David M. Daggett CPA has worked in accounting and business management
for the better part of 30 years, during which time he’s guided a few
businesses to success. He’s gained the skills required to market a good
business idea, alongside knowing how to network and get the product
recognized. Marketing and networking are good tips that contribute to
business success, but for many people, the presence of competition is
what drives them to get better.
Healthy competition is definitely a boost for any business owner. When you have competitor businesses angling for the same market you are, you have to step up your game. But what happens when you don’t have direct competition? Does it impact how you measure success?
For companies that lack direct competition, measuring performance against rivals is out of the question. Such a business, however, can still remain competitive. One way to do this is by taking a gradual approach to the launch of products and services. A business that has multiple products can ‘test the waters’ with every product to measure the response of the market and adjust accordingly.
In keeping from getting complacent, a business can analyze past performance to figure out where to make improvements. There's a lot to be learned from studying the past, as it helps the business find areas that require consistency. Besides, knowing where you've come from helps you push to become even better going forward.
David M Daggett CPA has been a Certified Public Accountant since 1986. He’s worked at Deloitte, opened his own accounting firm, and runs a non-profit organization.
Healthy competition is definitely a boost for any business owner. When you have competitor businesses angling for the same market you are, you have to step up your game. But what happens when you don’t have direct competition? Does it impact how you measure success?
For companies that lack direct competition, measuring performance against rivals is out of the question. Such a business, however, can still remain competitive. One way to do this is by taking a gradual approach to the launch of products and services. A business that has multiple products can ‘test the waters’ with every product to measure the response of the market and adjust accordingly.
In keeping from getting complacent, a business can analyze past performance to figure out where to make improvements. There's a lot to be learned from studying the past, as it helps the business find areas that require consistency. Besides, knowing where you've come from helps you push to become even better going forward.
David M Daggett CPA has been a Certified Public Accountant since 1986. He’s worked at Deloitte, opened his own accounting firm, and runs a non-profit organization.
