{"id":343,"date":"2019-02-11T06:04:55","date_gmt":"2019-02-11T06:04:55","guid":{"rendered":"https:\/\/blog3.indifi.com\/?p=343"},"modified":"2019-08-09T12:40:56","modified_gmt":"2019-08-09T12:40:56","slug":"learn-10-finance-lessons-from-competitors","status":"publish","type":"post","link":"https:\/\/www.indifi.com\/blog\/learn-10-finance-lessons-from-competitors\/","title":{"rendered":"10 Important Finance Lessons You Can Learn From Your Competitors"},"content":{"rendered":"\n<div class=\"wp-block-image size-medium wp-image-559\"><figure class=\"alignleft\"><img decoding=\"async\" loading=\"lazy\" width=\"300\" height=\"300\" src=\"https:\/\/blog3.indifi.com\/wp-content\/uploads\/2019\/02\/10-Important-Finance-Lessons-You-Can-Learn-from-Your-Competitors-300x300.jpeg\" alt=\"10 Important Finance Lessons You Can Learn from Your Competitors\" class=\"wp-image-559\" srcset=\"https:\/\/www.indifi.com\/blog\/wp-content\/uploads\/2019\/02\/10-Important-Finance-Lessons-You-Can-Learn-from-Your-Competitors-300x300.jpeg 300w, https:\/\/www.indifi.com\/blog\/wp-content\/uploads\/2019\/02\/10-Important-Finance-Lessons-You-Can-Learn-from-Your-Competitors-150x150.jpeg 150w, https:\/\/www.indifi.com\/blog\/wp-content\/uploads\/2019\/02\/10-Important-Finance-Lessons-You-Can-Learn-from-Your-Competitors.jpeg 626w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><figcaption><em>10 Important Finance Lessons You Can Learn from Your Competitors<\/em><\/figcaption><\/figure><\/div>\n\n\n\n<p>As Eleanor Roosevelt famously said, \u201cLearn from the mistakes of others. You don\u2019t live long enough to make them all yourselves.\u201d<\/p>\n\n\n\n<p>Competition is the backbone of any industry. Learning from the failures and successes of your competitors is a great way to boost the growth of your business, helping you save valuable resources, time and money.<\/p>\n\n\n\n<p>Your competitors are likely to be at different stages in their business. Maybe, you launched your business in the last year, and they have been in the industry for over 60 years. Or maybe, you and your competitor entered the market at the same time. Whatever be the case, keeping an eye out on what your competitors are doing and picking a few ideas from them is a great way to race ahead of your peers.<\/p>\n\n\n\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-background has-vivid-green-cyan-background-color\" href=\"https:\/\/www.indifi.com\">Business Loan Finance Company<\/a><\/div>\n\n\n\n<p>Here are the top things that your competitors can teach you about business finance.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_67_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.indifi.com\/blog\/learn-10-finance-lessons-from-competitors\/#1_Scaling\" title=\"1. Scaling\">1. Scaling<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.indifi.com\/blog\/learn-10-finance-lessons-from-competitors\/#2_Managing_Cash_Flow\" title=\"2. Managing Cash Flow\">2. Managing Cash Flow<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.indifi.com\/blog\/learn-10-finance-lessons-from-competitors\/#3_Brand_Building\" title=\"3. Brand Building\">3. Brand Building<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.indifi.com\/blog\/learn-10-finance-lessons-from-competitors\/#4_Raising_Working_Capital_and_Funds\" title=\"4. Raising Working Capital and Funds\">4. Raising Working Capital and Funds<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.indifi.com\/blog\/learn-10-finance-lessons-from-competitors\/#5_Emergency_Fund\" title=\"5. Emergency Fund\">5. Emergency Fund<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.indifi.com\/blog\/learn-10-finance-lessons-from-competitors\/#6_Business_Budget\" title=\"6. Business Budget\">6. Business Budget<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.indifi.com\/blog\/learn-10-finance-lessons-from-competitors\/#7_Separating_Personal_and_Business_Expenses\" title=\"7. Separating Personal and Business Expenses\">7. Separating Personal and Business Expenses<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.indifi.com\/blog\/learn-10-finance-lessons-from-competitors\/#8_Automating_Payments_and_Invoices\" title=\"8. Automating Payments and Invoices\">8. Automating Payments and Invoices<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.indifi.com\/blog\/learn-10-finance-lessons-from-competitors\/#9_Planning_Purchases_and_Hiring\" title=\"9. Planning Purchases and Hiring\">9. Planning Purchases and Hiring<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.indifi.com\/blog\/learn-10-finance-lessons-from-competitors\/#10_Paying_Bills_on_Time\" title=\"10. Paying Bills on Time\">10. Paying Bills on Time<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.indifi.com\/blog\/learn-10-finance-lessons-from-competitors\/#Watch_but_Dont_Copy\" title=\"Watch, but Don\u2019t Copy\">Watch, but Don\u2019t Copy<\/a><\/li><\/ul><\/nav><\/div>\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_Scaling\"><\/span>1. Scaling<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Now, that you have your business rolling, the next step is to scale up. How to acquire and use funds to expand your business is an important question. Expansion requires plenty of research, and there\u2019s no margin for error. By observing your competitors, you can find out what worked for them and what didn\u2019t work. This sets you on the right path for expansion.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_Managing_Cash_Flow\"><\/span>2. Managing Cash Flow<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>The success of all businesses depends on cash flow management. Additionally, you need to show positive cash flow for your <a href=\"https:\/\/www.indifi.com\/about-us\" target=\"_blank\" rel=\"noopener noreferrer\">business loan applications<\/a>. Try to find out how your peers are managing cash flow and if they follow any best practices for it.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_Brand_Building\"><\/span>3. Brand Building<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>This one is easy to spot. Look at the methods your competitors are using to build their brands. Find out the channels they are using and identify whether it makes the right impact on your target audience.