“Your greatest and most powerful business survival strategy is going to be the speed at which you handle the speed of change. That speed of change is trend.” – Ajaero Tony Martins
If you work in the business field, I am sure you are familiar with the need to find your unique value in the market place. Without this unique attribute, your business becomes part of the masses. It gets lost and goes un-noticed.
We all want to have a strong competitive advantage over the competition!
Standing out, offering unique value acts like a magnet to attract and retain customers.
Given that a competitive edge is a strong “must have” to be a successful business, why is that so many entrepreneurs (and even large organizations) fail to clearly communicate and demonstrate their unique value as a competitive edge?
Eban Pagan has coined value as the “universal human blindspot” — that attribute which costs businesses the most! Failing to communicate and provide value to your customers is a huge drain on your revenues and profitability.
Knowing and understanding your value, and then establishing communication strategies to share your value with others is key. How can you do this…. create a clear plan! Planning frequently falls by the wayside in business endeavours even though it is so critical.
1. An annual review is the first step.
As a business leader, setting aside time to plan for your business. Whether you take your team or a portion of your team on a retreat, create a strategy session with your board of advisors or your Coach, or create a solo-retreat it is important to focus solely on all aspects of your business.
During your retreat/strategy session, you want to exclude all external and day-to-day distractions. Host this retreat away from your work place, away from the phone, emails and other distractions. You want to use this focused time to identify where you are now and where you want to go, what’s working, what’s not, what would you like to change, what needs to be up-dated or eliminated. HR, finances, marketing & promotion, operations and research are just some of the areas to investigate. Don’t forget to evaluate your position in the marketplace, and where your competitors are too . A SWOT analysis is a great tool to assist with this.
2. Planning for the future is next on the agenda.
I know, many of you either
- believe you don’t have time to plan
- believe you plan but things don’t work as planned
- or… struggling to plan but sometimes just don’t know which direction to go.
- Planning provides competitive edge to the enterprise over the others which do not have effective planning. This is because of the fact that planning may involve changing in work methods, quality, quantity designs, extension of work, redefining of goals, etc.
- With the help of forecasting not only does the business secure its own future but at the same time it is able to estimate the future motives of it’s competitor which helps in facing future challenges.
- Therefore, planning leads to best utilization of possible resources, improves quality of production and thus the competitive strength of the business is improved.
He who every morning plans the transaction of the day and follows out that plan, carries a thread that will guide him through the maze of the most busy life. But where no plan is laid, where the disposal of time is surrendered merely to the chance of incidence, chaos will soon reign.Victor Hugo