Mark Fletcher’s management tip: rank your competitors

Staying aware of what your competitors are doing is an important part to a running a successful business and staying ahead of the curve.

To ensure you stay in the loop, make a list of the competitors of your business with number one being the biggest, toughest or most important competitor.

Next get everyone in your business to make their own list. Lay all the lists out in front of you and see if they show you any patterns or anything you had not realised about your own business.

I recently helped a newsagency owner with this research and the result was very enlightening for the entire them. Most of the team considered competitors that the owner did not even have on their list, resulting in changes being made to the business.

Sometimes, being able to see your business through the eyes of others can help us identify changes that need to be made, including those we did not think were necessary. 

See more Mark Fletcher management tips:

• Custom stocktake regularly 
• Cut employee theft 
• Advice on managing employees