Studying your competitors and then copying them is not a growth strategy but rather a sure plan that you will always come second.
Study businesses that are successful in other industries and identify the different elements that made them successful. Adapt these elements into your growth strategy. Innovation is about standing on the shoulders of those who have come before you and building on their successes.
When we look at businesses outside our industries it gives us new insights. While it is important to know what your competitors are doing, you will develop better growth strategies by studying what successful businesses are doing.
Think in terms of:
- What other services do my target clients use?
- What are the successful businesses in those sectors?
- What makes them success?
- What can I learn from them and adapt for my business that would achieve my business growth goals?
- How will I properly resource this strategy?
Make sure you allow enough time to answer these questions. If you can answer them in 10 minutes each then you have not delved deep enough to gain the real insights that will make a difference to your business.
If you need help in developing call the Grow Your Profit team on 02 8091 6435 or visit our website today at www.growyourprofit.com.au