Small-Business In Box: How to research the competition

Dear Karen: How can I research my competitors?

Answer: Use Google to set up alerts that tell you when your competitors are in the news. Also explore rivals' websites and other places — newspapers, blogs and consumer reviews — where they are being discussed, said Todd Foulks, vice president of a New York investor group.

Try to get their credit reports from Dun & Bradstreet, and see what the reports tell you about their finances. Attend local and regional business events and meet your competitors face-to-face. "Get to know them," Foulks said, "and instead of being competitors, they could become partners in a strategic alliance.