Seldom does one invent a new product or service that is not currently on the market. Most businesses compete within a named industry. As with most industries, the field is very crowded and the challenge for business owners is to “stand out from the crowd”.
I call that process making the right business moves. A business wants to create a unique strategic position that it can occupy within its industry thus achieving a competitive advantage. The next step is to preserve that distinction in the future.
The key message is that a company must outperform the competition and preserve that strategic edge. Sounds like a great goal, but how can a business achieve this ideal? The key words are unique, distinctive and different.
The foundation upon which unique, distinctive and different is built is a solid, well developed Value Based Strategic Focus Plan. I won’t go into the details of what makes up a complete plan as that has been described in previous writings, but the following are a few essentials:
- Defining the business
- Possessing a powerful vision statement
- Identifying customers
- Developing values and capabilities
- having specific objectives and goals
The next step is to deliver greater value to customers or create comparable value at a lower cost. It also means that all aspects of running a business must be under constant scrutiny with the hope of improving the services/products and the delivery methods.
To fulfill the key words requires knowledge of what your competitors are doing and knowledge of the wishes of your current and prospective clients. What related type of product or service would facilitate their business operation?
A business must develop strategies that enable them to find and occupy a unique, distinctive and different position within its own industry. Because change is the only constant in all businesses, a business must be constantly on the lookout for new strategic positions.
Making the right moves is an ongoing process. Speed in bringing a new service /product to the consumer requires a system that can readily adopt and implement new strategies. There are a lot more parts in the development process needed to achieve this distinction; sufficient time needs to be allocated to the development and implementation of strategic business and marketing plans.
It’s simple…. Go the extra mile and you will stand out from the crowd. Robin Crow
Nick J. Petra CFP Helping you grow your business is our only business©
Call us today to learn how we can help you “make the right business moves” www.strategicduck.com