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_Raising_Working_Capital_and_Funds\"><\/span>4. Raising Working Capital and Funds<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Regardless of the size and nature of the business, all businesses require capital. Keep an eye out on how your peers are raising money. The chances are that the methods they use are likely to work for you, especially when both of you are in the same industry and of similar size. For small business working capital loans, digital lenders like <a href=\"https:\/\/www.indifi.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Indifi <\/a>offer higher approval rates compared to traditional banks.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5_Emergency_Fund\"><\/span>5. Emergency Fund<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>As a business owner, you need to stay prepared for unexpected expenses. The best way to do this is by setting aside an emergency fund. Try to find out if your competitors have set aside emergency funds or do they have lenders who are ready to lend them on short notice.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"6_Business_Budget\"><\/span>6. Business Budget<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>It\u2019s easy for businesses to overshoot their operational expenses. The best way to avoid this is by planning monthly operational budgets and sticking to it. Find out if your competitors are using any tools to help them with budgeting.<\/p>\n\n\n\n<p class=\"has-text-color has-vivid-green-cyan-color\">Read More: <a href=\"https:\/\/blog.indifi.com\/5-practices-small-businesses-must-do\/\">5 Financial Practices That All Small Business Owners Should Do At The Beginning Of A New Fiscal. <\/a><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"7_Separating_Personal_and_Business_Expenses\"><\/span>7. Separating Personal and Business Expenses<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Even savvy and experienced business owners have a hard time keeping their personal and business expenses separate. Try setting up a current account for your business that provides a debit card. Use this card for all your business expenses and don\u2019t dip into your personal savings.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"8_Automating_Payments_and_Invoices\"><\/span>8. Automating Payments and Invoices<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Payments and invoices have become automated and are no longer manual. Several tools help you automate your regular payments and for handling client and vendor invoices. Check out if your competitors are using any specific tools for this purpose. And, if you enjoy a good rapport with your competition, you can even ask them to recommend you the best tools.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"9_Planning_Purchases_and_Hiring\"><\/span>9. Planning Purchases and Hiring<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Find out the number of staff employed by your competitors. Is it similar to yours? Check out how your competitors carry out recruiting and keep an eye on the suppliers they use. Get in touch with these suppliers to find out if they can offer you discounts similar to that they offer to your competitors.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"10_Paying_Bills_on_Time\"><\/span>10. Paying Bills on Time<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>If you have a habit of chronically delaying your payments, then it damages the reputation of your business. With that said, there\u2019s no denying the fact that all businesses struggle to pay bills on time. Try to find out if your competitors use other <a href=\"https:\/\/www.indifi.com\/small-business-loans-india-without-security\" target=\"_blank\" rel=\"noopener noreferrer\">small business loan<\/a> products like invoice discounting, merchant cash advance, <a href=\"https:\/\/www.indifi.com\/unsecured-line-of-credit-loans-india\" target=\"_blank\" rel=\"noopener noreferrer\">line of credit<\/a> and others to help them stay on top of their bill payments.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Watch_but_Dont_Copy\"><\/span>Watch, but Don\u2019t Copy<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>While it\u2019s necessary to keep an eye out on what your competitors are doing, you need to remember that what works for them, may not work for you. Find out the methods and practices used by your competition and then modify and feed that learning into your business, for better results.<\/p>\n\n\n\n<p class=\"has-text-color has-vivid-green-cyan-color\"><a href=\"https:\/\/www.indifi.com\">Apply For Business Finance<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As Eleanor Roosevelt famously said, \u201cLearn from the mistakes of others. You don\u2019t live long enough to make them all yourselves.\u201d Competition is the backbone of any industry. Learning from the failures and successes of your competitors is a great way to boost the growth of your business, helping you save valuable resources, time and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":559,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[141],"tags":[104,26,105,106,107],"_links":{"self":[{"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/posts\/343"}],"collection":[{"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/comments?post=343"}],"version-history":[{"count":9,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/posts\/343\/revisions"}],"predecessor-version":[{"id":1807,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/posts\/343\/revisions\/1807"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/media\/559"}],"wp:attachment":[{"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/media?parent=343"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/categories?post=343"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/tags?post=343"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}