Tony DeMeo


Competition

When looking at your competition it’s important to think about your potential competition as well and what that could mean to your business.

As an example, if you are the big player in your industry and this results in some of the smaller players leaving does this potentially open up the opportunity for a bigger player to enter the market? If this happens, might that have a negative impact on your business?

As an example, if you are the big hotel in town and the main competition are a few small motels, if they were all to go under might another big hotel take their space, causing you to have a much more difficult job keeping your customer base?

Sometimes there isn’t much you can do about the competition but other times there is. Plan for all of the repercussions when possible. Sometimes, even if you can’t control what others are doing, you can plan accordingly.

Have a great day!

Lawrence