Learning from your competitors
Did you hear the one about Djokovic phoning Nadal looking for advice on serving?
Assuming your business is looking for growth it is going to be presented with challenges that need solutions. As a business leader you are in the driving seat for marshalling resources to solve these problems. This can sometimes be a weight on your shoulders as everyone looks to you for answers.
One place to go for support is your network and I hope your colleagues, but you may be able to take inspiration from somewhere else.
The chances are that while your business was created to provide something new or special the reality for most growing companies is that they are not the only company in the market.
Without suggesting that a competitor is a carbon copy of your business, say full fat milk Brand A versus full fat milk Brand B, it is likely that your business will be solving many of the same problems commercially as a competitor in a similar space, say full fat milk Brand A versus semi Skimmed Brand C versus Pea Milk Brand D. Yes, seriously! Pea Milk entered the market last year and is especially suited for those on a vegan diet.
It may not be possible to form a commercial relationship with your competitor, but you should give serious thought to:
Keeping tabs on their company and products
See how they have addressed the key issues for your business, particularly if they have done this differently
If there is a trade body or association, join it!
Otherwise you may spend time reinventing the wheel!
If you have repeatedly tried to break through the £5m turnover barrier, please send us an email or call 020 7965 7216.