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Are You Misreading Your Crystal Ball?

January 14, 2014

Daily ReadAre You Misreading Your Crystal Ball?

Forecasting other company’s moves is necessary for every business, but if you make poor predictions about your competitors at the beginning of the year it can be quite devastating for you companies growth. Here are four common pitfalls to avoid:

  1. Don’t obsess over market leaders.  In other words, you shouldn’t worry about whether a large firm will enter your industry and make you obsolete–if that happens, there’s nothing you can do. Instead ask yourself if they are even worth watching at all when you could be watching much more relevant competitors.
  2. Don’t focus only on federal regulations. You do need to watch for changes in federal regulations, but as a small company you need to watch local regulations and changes more closely which could give you an advantage if they eventually become national.
  3. Don’t focus on new products. Don’t bother to try to predict the next big product your competitor is developing. Instead, focus on market solutions and the services that supports the products.
  4. Don’t assume a good economy will help everyone.  The economy does not necessarily affect every business in the same way. A bad economy is bad for homebuilders, for example, but may be great for demolition crews. Keep this in mind when assessing which competitors to focus on.

How do you make predictions about your competitors?

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