What Can You Learn From Your Competitor?

Learning from the competition is an advantage to any business in any industry. Doing a little research on their background and studying their habits will net more knowledge than most two year college degrees. Let's look at Google and Yahoo for an example. Yahoo! dominated the search engine and web presence industry for a long while. But when Google came on the scene, they provided everything that Yahoo! had not noticed was in demand. They also recognized avenues to produce revenue that had been overlooked.

Here are a few tactics businesses can use to turn their competitors into educators:

• Study how effectively they reach their target market and the strengths of their approach to meeting customers needs
• Perform a Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis on their product or service 
• Stay abreast of press coverage and their community involvement, donations, and charitable causes and overall attitude towards social responsibility
• Set a goal to learn not criticize, being objective and implementing strategy that will yield results
• Read their blogs and social media sites to glean any helpful advice they may offer
• Take a step back from the business mindset long enough to be a consumer and assess room for improvement
• Make a list of why a customer would choose your competitor over you
• What does the competitor supply that the market demands?
• What does the competitor lack that the market demands?
• What processes could your business benefit from?
• Look at price -- would adjusting prices cause customers to perceive more value from your company or feel overcharged?
• What type of overhead could be cut out from company expenses?

Continue reading on Examiner.com 

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Mission Statement Examples & How Social Responsibility Relates To Your Business

Creating a stellar mission statement requires that you brainstorm what you hope to accomplish in your business and more specifically how.

Include a mini strategy -- you describe some of your techniques to achieve this goal. For example, here is a sample mission statement for a fictitious Registered Nurse staffing firm: 

"RN BestStaffing, LLC will facilitate efficient and steady staffing services for all clients, worldwide,  through the use of technology, networking, and aggressive recruiting efforts. We strive to service our clients with the utmost integrity, providing them with the best qualified nurses available through green practices and mostly paperless technologies. We accomplish this through meticulous screening and investigation of every candidate."

This told you what they were doing and how they were doing it.

Their mission is clear, to make sure they are the first stop for Registered Nurse staffing purposes.

They also go on to tell you what their aspirations are and how they intend to accomplish their business mission. There is mention of integrity even though they describe their recruiting efforts as "aggressive."

Here is a formula you can follow for your very own mission statement:

• Make mention of your company name and company formation. 
• Briefly describe what you are selling (product or service)
• Include a statement about how you handle business (ethical practices, views for employees and shareholders, etc)
• Describe what your goals are
• How you will accomplish these goals

While your mission statement is only a statement, it is packed full of who you are and what you stand for. It is a brief description of your organization.

As companies become more aware of their social responsibility and how they do business ultimately impacts the earth, there is more emphasis on green techniques and practices that leave minimal carbon footprints.

Social Responsibility is nothing new, but the time has arrived when businesses can no longer hide behind the "we didn't know any better" excuse. Larger corporations like Google, Rackspace and Apple create technologies that allow us to store information in the cloud.

Read more information about the cloud and its security here.

The more aware we become of our role in the demise of our planet and ways we can take part in its restoration, the more businesses will need to adapt socially responsible statements into their mission statements. 

[*side note*] If you have not considered this part of your business strategy and how it will not only increase your profits in many ways, but also save you money, do so now. 

If you are not sure what Corporate Responsibility/Social Responsibility is, let me explain.

It is the inherent responsibility we have to or communities, constituents, and shareholders when we are in a position of authority. As CEO's and savvy business people, social responsibility is more than giving back to the community through charity, it is making sure your company operates in the most ethical manner possible, using technologies to decrease emissions and other things which can potentially harm the environment.

Deep down, every one knows their responsibility to put their trash in the trashcan, and to treat others with respect. Social responsibility is similar, just on a larger scale. 

Make it your mission to remain accountable to those who put you in the place of authority you've attained, and they will keep you there.

Next up is Vision Statements and their importance.

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