Developing a competitive strategy in business is ultimately what separates those that merely survive from those that grow and thrive. It is what makes a business successful. Essential to operating any business, the strategy must be carefully thought out and implemented in a manner that keeps customers returning and competitors at bay.
2. Developing a competitive strategy in business
is ultimately what separates those that merely
survive from those that grow and thrive. It is
what makes a business successful. Essential
to operating any business, the strategy must
be carefully thought out and implemented in
a manner that keeps customers returning and
competitors at bay.
3. Education is far more than formal training,
certifications and degrees. Consistently
staying abreast of what is current and
relevant in your industry is a must for any
business strategy. While it is great to sign up
for mailing lists and subscribe to blog posts,
reading books will never be obsolete and
should be a major part of your education.
4. Most times, the only cost is your time. And, the
residual gains received far outweigh any minimal
investment you may make for paid services.
There are plenty of free to low cost resources for
entrepreneurs to use online regardless of market.
Education is a continual process, but after you
have achieved a comfortable level of educating
yourself and learning what you can from the
experts, you will need to move on to evaluating
yourself.
5. Evaluation requires you to take an honest,
unbiased audit of your company and services
/ products you provide. How can you
incorporate what you have been learning into
your business to get a higher return on
investment? Spending the time to evaluate
yourself honestly will save you time in the
next phase. Address any outstanding or
lingering issues that could be an obstacle.
6. The goal of this phase is to make sure you
have set your self up for success. You have
what it takes and can compete in your field at
some level. This will require you to make
goals with time limits and measure how well
you've met this goals. In your education
phase, you should have become acquainted
with industry norms and requirements to
compete.
7. Execute what you have learned systematically,
careful not to overwhelm yourself or
procrastinate. Either of these can be detrimental
to your growth and success. Make sure you
deploy what you have learned and evaluate it's
application to your business. Slight changes
throughout the execution process will help you
continuously improve and hone in on what works
for you versus what just sounds like a good idea.
