Business consulting – Competition analysis

If you choose to hire a business consultant to help you with your company then part of what they will do is analyse your competitors. Many business owners forget to find out what their competitors are doing and often do not think it matters as long as they are doing well, but not seeing what other businesses are offering can lead to missed opportunities.

The business consultant will be able to look at your competitors and evaluate the products and/or services they are offering, the prices they charge, the times they are open and their branding. From this they may then make suggestions to you about how you may want to adapt your business. For example, if your competitors are charge a lot less than you for the same or very similar products then you may need to decrease your prices in order to compete. It may be that your competitors have a website where customers can buy directly from, meaning that they can reach out to a wider audience. The consultant will be able to advise you on what they believe will have the most positive impact for your business and often the costs associated with those changes.