As an entrepreneur, the fierce competition might be a blessing in disguise as it provides the entrepreneur in question with information and motivation. In recent times, watching over your competitors is a great strategy for flourishing your business. When you monitor them closely, you know their every step, their tactics and shortfalls which can help your own business. This can also help you to win more customers without you stealing them from your competitors. This is why many businesses, with the help of the internet, do a research and keep tabs on their competitors.
It is obvious a business will only operate in the dark if it is not attached to the internet. Without the latter, it will be difficult to find out how other businesses are progressing. While you are finding it hard to know the latest strategies adopted by other business companies through the internet, the rest are already moving ahead of you, leaving you to regret your loss over this period of time, and probably in the future
Internet, today, has been a powerful tool and medium in carrying out a proper research on competitor ‘s progress. Obtaining, processing and transmitting information are changing the face of business throughout the world. With one click, you can easily explore your competitor’s progress and his next move. The internet has just about every fact and piece of information immediately available that a business could need.
The internet allows businesses to analyze their competitor’s online strategy. A firm can keep a tab of new products that are released, react to price changes, or use the internet to find out secondary data on their competitors. The internet allows a business to react quickly to a change in its competitor’s strategy, and try to provide a service that allows them to match or beat their competitors.
Every company now make use of financial statements, it is the formal record of all relevant financial information of a business, person, or other entity, presented in a structured and standardized manner to allow easy understanding. A financial statement has four basic elements which includes the balance sheet, income statement, cashflow statement and statement on changes in equity. Since they are a collection of reports about an organization’s financial results, financial position, and cash flows, they are easily exploited on the internet by business to check competitor’s shortfalls and the progress being achieved within a certain time.
The supplementary notes which is part of the elements in the financial statement sheds light on various activities, additional detail on some accounts, and other items as mandated by the applicable accounting framework. This can be used can by other entities to measure the their own fine states. Since it is mostly mandatory for most companies to reveal the progress of their business on the internet for transparency, it gives room for competitors to improve their own ball game.
In a nutshell, internet is a pivotal tool used in tracking business activities of other competitors. Without the internet, the process of taking, or discarding ideas that could negatively affect the business, from a competitor would be very difficult to achieve.
Kat Irving is a reporter for Diving Daily. After graduating from NYU with a master degree in history, Kat got an internship at WABC-TV New York and worked on profiling local businesses. Kat was also was a columnist for the NPR. Kat mostly covers business and community events here at Diving Daily