“Never interrupt someone doing what you said couldn’t be done.”
~ Amelia Earhart
One thing your competitors will hate, and which will give you competitive advantage is to do something they would have a hard time duplicating.
I know of one business that has an extremely rigorous client development process. Among other things, it consists of 6 months of pre-written emails sent to prospects twice per week, and weekly letters and packages sent to them in the mail. The process works extremely well, and not only would it take competitors 6 months to learn their systems, but creating a similar program would be a significant undertaking.
Other companies create a host of niche products that make it harder for a new competitor to enter their market. For example, if someone wanted to compete against Growthink with a capital raising product, it would be hard for them as we offer a product for raising angel capital, a product for raising venture capital, a product to get loans, a product to get grants, a product to raise crowdfunding, etc.
So, think about how you could create a company that your competitors can’t replicate. In doing so, your competitors will be at a huge disadvantage. Also in doing so, you will become a great acquisition candidate for larger companies who realize it’s easier to buy what you’ve developed than try to recreate it themselves.
Is Your Business at Risk of Failure?
Most businesses fail — they die a premature death. I hate to be so blunt, but this is the truth. The only thing that varies is just how many businesses fail.
What’s the number one cause of this failure?
Well, according to Dun & Bradstreet, the primary cause is lack of strategic planning.
Entrepreneurs and business owners don’t plan to fail. Rather, they fail to plan (which causes them to fail).
Today’s Question: Why are the annual awards given for the best billboards called Obies by the Outdoor Advertising Association of American Marketing?
Previous Question: How much money does the average company save for each employee suggestion it receives and acts upon?
The average company saves over $7,000 for each employee suggestion that is enacted. In fact, Toyota attributes much of its success to implementing suggestions from its front line employees.
So make sure to solicit feedback from your employees and act on it (not only will this save you money, but your employees will become more motivated).
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