Chamber of Commerce roundup
Luncheon speaker takes on subject of competition
Ryan Murray, the Dirctor of the Small Business Development and Custom Fit program took on the subject of competition during his talk at the May Carbon Chamber of Commerce luncheon at the Carbon Country Club last Thursdsy and he proved to most everyone in the room that sometimes the most competition businesses have is themselves.
"Competition is anything that eats into your revenue," said Murray who just moved to Carbon from Tooele County a couple of months ago. "You need to understand your competition."
He went on to talk about the kinds of competition and that they weren't all direct competition, that being another business that provides the same service or sells the same product in a certain market.
"Almost everyone knows about that," he said. "But what about indirect competition?"
Indirect competition may be a service or a product someone sells that impacts the bottom line of another business, by offering a different alternative that may satisfy the needs of the customer
He also talked about open markets. An open market is someone who should be buying a product or service, but isn't. That fact is competition in of itself, even if they are not buying the product or service from anyone else either.
Finally there is the competition a business faces from itself. If a business should be selling more of something, but isn't then they are creating their own competition. Failure to take market share when it is available is a problem may businesses have.
Murray then talked about what Carbon County could do to get the competitive edge on the Wasatch Front. In many cases "over the mountain" seems to be the competition most people in business in the area face.
"We need to find those things that we are the best at and provide them," he said. He then asked what the area has that the Wasatch Front doesn't have.
After some discussion about good lifestyle characteristics of the area he asked that people think about it, and come up with some ideas of what Carbon has that other places don't. That, in itself, could be a competitive edge.