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How to run business in competitive market

run business in competitive market

Best Tips to run business in competitive market

If we had to run business in competitive market in a few words, we could say that being competitive is the ability of our company to do things better than its competition,

Whether in terms of product, production, costs, quality, so that at In the end, it is an advantage when it comes to making our business more profitable.

Competitiveness solutions are different in each case and for each company, so it is important that we spend some time detecting what are the main factors that can lead us to achieve this differentiation and what strategies we are going to adopt to improve them.

Do we need to accelerate our growth?

  • Do we have the capacity to expand the business .

nationally or internationally?

  •  Does our product or service provide any added value (quality, price, customer service, …) To those of the competition? Should we invest in improving the efficiency of our processes to grow in profitability?

Can we open new marketing channels? 

  • Are there new customer segments I can reach?
  •  run business in competitive market  All these questions are just some of the reflections that we must make in order to implement a plan to improve our competitiveness.

One of the main tasks of the Chambers of Commerce is to help companies, freelancers and entrepreneurs to improve their competitiveness, and in that sense we have multiple services and aids that can make your path easier:

  • We advise you to clearly establish your objectives that guarantee a sustainable growth of your business and we help you to translate it into a business  plan that helps you think about the future in a structured way.
  • We offer you help and guidance to improve your processes and develop innovative solutions in the areas of your business that are necessary.
  • We update you with the latest technology news for the management of your company and we help you get them started.
  • We put at your disposal training services so that you make the most of the human talent of your organization.
  • And since generating competitiveness always requires an investment, we show you all the existing formulas to finance your needs and we advise you throughout the process.

We know that it is not easy but … Open the door to business competitiveness, the Chambers of Commerce can help you organize the journey and accompany you on your journey. We have all the tools you need to successfully face this great challenge.

The innovation to run business in competitive market

Innovation is the means through which new wealth-generating resources are created or endows existing resources with greater potential to create it; it is a clear response to current economic challenges, particularly when competing in a globalized world, without borders. However, one of the most pressing problems in our country is the small number of companies and entrepreneurs that base their competitiveness on innovation.

From the Chambers we believe that “innovating makes the difference” because innovation is not only a technological or academic process, but it can act in multiple business areas of the company and is considered as a fundamental pillar to grow in productivity and survive in the current economic environment.

The Chambers of Commerce are seriously committed to offering useful initiatives, because we are convinced that companies and entrepreneurs have demonstrated enough creativity, learning ability, drive and passion to react and successfully defend their projects even in difficult times.

The new technologies.

Spanish microenterprises and SMEs are facing a difficult macroeconomic environment, although the adoption of Information and Communication Technologies (ICT) continues to grow. ICTs continue to be the best allies of entrepreneurs in their attempt to improve the competitiveness of their businesses, making it possible to open up to new markets and optimizing internal management processes.

For the first time, some trends in new technologies are beginning to have a presence among Spanish companies. There is no doubt that ICTs are part, to a greater or lesser extent, of the daily life of Spanish microenterprises and SMEs.

The Chambers are committed to the contribution that ICTs have in improving the productivity of Spanish companies, and we support their incorporation into the business fabric through programs  inspired by the Spanish Digital Agenda that provide productivity solutions in the cloud, commerce electronic, digital marketing and electronic processing and administration.

Funding sources.

One of the most important difficulties for companies and entrepreneurs is the lack of financing and poor financial culture. This situation worsens with the size of the companies since the smaller the size, the greater the difficulty of accessing financial instruments, making it impossible to start new projects, undertake investments and, ultimately, survive and grow.

Have you tried to ask for a credit or a loan and have you felt lost? Have you sat in front of an aid or grant form and found it arduous and complex? Do you have an idea and don’t know how to present it? You don’t know where to go to check your project and find out if it is viable? Do you want to sell abroad or innovate and you don’t know how to do it?

When you know the alternatives to finance yourself, everything is easier, you can start your project or that new line of business, improve your company, make it stronger, you know it better, you know where your weaknesses are and how to solve them, you can improve deadlines collection from your customers, optimize supplier payment schedules, have healthier financial statements, in short, be more competitive. With the support of the Chambers of Commerce, you will be able to dedicate more time to your activity knowing that you are in good hands.

Competitiveness in the tourism sector.

The tourism sector in Spain accounts for approximately 11% of both GDP and employment. In world tourism figures, Spain has a leading position, and it is common to stay in the top three positions in the ranking, both in international tourist arrivals and in tourist spending.

Maintaining the leadership position and continuing to be a world tourism power will depend, to a large extent, on the competitiveness of the sector. The travel and tourism competitiveness index measures a variety of aspects such as hotel infrastructures, prices, natural and cultural resources, specialized education and training, safety or environmental sensitivity on which we must act.

The Chambers work to promote SMEs and micro companies that represent approximately 95% of the companies in the sector and that are the true pillar on which the tourism industry is based, with innovation programs and aid , training of its personnel, use of tools that improve their management, knowledge of best practices and adaptation to new trends.

Competitiveness in retail.

Retail trade is a strategic sector that accounts for 5.3% of GDP in our economy and 10.9% of all employed persons in Spain. Furthermore, commercial activity plays an important role in the life and economic activity of cities, constituting one of the main visible elements of their development.

Knowing the possibilities of your point of sale is essential if you want to differentiate yourself from your competition and increase your sales. The Chambers of Commerce help you identify your growth potential and support you in developing the solution that best suits your business. We offer you a complete action program that will allow you to innovate, learn about the latest trends and incorporate new technologies to turn your business into a competitive business.

And if you are an entrepreneur, we help you start up your business in the fastest way with our business creation services.

In addition, the competitiveness of small businesses also influences the growth of other sectors such as services, leisure and tourism through the development of environments that favor economic activity. Empowering these environments is key to achieving growth for retail businesses. If you belong to an association, a commercial center or your business is located in an area with a large tourist influx, the Chambers also offer collective aid for your competitiveness.

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About Margaret AMoreland