There is that saying that the “grass is always greener… “ blah blah. I like today’s inspiration better. “Forget the grass on the other side and water your own.”
If you get into a situation where you check your competitors pricing, ads, policies, regularly you will lose. You will constantly play catch up and you will end up with a bad version of their business. You need to run your business as your entity. You need to develop pricing that works for your expenses. You need to develop policies that work for your goals.
I had a customer call me and he was annoyed with our cancellation policy and change fee on the pontoon rentals. So he asked me, do our competitors do these things… my answer was, “I have no idea”
It slightly annoyed him because his real question had more to do with his innuendo or shall I say, passive aggressive way of telling me he was thinking of going to a competitor.
But honestly, our policies are not for everyone. That is why there is competition. I worry about what works for us. Our summer is essentially 15 weeks. We need to maximize that time frame. As such, we have policies that reduce the possibility of cancellations and date changes… the reason? Because the closer to the date we come, the less likely the boat will rent, therefore we want people who are committed to their cruise date. A boat that sits at the dock does not make money.
It’s good to know what your competition is doing, but don’t get hung up on it. Forge your own path based on the goals you set for your business. You know what is best.
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Action Step
1- Think of one profit center in your business
2- Think of one goal you have in that profit center
3- Do your policies help achieve that goal? If not… create new policies!
4- Install my free app! (SmallBusinessClubApp.com)
Listen to Episode #139 of the Two Minute Commute audio blog Podcast
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