To keep profits accruing and business flowing, it is vital to track and monitor competition constantly. A lack of awareness of competitors’ activities can cause a small business to flounder and lose out to competition. It is vital that you track competition to ensure your firm evolves with changing trends, technologies and business models that alter the sector. As a small business you can have a cutting edge by always maintaining a clear understanding of what your competitors are doing. You should keep track of what new products and services they are offering, who their clients are and how much they are charging for their services and products. If you are aware of what they are doing you can adjust your own business strategies, marketing and prices accordingly so as to always stay ahead of the curve. Here’s how:
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