To compete in business, you have to think of ways to be unique and being unique means you stand out from your competitors. It requires continuous thinking for constant improvement and organizing your plans to enhance your strategies for the present and develop and update your strategies for the future. Your strategies are based not only on your current state but also looking into the future and thinking ahead of possibilities and preventive measures which could help in the sustainability of your business.
According to Michael Porter’s article, “A company can outperform rivals only if it can establish a difference that it can preserve. It must deliver greater value to customers or create comparable value at a lower cost, or do both.” You need to be distinct in the market for you to be able to gain competitiveness and this will allow you to be noticed more bringing in more customers. As we all know, customers always find something new or different and their tastes change from time to time.
You have to have reserved strategies that you could use when everything goes down. In another article, The Theory of the Business by Peter Drucker, it says that “Some theories of the business are so powerful that they last for a long time. But eventually every one becomes obsolete.” As what I have mentioned, you need constant improvement, enhancing and/or developing new strategies that could work for your business from time to time. This will help you to not just catch up with other companies but to maintain your uniqueness that set you apart from your competition.
Karl Abrecht, in his article The Power of Bifocal Vision, says that “Every business needs to have a bifocal vision -…this ability to see the far field as well as the near field…” and “…have the skill and discipline to continuously interpret that future into strategic actions and responses, and then use your planning skills to accomplish the plan that make sense.” If you have developed a good strategy, you must see that in the near future your competitors will try to copy it so you formulate and think of another strategy that would prevent that to occur or have a backup plan if ever that happens. Thinking of the present and future situations allows you to view possible changes that would interrupt the sustainability of your business.
If you want your business to keep running for a long time, you must establish your competitive advantage. This helps to get the attention of the customers especially when you have quality goods or services as one of your advantage. But it doesn’t stop there because you have to maintain it and look forward to the future and picture your business if it’s still standing. As an entrepreneur, having a good idea and product is not enough. You need to think hard of ways on how you can be able to compete in the market as well as thinking of where your business will be in the next five to ten years or so.