Commit to doing a Competitor Analysis every quarter. Most small businesses do not even do this when they start off, which is quite scary. You don’t have to be completely accurate when you do this and this helps you to find your edge in your business.

Names of competitors: List all of your current competitors and research any that might enter the market during the next year.

Summary of each competitor’s products: This should include location, quality, advertising, staff, distribution methods, promotional strategies, customer service, etc.

Competitors’ strengths and weaknesses: List their strengths and weaknesses from the customer’s viewpoint. State how you will capitalize on their weaknesses and meet the challenges represented by their strengths.

Competitors’ strategies and objectives: This information might be easily obtained by getting a copy of their annual report. It might take the analysis of many information sources to understand competitors’ strategies and objectives.

Strength of the market: Is the market for your product growing sufficiently so there are enough customers for all players?