There are moments when everything is going well. Money is in the bank. Profit is finding its way to the bottom line. Customers and staff are happy. These moments can cause complacency if we aren’t careful and it’s only a matter of time until life feels upside down. When the good moments come along, they are best used to figure out what a business needs to do next. If you need some direction on what to do next, take a look at your competition.
It’s hard to beat your competitors if your product or service offering isn’t comparable.Dylan Gallagher
Burger King recently released their quarterly earnings which exceeded the expectations of the stock market. Revenue was up, earnings were up and the company reported a solid result. Comments made by the CEO responsible for managing the Burger King franchise indicated that they still had some work to do saying, “Our underlying issue has really been focus and pace. We haven’t put enough focus in the few priorities that will have the biggest impact…We haven’t moved fast enough on these priorities to accelerate the business performance to the level we know we are capable of.” Interesting comments coming from a company that just exceeded expectations.
Small businesses are very dynamic and as entrepreneurs, we can often get stuck with our heads down. We may think our business is doing a good job but we may not have any kind of benchmark to measure against. Taking time to evaluate what your competition is doing is great place to start if you are looking to improve your business. It’s hard to beat your competitors if your product or service offering isn’t comparable. You need to make sure your business can deliver an equivalent experience before looking for opportunities to deliver a better experience. A better experience means a better bottom line.