Your Business Environment
Your Business Environment is the world that your business competes in. It includes your prospects, your direct competition, and your indirect competition. Your direct competition is other businesses in your industry that compete with you. If you own a pet store then your direct competition is other pet stores in your area. Your indirect competition is other businesses that compete with you, but are from other industries. At Christmas time, for example, many stores from various industries compete for the same prospect’s business.
- What does the future of your industry look like? Are there any noticeable trends?
- Who is your competition and what are their strengths and weaknesses?
- Based on your competitors’ past performances, what are they likely to do in the future?
- How might this affect your business?
- What else is important about your business environment?