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Develop a Competitive Strategy Every business, large or small, will be more successful with an established Competitive Strategy. A good strategy summarizes the Who, What, Where, When & How questions about a company's activities for building future success. WHO are your target buyers? WHAT makes your company unique in the market? WHERE will you focus your efforts to build growth? WHEN will you expect to achieve specific milestones? HOW far do you intend to move the company from its present position? Why bother? Ask yourself...Why is it that successful companies are often unable to maintain their success over time? Although successful organizations fail in many different ways, one common, underlying cause is their failure to reflect. They are so busy doing the day-to-day work that they rarely stop to think objectively about themselves and their businesses. The don't ask the hard questions that might lead them to challenge the way they are currently doing business or to develop new business strategies. With the onslaught of change facing everyone in business today, continuing to conduct business in the way it has been conducted in the past will more than likely lead to extinction. Every successful journey begins with a destination in mind. Every successful business has specific objectives. Without them the exercise becomes aimless wandering. The four primary elements of a Competitive Strategy are:
Preparing answers to the questions resulting from a study of each of these areas will allow you to more effectively allocate your company's resources and to evaluate the opportunities that come your way. |
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