What is your competition? If you're like any other self-respecting online business owner, you've cleaned the internet to find other sites that sell a similar product or service. And like most companies, you learn what you can from these sites and make use of what you learn.
What is your competition? Is there a shop down the street that can sell similar products for less than you can get yours? If you're like most business owners, you're looking for creative ways to market your product in a way that emphasizes unique attributes and attributes that can not be copied for purchases in stores.
But what is your competition?
You. You are your own best competition.
As a business owner, you need to pay attention to what other companies do (both online and in brick and mortar counterparts). Finally, you are primarily in competition with you.
You may or may not match or beat another company at a price, but you can work hard to do business better this year than you did last.
Think about what you are doing better this year than last. Do not limit your thinking to financial information.
Is it better to handle this year's administrative work than last?
Are you establishing new networks between business partners and customers?
Are you implementing new marketing strategies that you did not know last year?
Are you optimizing customer service by developing automated answering machines and faster product selection?
Are you sure your site is fresh and offered in a way that you were not able to last year?
Are you more passionate about your business this year like you were last year?
Are you responding to customer requests about certain products and eliminating others who do not sell as well?
I could ask for a lot of additional questions, but pointing out this practice is that if you spend more time in your own competition than with another company, you will usually find more results.
When you compete against you, you are better able to learn what you can from mistakes you have made before and added. When you emphasize what somebody else is doing, you are not able to evaluate what mistakes you have (or are) to do. Finally, you may not be able to be objective about how you work as a business because you spend too much time concentrating on a business you do not own.
Perhaps this year you can start a new and healthy competition – by yourself.