Five Ways to Keep Your Business Competitive

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    17-Jul-2015

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Five Ways to Keep Your Business Competitive

Five Ways to Keep Your Business Competitive By Renee Fraser

IntroductionIn order to maintain a favorable position in relation to the competition in todays uncertain economy, an individual or business needs to possess several habits to ensure success:Tips1. Understand that change, and the necessity of constant responsiveness to it, is now a permanent part of the business landscape.

2. Stay informed about trends within your own industry, as well as in other fields. New ideas often arise from knowledge gained from a parallel industry.

3. Upgrade your technological infrastructure, as necessary. A 2013 survey of small business owners found that more than half had made significant technology-related changes in their organizations recently.

4. Be judicious in your use of cash and keep an eye on your organizational budget. In these tough times, many business owners are banking cash profits as protection against sudden downturns. They are also focused on maintaining a lean operation by reducing overhead and reworking existing contracts.

Conclusion5. Get to know your customers. Successful small business owners know that one-on-one conversations with customers are the glue that holds their operations together. The interactions can generate fruitful new ideas or even take your business into a wholly new and positive direction. Also, understand that your customers may not always know exactly what they want. Your conversations with them can provide each of you with new insights.

Recently, business writers have cautioned against relying too heavily on standard business metrics, as they believe that they can inhibit creativity. Concentrate on moving beyond conventional wisdom, and rethink business as usual.