A Perspective from a Somerset Accounting Service About Who Your Competition Is – Really

A Perspective from a Somerset Accounting Service About Who Your Competition Is – Really

September 4, 2012

Yes, it was a long weekend for most of the wage-earners among us, but we Somerset Area-area business owners have a tough time with the concept of “federal holidays”. I know that, as your friendly Somerset Area accounting service provider, I was working, getting ready for tax season and some of the new requirements which the IRS is putting on tax professionals this year.

However, all that said — I did do some shopping this weekend (I like to save money, after all :)), and boy am I whooped from it! I’m getting to the point where I can only last for about 60 minutes, and then I’m done with the whole thing.

No wonder I much prefer going “to” Amazon for what I need.

It was fun to poke my head in on the businesses of a couple friends and clients
 though, and see how they’re responding to this economy. And, while I did, I thought about how I was subconsciously evaluating *each* business against one another — even though they were in different categories.

Which leads to what I’m writing about today…

A Perspective From a Somerset Area Accounting Service About Who Your Competition Is — Really
From time to time, I like to think about some of the truly great entrepreneurial businesses, and how my firm here in Somerset Area can model from them.

One of my favorite ones to look at is Disney, and there’s a great book about it — Tom Connellan’s Inside the Magic Kingdom: Seven Keys to Disney’s Success.

The concept I’m writing about today is borrowed from this book–and it can give you an edge that no competitor can overcome. In fact–it is exactly the type of thought that created this Weekly Strategy Note.

The Competition Is Anyone The Customer Compares You With.

Think of it this way: One of the ways that people experience Disney is by telephone.  Disney gets thousands of call every day. Many of them from the same people who call FedEx. So, when people call FedEx, or Zappos, or L.L. Bean — or anyone with superior telephone service, Disney understands that they are being compared to the service people receive when calling FedEx or Zappos or L.L. Bean.  Disney then does what they need to do to “compete” with FedEx’s telephone service.

So the lesson is, don’t just think of your competitors as the businesses that sell the same things you do. Think of the competition as anyone who deals with your customers in any way.  Learn the best practices from any place you can, and then use them in your business!

I hope this helps!

Now — is there anything I can do to help you further with your business, as it currently stands?
 Drop me a note … would love to discuss it.