5 Critical Actions to Take If You Think a Competitor Is Trying to Steal Your Business

Preparing yourself for battle might just be the kick in the pants you need to secure the future of your company

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Have you noticed a competitor gradually stealing customers from your business? Or have you discovered a company similar to yours pricing their products lower than your advertised prices?

Rather than accept this competitor on your turf, there are actions you can take to ward off their attempts to steal your business.

Integrate the following five tips into your business plans and you might be able to send this new competitor running for the hills.

1.) Analyze Their Pricing Strategy

When you analyze your competitor’s pricing strategy, you might be able to discover opportunities to beat them on price. Are there ways you can cut your cost-of-goods or ways to save on labor costs? Even small savings can add up throughout the year. Consider everything from outsourcing labor to finding a new supplier for your products.

2.) Pay Attention to How They Are Acquiring Customers