Taken your temperature in the marketplace lately?

When was the last time you sat down and did some serious business analysis? Is it something you schedule into your business program every couple of years, or did it fall by the wayside the day you launched?

Often, business owners concentrate so hard on the preparation required to start a new business—developing strategies and plans, looking at their competitors and target market and undertaking SWOT and PEST analyses—but then once they’re up and running, don’t manage to get back to those plans and processes.

However, with every new year, your business continues to change and hopefully grow in a positive direction. The environment around you is also constantly shifting along with the dynamics of your target market and opportunities and threats that can impact your business.

Finding the time

One of the great benefits for many business owners of using PaySmart is they no longer have to spend so much time collecting and following up payments, which gives them more time to work “on” their business, rather than “in” it.

Where should you start?

If you haven’t analysed your business in a while, starting with a competitor matrix can be ideal, as the information should be readily available and it won’t cost you anything more than a bit of time and thinking to put it together.

Begin by considering how you compare with your competitors in terms of products or services. Is it comparable with what you offer? What about marketing? What does their website look like—do you like the look and feel and the imagery used? Do they offer any free tools—free passes, newsletters, blogs or resources? Are they active on social media and if so, what’s their following like and what are people saying about them? Do customer reviews support their perceived market position?

Your local PaySmart Business Development Manager can help guide you through a range of strategic planning processes, including a competitor matrix. Contact your BDM today to make an appointment to catch up, or call PaySmart today on 1800 801 797 to find out more.