Find a weakness in your business before your competition does

Most of the time, I bet that you focus on the things they do badly, or the deficiencies in their product or service.

And quite right too. These are the points where rival entrepreneurs can attack a competitor and it makes sense to assess them first and foremost.

Of course, it pays to remember that other people are doing exactly the same thing to you. When they are comparing your product to their own, they aren’t talking about the good things you do, but focusing on your weak points.

So get on the front foot – try to find and address your weaknesses before the opposition does.

There are number of ways to do this. For example, you could go through customer complaints or problems, looking for common issues.

Similarly, seek feedback from your sales team on the areas where they meet with opposition from potential customers. What changes could be made to rectify this?

Take all the evidence and sit down with your senior managers. I bet you’ll find a few things to work on within minutes.

Get it done – today!

This article first appeared on April 18, 2011.