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Competition analysis is both a process and an invaluable tool for getting the insights needed to make your business stand out in a crowded market. Consider it a key step to success in the business world is knowing your competition in detail.
\n\n\n\nHaving a detailed birds-eye of the competition is a must for any start-up founder and business owner. A good competition analysis can show market trends, give you a peek into competitors’ game plans, and point out where they’re missing the mark.
\n\n\n\nBut doing a full-on competitive analysis can be a tough task, especially if you don’t know where to start.
\n\n\n\nThat’s why we prepared this article. We will walk you through the steps to do a competitor analysis. You’ll be able to figure out who your competitors are and break down what they offer. You’ll also be able to dissect their marketing and sales strategies and evaluate their strengths and weaknesses, and understand their business model.
\n\n\n\nAfter you go through these steps, you’ll be ready to use them to develop an actionable game plan to grow your business and keep you miles ahead of the competition.
\n\n\n\nKnowing who you’re up against in the battle for market dominance is crucial. Your competition extends beyond businesses offering identical products or services and includes any company that might steal your customers.
\n\n\n\nAnalyze direct competitors (those offering similar products/services), indirect competitors (those with slightly different products/services), and potential ones (businesses that could potentially penetrate your market).
\n\n\n\nNow that you’ve got a clear picture of your competitors, it’s time to evaluate their offerings. What promises are they making to their customers? What needs do they fulfill? Do they offer something that separates them from the rest of the pack?
\n\n\n\nBy answering these questions, you can gain insights into how your value proposition compares against those of your competitors.
\n\n\n\nNext, focus on your competitor’s marketing and sales game plans. Evaluate their marketing channels, customer engagement techniques, pricing models, and sales funnels. Are they acing their content marketing strategy? Do they seem to have a strong grasp of social media engagement?
\n\n\n\nOr perhaps there are weaknesses in their sales funnel that they’ve overlooked? Every strategy they apply, successful or not, offers valuable insights for your business.
\n\n\n\nA competitor’s online presence can provide a treasure trove of information. Dig into their SEO strategies, online traffic sources, social media engagement, and online advertising strategies. This in-depth analysis can give you a better picture of their digital marketing strategies and performance and expose weaknesses you can exploit.
\n\n\n\nWith all these valuable insights, it’s time to analyze your competitors’ strengths and weaknesses. Hint: It’s not about looking for faults; it’s about identifying areas where your competitors shine and areas where they struggle.
\n\n\n\nThis step is pivotal to understanding how the market views your competitors and tweaking your business strategy accordingly, which takes us to the next crucial step.
\n\n\n\nCompetitive analysis is not just about gathering data; it’s about using this data to make strategic decisions. Use the insights you’ve gained to revisit and refine your value proposition or pitch deck, modify your marketing strategy, and improve your product/service offerings. That way, you can fill any gaps in the market that your competitors have overlooked and position your business as the top choice for your target customers.
\n\n\n\nAnd if you need help creating a bulletproof financial and business plan, check how Modeliks can help. Competitor analysis is often required in formal Business plans and investor-ready pitch decks. Check our Ultimate guide: How to create an investor-ready pitch deck
\n\n\n\nCompetitive analysis isn’t a one-time task. It’s a never-ending process that must be part of your business strategy. Your competitors’ strategies evolve, the same as your customer preferences. So make sure you update your analysis and regularly review and revise your strategies to maintain your competitive edge.
\n\n\n\nAfter going through these steps, you’ll be more knowledgeable about your competitors. More importantly, you’ll be better equipped to make informed and smart business decisions that will help your business stand out.
\n\n\n\nRemember, a competitor analysis is a crucial part of your business strategy and growth. So, understand your competition, see what they do best (and where they fail), adapt, and always strive to offer the most value to your customers.
\n","slug":"competitor-analysis","date":"2023-11-27T11:44:40","categories":{"nodes":[{"id":"dGVybToxMQ==","name":"Business Plans"},{"id":"dGVybToxMg==","name":"Pitch Decks"}]},"mainCategory":{"mainCategory":["business-plans"],"videoHeader":null},"tags":{"nodes":[{"name":"business planning"},{"name":"competitor analysis"},{"name":"pitch deck"}]},"featuredImage":{"node":{"id":"cG9zdDoxOTI3","sourceUrl":"/images/cms/competitor-analysis-how-to-do-it.jpg","altText":""}},"seo":{"metaDesc":"How to do a competitor analysis, introduction to the benefits, elements of competitor analysis for startups and business, part of pitch decks"},"modified":"2024-03-20T12:27:18","related":[{"id":"cG9zdDoxMTU0MQ==","title":"How Accountants Can Offer High-Margin Advisory Services","content":"\nThe accounting profession is shifting. Compliance and bookkeeping remain essential, but today’s clients expect more. They want guidance on how to run their business smarter, manage cash flow, and plan for the future.
\n\n\n\nAccording to a CPA.com survey:
\n\n\n\nThis means the demand is already there. The opportunity for accounting firms is clear: move beyond bookkeeping into high-margin advisory services.
