No, I am not talking about corporate espionage. No spying, no checking trash at night or paying their employees to get the inside info… it’s not necessary. However, it is wise to be aware of what is going on and what your competition is doing. There are many basic strategies which will give you this valuable information.

1) Send away for their available printed info. Whatever they are offering to the public, you should acquire. Use an employee and have it sent to his home address. It’s fair, after all, it’s available to the public. You will learn much by reading your competitor’s promotional materials, announcements, sales, new product releases, specials, etc. You can read much between the lines. Are they desperate, out of cash, liquidating inventory? What can you learn?

2) Check out their website , read their blogs and comment on their posts. Challenge them a bit, see what happens. Again, there will be much revealed and much to learn.

3) Call your competitors. Invite them out for a friendly coffee and talk about business. If they accept, you will be amazed as to what you can learn. Just be careful and don’t reveal any more than you need to. Again, you will learn much and it’s worth the effort.

Many small business owners say they are not interested and they do not care what their competitors are doing, they are just focused on what they are doing with their own business. It’s a common attitude but not the right one. Know your competition. Know what they are doing. Know what condition they are in.

While you are at it, be careful not to get into the habit of responding to them; get in front of them. Make your competition respond to you. Always be in the lead, never be the follower, let them follow your lead. Knowing what they are doing will help maintain that edge. You should always be aware of whatever will affect your business. Certainly, your competition is one large factor to consider. Do not ignore them, they are important.