Together you may develop some great ideas however, you may just be starching the surface of what your business can do to achieve growth and success.

    One successful tip when gathering ideas is to talk to your employees, your front of house, client facing staff. These people know what your clients want and have dealt with the negatives and positives of client feedback.

    Skip trying to find your clients pain points and go straight to your client facing staff!

  6. Adopt a student mentality

    Many people high up in organisations adopt the mentality that they know it all. However, we live in a world where technological advancements can allow things to change overnight.

    Every person, in every position, in every organisation, must adopt a student mentality to allow their business to adapt to new trends and stay competitive.

  7. Invest in a digital future

    Many businesses are stuck in their ways.

    How things were done in the past may have been successful, but it doesn’t mean that they are still the best solution and process for your business.

    As we speak the competitors in your industry are creating plans and solutions to how their business will adapt to the digital future.

    Start planning now – what does your business do now that can be improved by technology, what can technology do for your clients that will improve how they use your product or service?

    Technology is only going to continue to improve and if you use it right, it can significantly improve your business too.

  8. Focus on what the customer wants

    You may want to turn all communications with your clients to texts instead of emails. It was an idea you came up with and you have decided to implement it. But is this what your customer wants?

    Before implementing ideas into your business, it is important to find out what the customer wants. Sometimes asking the question to a range of clients is the easiest way to know.

  9. Build your dream team

    In order to build your dream organisation, you need to build your dream team.

    It can be a big decision to start hiring new team members, however having the right team members in your organisation can be the difference between growth and success and business failure. It is also extremely important to know when to scale up, scale down, outsource etc. when to up-skill versus hire someone new. The key is to plan, make researched decisions and consistently review and adjust how things are done.

  10. Customise your product or service

    Tailor-made solutions is a phrase that is popping up on more and more business websites, social media pages and brochures. But what does it mean?

    We live in a world where everything is customised. Businesses can no longer do things their way, they need to adapt to what their client wants and customise their products and services to do so.

Implement just a few of these tips into your organisation in 2020 to see how your business can improve and set the standard for your industry.

What do you think about it?