\n\n\n\nFor most small and mid-sized firms, the hesitation is simple:
❌ Limited staff time
❌ No standardized tools for forecasting & reporting
❌ Concern about overcomplicating workflows
The good news? Advisory can be delivered at scale, without adding headcount or creating inefficiencies — if you have the right system.
\n\n\n\nModeliks helps accountants transform their existing relationships into advisory partnerships by automating the heavy lifting.
\n\n\n\nHere’s how it works in practice:
\n\n\n\n1️⃣ Connect QuickBooks in Minutes
Sync client actuals directly — no messy spreadsheets or manual imports.
2️⃣ Build Budgets & Automated Financials
Instantly generate a forward-looking P&L, Balance Sheet, and Cash Flow statement, tailored to each client.
3️⃣ Deliver Dashboards & Variance Analysis
Clients see Actual vs. Plan vs. Previous Periods. You provide insight into why numbers moved — without building reports from scratch each month.
Firms using Modeliks see:
✅ New revenue streams by offering planning & reporting as premium packages
✅ Higher client retention thanks to consistent value beyond compliance
✅ No extra headcount required, since processes are automated
✅ Improved positioning as trusted advisors, not just bookkeepers
As one accountant put it:
\n\n\n\n\n\n\n\n\n“Our clients can now make confident decisions. For us it’s a game-changer — we finally sell insight, not just compliance.”
\n
Client expectations are rising. Competitors are moving into advisory. Technology makes it easier than ever to scale.
\n\n\n\nIf you’re an accountant or firm owner, now is the time to position your practice for the next decade. Advisory services are not just an add-on — they’re the future of accounting.
\n\n\n\n📽️ Watch the full video playbook here: https://www.youtube.com/watch?v=UlQEwnWOdKQ.
🌐 Explore how Modeliks can help you launch advisory services in under an hour -> HERE.
📩 Or reach out to us directly to explore how Modeliks can be tailored for your firm.
\n\n\n\nEnjoy Modeliks! We know we are!
\n\n\n\nAuthor:
Modeliks Team
Running a professional services business is demanding. Whether you’re a founder, consultant, accountant, or finance leader, the challenges are similar:
\n\n\n\nThe truth? Many services firms outgrow spreadsheets faster than they realize. A project-based business requires a planning and reporting framework that adapts as you grow – not one that breaks every time a new client, project, or team member comes onboard.
\n\n\n\nThat’s where having a structured financial planning and reporting system becomes a game-changer.
\n\n\n\nThis strategic framework is designed for:
\n\n\n\nIf you run a project-based business, use timesheets, or manage multiple clients, this playbook is for you.
\n\n\n\nProfessional services firms often face profitability challenges because margins are tied to capacity, efficiency, and client mix. Here’s where the right planning approach makes a difference:
\n\n\n\nEach project has its own revenue, costs, and resources. Without project-level visibility, it’s impossible to know which work is actually profitable.
\n\n\n\nIt’s not enough to create a yearly budget. Monthly actuals vs. plan reporting helps you quickly see where projects are off track and adjust before problems snowball.
\n\n\n\nWhat happens if a big client leaves? Or if you add two more consultants next quarter? Scenario planning gives you the confidence to make tough decisions with numbers to back them up.
\n\n\n\nEmployee utilization is the heartbeat of a services firm. By linking financial forecasts to billable hours, staffing, and client demand, you can identify bottlenecks and prevent costly underutilization.
\n\n\n\nAt Modeliks, we’ve built a platform that turns these best practices into a structured, repeatable process.
\n\n\n\nWith Modeliks, you can:
\n\n\n\nMost firms wait until they have 100+ employees to rethink planning. But the truth is, dimensional planning and reporting matters at 20 employees, as much as at 200.
\n\n\n\nThe earlier you set up a scalable framework, the faster you can:
\n\n\n\nGrowing a professional services business isn’t just about winning more clients — it’s about building a system that lets you manage projects, measure performance, and grow profitably.
\n\n\n\nThat’s what this playbook is about — and why we built Modeliks.
\n\n\n\n👉 If you want to see how Modeliks can help you manage and grow your services firm, watch the full video walkthrough here.
\n\n\n\n📩 Or reach out to us directly to explore how Modeliks can be tailored for your firm.
\n\n\n\nEnjoy Modeliks! We know we are!
\n\n\n\nAuthor:
Modeliks Team
Today we released a massive new update of Modeliks. A multidimensional Modeliks 2.0. I am both happy and sad to see Modeliks grow up. I liked baby Modeliks. He was cute and a little clumsy. Now, we created a beast.
\n\n\n\nWe listened to your feedback and made Modeliks by far the best financial planning and reporting tool for SMEs. Alright, I might be a bit subjective, but here is what’s new:
\n\n\n\nAnd there is a lot more to come in the next few months. Stay tuned for new features, and in the mean-time, plan, manage and grow your business with Modeliks 2.0.
\n\n\n\nLet’s recap. Now you can:
\n\n\n\nEnjoy Modeliks 2.0! We know we are!
\n\n\n\nAuthor:
Modeliks Team