This up-to-the-minute company report will help you to formulate strategies to drive your business by enabling you to understand your partners, customers and competitors better. Company history — Progression of key events associated with the company. Major products and services — A list of major products, services and brands of the company. Key competitors — A list of key competitors to the company.
The Competitive Analysis section of your business plan is devoted to analyzing your competition--both your current competition and potential competitors who might enter your market. Every business has competition. Understanding the strengths and weaknesses of your competition--or potential competition--is critical to making sure your business survives and grows.
While you don't need to hire a private detective, you do need to thoroughly assess your competition on a regular basis even if you only plan to run a small business.
In fact, small businesses can be especially vulnerable to competition, especially when new companies enter a marketplace. Competitive analysis can be incredibly complicated and time-consuming Here is a simple process you can follow to identify, analyze, and determine the strengths and weaknesses of your competition.
Profile Current Competitors First develop a basic profile of each of your current competitors. For example, if you plan to open an office supply store you may have three competing stores in your market. Online retailers will also provide competition, but thoroughly analyzing those companies will be less valuable unless you also decide you want to sell office supplies online.
Although it's also possible that they--or, say, Amazon--are your real competition. Only you can determine that. To make the process easier, stick to analyzing companies you will directly compete with. If you plan to set up an accounting firm, you will compete with other accounting firms in your area.
If you plan to open a clothing store, you will compete with other clothing retailers in your area. Again, if you run a clothing store you also compete with online retailers, but there is relatively little you can do about that type of competition other than to work hard to compete in other ways: Once you identify your main competitors, answer these questions about each one.
It's easy to identify weaknesses in your competition, but less easy and a lot less fun to recognize where they may be able to outperform you: What are their strengths? Price, service, convenience, extensive inventory are all areas where you may be vulnerable. What are their weaknesses?
Weaknesses are opportunities you should plan to take advantage of. What are their basic objectives? Do they seek to gain market share?
Do they attempt to capture premium clients?SWOT analysis: How can Boots regain momentum? By Grace Bowden, Wendy Massey T Boots was the blot on the copybook of Walgreens Boots Alliance’s fourth quarter results last week after recording declines across its pharmacy and retail divisions.
How to Write a Great Business Plan: Competitive Analysis The seventh in a comprehensive series to help you craft the perfect business plan for your startup. By Jeff Haden Contributing editor, Inc. Ability to effectively apply tools to identify customer and stakeholder needs such as SWOT, MOST and different interview techniques QVC is committed to providing its customers with thousands of the most innovative and contemporary beauty, fashion, jewelry and home products.
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