It’s not just an exercise when launching a new business. Here’s how to think deeply about your competition during times of change.
Writing a thorough business plan is a necessary if tedious part of starting a business. But it’s not just for the startup phase. It’s also a good practice for existing businesses to review their initial business plans, and make adjustments after evaluating the plan’s accuracy. A crucial part of any business plan is the competitor analysis: taking a deep dive into what motivates your business’s competitors, and how they approach the market, will inform your strategy.
