MAJOR WAYS IN DEALING WITH STIFF COMPETITION IN BUSINESS.

 

MAJOR WAYS IN DEALING WITH STIFF COMPETITION IN BUSINESS :

Hello reader, today we’re going to study in detail some of the major ways you as an entrepreneur can adopt in dealing with stiff competition in business. Many similar businesses operating majorly in a similar area ,creates stiff competition as each business is fully focused in achieving success. And it is the aim of each and every entrepreneur to maximize his/her productivity and profits. Therefore to achieve success in business, each entrepreneur should find ways in dealing with this stiff competition and flourish business wise. Some of the major ways to be adopted in dealing with stiff competition are elaborated below : 

. Proper market research.

 This goes to the entrepreneurs venturing into new businesses. Proper and critical Job analysis equips the entrepreneur with enough knowledge on what the business he/she intends to venture in deals with. 

This will assist him)her filter out businesses with higher or stiff competition. Therefore the entrepreneur will be able to run his/her business operations efficiently, maximize his/her productivity as well as maximize his/her profits too. Those entrepreneurs who are already in business and are faced with stiff competition, may opt too to carry out business research and in the long run, they’ll end up benefiting from the knowledge and skills they learn. Hence this will assist each and every business owner in minimizing or getting rid of stiff competition in business.

. Hiring competent and highly skilled workforce.

 Business operated by highly skilled personnel are more competitive than the ones operated by unskilled personnel. Therefore even in the presence of stiff competition, your business will thrive and it’s operations will continue to exist normally. High skilled personnel too are an added advantage too as they contribute to production of high quality and quantity goods. Therefore the sales will be higher and the profit margins will be higher too. Hence through hiring of competent and skilled personnel in business, stiff competition will decline or even eradicated.

. Improving the quality of the goods being produced. 

 Mostly production of similar quality goods by all businesses dealing with similar goods is the major cause of stiff competition in business. Hence , if you as an entrepreneur makes that effort to improve the quality of your goods, you’ll be at a more greater advantage in marketing your products. Therefore you’ll be able to minimize the competition levels and hence marketing your goods will be much easier. Thus your sales will increase and hence you’ll Bea able to generate more income in the long run. So if you want to reduce or eradicate stiff competition in your business , as an entrepreneur, improve the quality of your goods. 

. Offering after sales services.

 After sales services like free delivery of goods purchased , gives you as an entrepreneur an added advantage as many customers will purchase your products more oftenly so as to receive those extra services offered. Many businesses offering the same services is one of the major causes of the rise in competition levels. Therefore if you introduce new services to your business , you’ll end up attracting more and more customers to your business. Hence you’ll be able to maximize your sales and profits at large. Thus after sales services play a crucial role in minimizing and even eradicating stiff competition.

. Introducing discounts on bulk purchasing.

 Offering discounts to customers who purchase goods in bulk , will assist you as an entrepreneur to be at a much better advantage than your competitors. You’ll be able to attract more customers in your business. Hence your profit margins will rise greatly and you’ll be able to run your business operations smoothly. Many customers like additional free goods , I’ll have to admit that too because I’m also one them. Hence introducing discounts will help you minimize stiff competition in the long run. So you’ll thrive as an entrepreneur and your business too you’ll experience growth because many businesses tend to thrive in the absence of stiff competition in business.

In summary, we’ve all seen that minimization of stiff competition is very possible. Hence we should adopt these key ways in our daily business operations as entrepreneurs in the major goal of achieving business success.

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