Why are you better than the rest? That is the first question most consumers ask when deciding with whom to do business. If you can't answer that, you're in trouble.
Whether it's your services, your quality, your prices or something else, it's important to differentiate your company from your competitors.
You can do this by making sure potential and current customers, as well as other businesses, know who you are and what you stand for.
Most High Yield Contractors (91 percent) realize this as an important part of achieving continued success.
Conduct a SWOT (strengths, weaknesses, opportunities and threats) analysis for your company and look closely at the threats and weaknesses.
Strategic planning is one of those business management concepts that sounds a bit esoteric or time consuming to bother with for many organizations. The SWOT analysis, however, is one of the most useful and helpful tools you have to move your company toward excellence in performance.
Defining their competitive market position is among the first steps High Yield Contractors take when starting a business or reviewing a business plan. High Yield Contractors also know, when conducting a SWOT analysis, that weaknesses and threats are the potential money-making areas.
The goal is to make your business stronger and differentiate your business from those of your competitors. Being first or biggest isn't enough — you need to be different, do it better than the rest AND make sure everyone knows who you are and why you're different.
Be proactive in differentiating your company, address your weaknesses and turn threats into opportunities, and you'll soon be on your way to becoming a High Yield Contractor.