Regardless of whether your competitors are ahead of you or behind, you can safely assume that they're always going to be up to something. And you need to be paying attention. But as a small company, you have an advantage, because small companies are typically more agile than well-established ones.

Related: 3 Reasons to Start Copying Your Competitors Today

And that gives your smaller company the upper hand in both creating disruptive offers and shifting in line with market demand.

But you're not yet off the hook because if you aren’t keeping up with your competition, you could be blindsided by sudden changes. Your sales numbers could dip. Feedback and customers' reviews could sour. And, if you have a membership program, your churn rate could go through the roof.