Especially during the COVID- 19 lockdown, it is important to have a systematic approach when it comes to keeping up the profit margin by catering to the needs of the regular as well as the new customers.
The business owner has to keep in check with the upcoming as well as existing businesses that could influence the market primarily by interacting with them and analysing the strength of their business in comparison to the others (Slater &Narver, 2000). This is possible by documenting the progress and compare the competitors and rating the businesses on several features such as offers, customer relationship, security, facilities among others. It is also necessary to come up with innovative ideas to be ahead of the possible competitions in the future. By analysing the products and services offered by the competitors and making certain changes in the products, pricing and services could help further when it comes to effectively catering to customers. Although, competitors influence the success and profitability of a small business, there are other factors such as market share, initialcost of the products among others.