Have you been so busy running your business that you haven't taken the time to look at your business with fresh eyes? The problem with not doing this is getting stuck in your ways of doing business and some of your competitors may have started to gain ground in your market without you being aware. Before you business suffers from this, checking out your competitors is a worthwhile activity. You'll see what they're up to and it gives you an opportunity to step up your game and do what needs to be done to compete well with them.
What do I mean by stepping up your game? Its about making improvements to your business. For example, are they offering a combination of products or services that you had considered but not committed the time to getting it done.
This isn't about following exactly what they've done, its about taking a closer look at your competitors and using this information to decide what you want to change. Ultimately I want for you to come up with ideas so that you beat your competitors and gain any extra business thats available.
I suggest that you pick say your top 3 competitors and first of all decide what it is specifically that you want to learn about them. Then go and start researching.
Here's some areas that you may want to consider:
What are they doing that encourages people to choose them as a business? i.e. opening hours, friendly staff, payment options, easy accessibility, contact details found easily.