Now that you’ve done research and devised an impregnable battle plan the final step would be to “amass your forces”, so to speak. This is where your available resources and how you manage them will come into play.
At this stage, it will be important to determine how your competitors are using and managing their resources . But this is not a battle to overwhelm a competitor with sheer numbers, rather it is a conscientious allocation of available resources. Use just enough to get the job done and follow your marketing strategy without any wastage.
The question you should ask yourself at this juncture is: What resources are available to my competitor in terms of finance and people? Try to find out if these are increasing, pegged at a certain level or declining. Credit reports are a good resource in finding out these data. Also try to find out if your competitors outsource some of their business functions. Outsourcing is an effective strategy in keeping business maintenance costs down. In fact, accountancy and payroll functions are increasingly being outsourced by many companies.
Company location, especially in a retail business, can also be considered an important resource. A strategic location can be advantageous in that it can attract more customers or clients. An inconvenient spot will certainly affect a business’ viability. There may be some instances where the competitor is not easily reached but is still attracting good business. Find out what makes them successful because it may be a strategy that you can also use.
Staffing is an important resource. Getting the best possible manpower is advantageous to any business. In fact, company formation experts advise that business owners pay ample attention in hiring their employees.