Yes, it would involve brand promotion and increased quality of goods and services, and a lot more. You see, in a business sphere, competition is bound to occur, it cannot be ruled out completely, and every business person has to strategize how best to make huge sales in spite of competition.
I would like to look at it from a restaurant business angle.
You have two other persons running the same food restaurant business as you on the same street, how best can you ensure that you are least affected by the competition?
First of all, your business name is what may attract customers, to some other persons, it may be the neatness and serenity your business place provides. Have you thought about what best attract your prospective customers?
Second of all, how do customers rate your services? This is actually how you would get to know if they would make a comeback or not. Don't be ashamed to ask customers for reviews.
Also, you can look out for things other competitors are not doing and incorporate them in yours, for example, providing WiFi in your restaurant, making discounted offers from time to time, etc. Spices like these would make customers stream into your restaurant with friends.
Conclusively, an overtime may help especially if you would not be expending much during the time. Check your opening and closing hours, not everyone takes breakfast at 9am or dinner at 6pm. You can attract more customers in the face of competition this way.
