When evaluating the competition, do you monitor trends carefully?

Most companies don't rise or fall overnight. The outcome may suddenly become clear one day, but the underlying causes have usually been in place for months or years.

It you are losing ground to a competitor, act quickly to shore up your weaknesses and find new ways to build on your strengths. Identify the root causes of the slide, and establish a plan to turn the tide. Move quickly and decisively. If the trend is downward, time is not on your side.

The same principles apply on the upward side. If you identify a competitive advantage, move quickly to make the most of it. Identify the core strengths of your business, and develop a plan to maximize your return on investment.

No matter which way the barometer is moving, watch the trends and act quickly, and your business will stay on top. Good undersfunding produces favor (Proverbs 13:15).

Scripture: David grew steadily stronger, but the house of Saul grew weaker continually (2 Samuel 3:1).

 

 

Outline for developing a business plan