Staying ahead of the competition can be an on-going struggle. While it is not healthy for a company to focus too much time and attention on the competition, it is important to stay abreast of what your competition is doing. When evaluating the competition, assess the industry giants and companies closest to your space. But be sure that you don't exclude the small companies in your assessments. Sometimes a small competitor can have innovative ideas or marketing concepts, but may lack the capital to really benefit from the concept. This may present you with an opportunity.
Evaluating Your Competition
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[Source: A Small Business Blog and Small Business Tips Related to Growing, Marketing and Managing a Small Business.]
