How Does Your Business Stack Up Against Competitors (and Should You Care)?

Image courtesy of Kristin Wall; some rights reserved
Don't get hung up on your competition. Fight your own fight!

Keeping an eye on your competitors is usually good business practice—but just like anything else, it can be taken too far. Here are a few great resources for keeping your own business at the center of your own focus and doing it on your own terms.

While many bloggers and business advisers caution you to keep a careful eye on your competitors, Falchetto leans the other way—she makes the excellent point that if you’re comparing your small business to your big-box competitors, there’s no way you can compete on their level, and so you’re setting yourself up for failure.

Disappointed? Don’t be! The whole point is that you’re not competing on their level. If you think having the lowest prices on the market should be every small business’s goal, think again—there are so many other areas you could (and should) make a priority, not the least of which includes great value.

I know—nothing surprising in this title, as least not for small business owners. However, if you think you’re stuck with the same old HMO options as you’ve always been, think again.

Sure, some of your alternatives can carry a relatively high upfront price tag for your employees. But Hanley points out that depending on your workers and their overall health, these alternatives could actually work out to a higher value than your standard HMO. Is your workforce young and relatively healthy, or are they heavily reliant on health care? This article highlights some of the factors you might consider when making a decision on your small business health care that could work out better for everyone.

Think you’re already head and shoulders above your competition (at least your small business competition)? Nominate your business for some special recognition!

Wayne Gretzke said it best: You miss 100% of the shots you don’t take. If you’re in a state that makes you eligible for any of these (or any others you might come up with), give it your best shot! The worst that can happen is that you won’t win—and you just might end up with a fancy new plaque on your wall and a badge on your website to help your customers see that your business is valued.

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