The survival and success of a business is of almost priority if the business is to achieve its goals and objectives, and for any business venture to survive and become successful it most develop an effective business plan and strategy that will take into account the various factors that influences the business operations and use it to its own advantage to gain a competitive edge over its competitors in its market place of operation.
Developing and acquiring a competitive advantage in business over ones competitors is not an easy task, it is usually built over a long period of time but can be lost in a moment. In definition; a competitive advantage simply means for a business to be able to satisfy its customer by adding real value in meeting their needs effectively then their competitors or rivals.
Important elements to consider in achieving competitiveness in business;
READ ALSO : Sure Ways to Stealing Market Share from Competitors
RESEARCH -: feasibility study
Research is a systematic investigation to establish facts in an attempt to draw relevant conclusion. The importance of research in evaluating company competitiveness cannot be over emphasized. Research plays a vital role in the development and acquisition of competitive advantage in business, as it is used as a medium of information and knowledge acquisition and as it is popularly said ‘’information is power’’. Research provides the business with firsthand knowledge about; the nature of the business environment, the attractiveness of the business, customers needs and expectations, cost factor, e.t.c these in turn assists the business making relevant decisions which gives it a better chance of survival in comparism to its competitors.
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INNOVATION AND CREATIVITY -: customer focus
Any business that wishes to survive and remain competitive must have innovative ideas to meet up to the demands of the constant changing business environment as well as being creative in fashioning out new products and services that will provide satisfaction to its customers, retain them and also attracts potential customers to the business.
Innovation and creativity equips the business with visionary and futuristic ideas in carrying out its business activities in unique ways that puts it above its competitors. This can be achieved in the following ways;
Having a closer relationship with customers and understanding their expectations and needs
Strong commitment to provision of quality products and services within a shorter time frame
Provision of cost effective and affordable products and services
Being flexible and adaptative to change
Proactive to competitive business opportunities and threats
Possessing a sound technological know-how and use of modern technology .
WORK ENVIRONMENT -: employee focus
It is usually said that customers are ‘’king’’ but the employees are the ‘’king-makers’’. This goes a long way to buttress the important role being played by the employees. Employees are the driving force behind the attainment of the company goals and objectives and as such they are the backbone of any business and for the business to succeed and remain competitive it must be able to keep its employees motivated by providing them with the required standard working environment in terms of;
Good salary package with fringe benefits
Job security
Effective redress system for attending to employees complaint/job conflict
Effective communication channels with room for feedback
Provision of a safe working environment
READ ALSO: Effective Ways to Get More Customers for Your Business
SUBSTITUTE PLAN
The business in order to maintain its competitiveness and remain in business must have a back up plan in case things do not work out according to the original plan.
EXIT STRATEGY
The business plan must have an exit procedure in the event of the business going into a partnership, public or outright sale of the business.
Developing and acquiring a competitive advantage in business over ones competitors is not an easy task, it is usually built over a long period of time but can be lost in a moment. In definition; a competitive advantage simply means for a business to be able to satisfy its customer by adding real value in meeting their needs effectively then their competitors or rivals.
Important elements to consider in achieving competitiveness in business;
READ ALSO : Sure Ways to Stealing Market Share from Competitors
RESEARCH -: feasibility study
Research is a systematic investigation to establish facts in an attempt to draw relevant conclusion. The importance of research in evaluating company competitiveness cannot be over emphasized. Research plays a vital role in the development and acquisition of competitive advantage in business, as it is used as a medium of information and knowledge acquisition and as it is popularly said ‘’information is power’’. Research provides the business with firsthand knowledge about; the nature of the business environment, the attractiveness of the business, customers needs and expectations, cost factor, e.t.c these in turn assists the business making relevant decisions which gives it a better chance of survival in comparism to its competitors.
INNOVATION AND CREATIVITY -: customer focus
Any business that wishes to survive and remain competitive must have innovative ideas to meet up to the demands of the constant changing business environment as well as being creative in fashioning out new products and services that will provide satisfaction to its customers, retain them and also attracts potential customers to the business.
Innovation and creativity equips the business with visionary and futuristic ideas in carrying out its business activities in unique ways that puts it above its competitors. This can be achieved in the following ways;
Having a closer relationship with customers and understanding their expectations and needs
Strong commitment to provision of quality products and services within a shorter time frame
Provision of cost effective and affordable products and services
Being flexible and adaptative to change
Proactive to competitive business opportunities and threats
Possessing a sound technological know-how and use of modern technology .
WORK ENVIRONMENT -: employee focus
It is usually said that customers are ‘’king’’ but the employees are the ‘’king-makers’’. This goes a long way to buttress the important role being played by the employees. Employees are the driving force behind the attainment of the company goals and objectives and as such they are the backbone of any business and for the business to succeed and remain competitive it must be able to keep its employees motivated by providing them with the required standard working environment in terms of;
Good salary package with fringe benefits
Job security
Effective redress system for attending to employees complaint/job conflict
Effective communication channels with room for feedback
Provision of a safe working environment
READ ALSO: Effective Ways to Get More Customers for Your Business
SUBSTITUTE PLAN
The business in order to maintain its competitiveness and remain in business must have a back up plan in case things do not work out according to the original plan.
EXIT STRATEGY
The business plan must have an exit procedure in the event of the business going into a partnership, public or outright sale of the business.