540: Is Your Small Business Competitive?
The How of Business - How to start, run, grow and exit a small business.
Henry Lopez, Levante Business Group
4.7 • 522 Ratings
🗓️ 7 October 2024
⏱️ 17 minutes
🧾️ Download transcript
Summary
Is your small business competitive? Whether you are starting a business, or running and growing a small business, you must be able to beat the competition in your selected market for your business to remain viable.
Show Notes Page: https://www.thehowofbusiness.com/540-is-your-business-competitive/
On this episode Henry shares his thoughts and tips on remaining competitive in your market or expanding and shifting into new markets in order to remain competitive.
While the business idea is the "what" of the business, the business model is the "how." Your business model is how you will run your business to make a profit, have the ability grow, and remain competitive.
Staying competitive is essential for long-term growth and success of your business.
Being competitive starts with understanding your Competitive Landscape. Who are the competitors in your market? What is their position? Are they dominant or is there truly an opportunity to compete or displace them? If it's a new competitor, are going to be able to leapfrog you unless you change something?
Topics covered on this episode include:
What it means to be a competitive small business.
Blue Ocean Strategy.
Signs Your Business is NOT competitive.
How to help your small business remain competitive.
Staying competitive isn't just about competing—it's about innovating, understanding your unique strengths, and focusing on your customers.
Remaining competitive in business requires offering unique value, understanding the competitive landscape, and using strategies like differentiation and the Blue Ocean Strategy. A small business can lose its competitiveness because of stagnant innovation which ultimately results in declining profits. A small business most remaining competitive, including refining a unique value proposition, exploring new markets, and continuous innovation.
This episode is hosted by Henry Lopez. The How of Business podcast focuses on helping you start, run and grow your small business. The How of Business is a top-rated podcast for small business and entrepreneurs. Find the best podcast, small business coaching, resources and trusted service partners for small business owners and entrepreneurs at our website https://TheHowOfBusiness.com
Transcript
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| 0:00.0 | Welcome to the How of Business with your host, Henry Lopez, the podcast that helps you start, |
| 0:05.9 | run, and grow your small business. And now, here is your host. Welcome to the How Will Business |
| 0:12.4 | podcast. This is Henry Lopez. And this episode is about competitiveness. The question I'll address |
| 0:18.1 | on this episode is, is your business competitive? |
| 0:24.9 | Whether you're starting a new business or running and growing an existing small business, you must be able to beat the competition on a regular basis in your selected market to remain a viable |
| 0:31.0 | business. |
| 0:31.7 | On a previous episode of the Howa Business Podcast, episode 532, I shared my thoughts on the higher |
| 0:37.3 | level question related to this, |
| 0:39.2 | which is, is your business model broken? How can you tell and how can you fix it? Because a strong |
| 0:45.0 | and healthy business model supports a business that is consistently profitable, can scale, |
| 0:50.2 | and remains competitive. Then on episode 537, I focused specifically on profitability. |
| 0:56.0 | And on episode 539, that episode was all about scalability. |
| 1:00.1 | So on this episode, I'm going to share some additional thoughts on remaining competitive |
| 1:04.4 | in your market or expanding or shifting into new markets in order to remain competitive. |
| 1:10.1 | To get all of the How-Wab business resources, including the show notes page for this episode, |
| 1:15.2 | and to learn more about my coaching programs, please visit thehowab business.com. |
| 1:19.5 | I also invite you to please consider supporting this podcast on Patreon. |
| 1:23.2 | And please subscribe wherever you might be listening so you don't miss any new episodes. |
| 1:28.3 | I also encourage you to download the business model health checklist. It's a checklist, |
| 1:33.1 | a document that will help you identify, is your business model healthy? And if not, what are the |
| 1:38.7 | things to look for to make sure that you have either that you're planning for or that you |
| 1:43.7 | adjust your business model |
... |
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