You cannot afford to ignore your competition in a slowing economy. Many construction firms have a good grasp of their own capabilities, but lack in-depth knowledge of what competitors are doing. As the ancient Chinese General Sun Tzu said, "Know thy enemy and know yourself, in a hundred battles, you will never be defeated." Proactively studying the competition will help you win more contracts.

The best way to survive in today's environment is to constantly sift through competitive intelligence for new developments that could affect your ability to win the next project. Tracking your competitors is a powerful way to increase revenues and profits. Uncovering your competitor's weaknesses can help you head off threats and take advantage of opportunities.

Some construction business principals don't worry about competitors, believing that their company is "uniquely qualified" for a project. This theory can prove to be short-sighted when a competitor snatches work away with new capabilities, previously unknown relationships, or lower pricing.

Here are four things that will help you effectively track your competitors on a regular basis:

Identify Your Competitors
Create a master list of businesses you compete against frequently. Whenever you go up against a new competitor, add them to your list. Collect and maintain detailed information about each competitor. Keep the information in one centralized database where everyone in your organization can easily find it.