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The Benefits Of Competitive Intelligence For Your Business

Posted in Private Offices, Small Office Advice on April 15, 2014

Many business owners hear the phrase competitive intelligence and become confused and a bit intimidated. The practice of competitive intelligence is nothing more than gaining information on your competitors and using that information for your benefit. This will provide you with a better understanding of what is happening with other businesses in your industry as well preparing you for surprises that may be in your future. There are many different ways to gather this type of information and they are quite easy and ethical. The following are a few tips on how to gain competitive intelligence without ever having to leave your private offices.private offices

Where to Look

The first hurdle you will have to overcome on your quest for competitive intelligence is figuring out where to look for the information that you need. The most helpful materials to look for will be analyst reports and even write ups about your competitors in local newspapers and other printed materials. You can also perform a Google search and get the latest information published on your competitors, which can provide you with all of the information you need. You will be able to do all of this from the comfort of your private offices, which is very convenient for you and your employees.

How to Use It

The next thing you need to consider after you find the information you are looking for is how to use it to your benefit. You can use the information simply to profile your competitor and see where their weaknesses and strengths are. This will help you to develop a counter strategy against them and hopefully will put your business ahead of theirs in your industry. By having a clear understanding of where you stand in your industry, you will be able to plot the steps you need to take to expand your operation.

At 90 State Street Executive Suites, we can provide you the private offices you need to create a base for your operations. We have amenities that you can use to grow and expand your business beyond your wildest dreams.