One of the keys to a company’s success is to understand your competition’s products or services as well as you do your own.  This requires a constant need to gather information and ensure that you are regularly doing your homework on what your competition is up to. In today’s fast paced and ever changing business environment, the tools we use to gather this information have become more important than ever.  This challenge can seem daunting while we try to juggle our overflowing inbox and our ever increasing list of daily tasks. Our natural response is to put this homework on the back burner or to tell ourselves that we are just too busy with more important items.  By doing so, we may be missing out on a great opportunity to differentiate your product or service from the competition.  Knowing the features and benefits of your product or service is important but it is only half the battle.  We also need to know the strengths and weaknesses of our competitor’s products or services so we can highlight the areas where we have a competitive advantage.  

Here are some resources that will make it easier for you to gather information on your competition and give you a competitive edge:

1.       Google Alerts: sign up at http://www.google.com/alerts to receive alerts via email whenever your competition is in the news. This will push information to you so that you don’t have to go searching for it.
 
2.       Listen to your competition’s quarterly earning calls.  These earnings calls allow you to hear what the company’s corporate strategy is and often highlight new products or services.  Schedules and transcripts can be found under the Investor Relation section of their web site.  You can also locate them on various web sites. Here are a couple that I use:
·         http://www.123jump.com/
·         http://www.seekingalpha.com/
 
3.       Purchase something from your competitor so that you can experience the buying process first hand.
·         Return the item so that you can understand how easy or cumbersome their return process is.
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To an employee trying to be creative or to a new employee who has questions, there is nothing more frustrating than hearing the following, “that’s the way we’ve always done it here.”  Either no one really knows why or they simply have learned to not question the company’s processes or procedures. Looking back on what makes a company successful is a good thing but continuing to do the very same thing year after year and expecting the same or better success is not. What worked yesterday is no guarantee that the same thing will work tomorrow.  What causes company to continue to go down the same beaten path? Is it lack of creativity or possibly fear of trying something new or risk of failure? The more success some companies have often lulls them into believing they don’t need to change and that their past success will continue forward, at the same pace.

Recently as I was reading “Death to all Sacred Cows”, I realized the answer to the questions above could be that some companies are suffering from the Sacred Cow Syndrome. The Dictionary defines sacred cows as “an individual, organization, institution, etc., considered to be exempt from criticism or questioning.” In the world of business, sacred cows manifest themselves in old ideas, technology, products or processes that are off limits to either getting rid of or changing.  Sacred cows can survive by continually keeping things the same. One way that sacred cows continue to thrive in some companies is they have placed creative handcuffs on their employees.  By preventing their employees from being creative or coming up with new ideas; therefore resulting in negativity toward these ideas or solutions brought forth by these employees.  Employees fear being continually criticized so they not only stop bringing ideas forward they stop bringing questions to senior management. Questions are not only important for employees to gain knowledge but they also allow companies to make sure they are continuing to provide what their customers want and need. In the book “Death to all Sacred Cows” authors Fraser, Schwab and Bernstein highlight the important of questions, “If we don’t question why we do the things the way we do, we’ll never be able to do them better.”

Here are a few ways to ensure your company avoids the Sacred Cow Syndrome:

1. Maintain an open door policy where employees can bring any questions or concerns directly to management.

2. Create a reward system that motivates your employees to come up with new solutions or products.

3. Create a Sacred Cow Contest to help uncover any sacred cows that might be going unnoticed. Be creative and have fun with it.

4. Provide annual training to all employees that reinforces’ the company’s desire that all employees feel heard and new ideas are welcome.
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A great resource for business owners is Inc. Magazine.  One of its most valuable resources is a column that features a business owner’s list of “Things I Can’t Live Without.”  It’s valuable because it features the various components that are critical to their success. In light of this article I have decided to share the items that are critical to my success.

Blackberry Bold

While some refer to these as “crackberry’s” I find it a very valuable business tool and much more than just a phone. The ability to handle your email, calendar, address book and surf the web all in one place, makes this a valuable time saving tool. Yes, being connected at all times to your email and inbox can be challenging, but there are ways you can manage this.  In some professions such as Sales, success can be measured in addition to how quickly you respond to your customers and stay in touch with them. The Blackberry also gives you the ability to utilize Social Networking tools for your business by being able to access programs such as Twitter, Facebook, Linkedin, and Foresquare among others.

Coffee

Coffee is an essential part of my daily routine.  The beauty of coffee to me is that it can be enjoyed anytime.  It’s perfect first thing in the morning to help you wake up as you go through your inbox or as a great afternoon pick me up, to keep your daily productivity high.  Coffee is also a great social tool which can be used to connect with others and expand both your personal and business relationships

XM Radio

Music has always been a big part of my life. Music can impact your mood and it’s a great way to get you motivated for making a presentation or a sales call. XM Radio came installed with a vehicle that I purchased a few months back and it was like the clouds parted and heaven opened up.  If you have a job where your car functions as a moving office or you have a lot of windshield time, XM Radio is well worth the investment.

Books

Reading has always been a passion of mine.  I find that it is a great stress reliever and gives us the ability to take a break from the daily stress that can fill our crowded lives. I tend to have a very eclectic taste for reading but lately have been doing a lot of business reading.  For a list of some of my favorite business books, check out: http://www.denniswschneider.com/reading-list.html

What’s on your list?
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I have a confession to make.  As a frequent business traveler I am not usually a social person.  Usually, I dive into reading or simply listen to my iPod the moment I board the plane.  Although this provides a much needed escape, I recently realized I maybe missing a perfect networking opportunity in the seat next to me.   Networking may come in many forms but at its core it’s simply connecting with another person.  

This epiphany occurred on a recent flight from Charlotte, NC to Minneapolis, MN.  Settling in my seat, 3B, I took “Jeffrey Gitomer’s Little Teal Book of Trust” out and placed it in my lap.  A sharply dressed gentleman seated next to me asked how I liked the book.  Little did I realize I was about to embark on a networking conversation. I  I told him I loved it and was a big fan of the author.  You see, before the plane was even off the ground a connection was made. This lead to an exciting, fulfilling two and a half hour conversation about business, sales and life in general.  It turns out he was in town meeting with the author of the book we were just discussing.  This was definitely the most enjoyable and invigorating conversation I have ever had on a plane.  The connection was not just our mutual respect for the author, it went deeper.  It turns out that Gitomer is a fan of the company that I work for. He mentions the company in many of his books and speeches.   However, a recent experience left him dissatisfied.  It aggravated him enough that he had mentioned it to the person that I was now connecting with.   I told him I would be happy to get involved and do whatever I could to make sure we resolve this issue.  He then said he would relay our conversation to Gitomer.  As soon as I returned home I elevated the issue to ensure it got resolved as quickly as possible.   Although I had hoped this gentleman would mention our conversation to Gitomer, I was thankful for the opportunity to have this great conversation and to make this new connection.

A couple of weeks later I received an unexpected package at my office.  In this package were a few autographed books as well as a couple of audio books from Gitomer.  Although the gifts brought much joy, the real value came in reflecting on the great conversation and connection I made with the gentleman sitting in 3A. The lesson I learned was you never know when a networking opportunity is sitting right next to you. 
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