5 (FIVE) STRATEGIES THAT WILL ENSURE YOU STAY ABOVE YOUR COMPETITORS .
Some people think that all they need to do is just to establish a business and they will start reaping the profit in no distance time. Frankly I tell you that establishing a business is just achieving only 2% of what should be done. My intention is not to , no but to equip your mind and trigger your passion.
As you are already aware, before you establish your line of business, thousands of people are already into that particular business. How then can you distinguish yourself and your business from that of your competitors and thereby run a near monopolistic market structure.
Many years of research and study of most successful firms around the world provided the much needed answer. I carefully summarized it into five working strategies…………..
1. Increase your personal knowledge := your personal knowledge is the bedrock of everything you want to achieve. The knowledge you have and you gain is what distinguishes you from everybody else. Always have it in mind that the difference between the market leaders and market followers is in the amount of knowledge and technical know-how. So to stay above your competitors, always seek for knowledge and secure it at every cost.
2. Focus on marketing := marketing is your second critical advantage. Marketing is the machine that drives your business. Good products can fail, and second rates monopolize a market because of the difference in the marketing effort. Well articulated and well packaged marketing mix brings people to your door step, people who are happy to part with their money in exchange for your products or services.
3. Choose an outstanding people to work with := your people are your greatest asset, not your brand, equipment, or products. They are the ones who make your products or services, find your customers, sell to them, and do everything else that makes your business a business. If you understand that the success of your business starts with the success of your people, you will now see the need to invest heavily on your people.
4. Design a leveragable and sustainable system := a system in this regard has to do with self guarding your time and maximizing it for optimum production. Passing down skills and delegating duties and authority. Incorporating the whole component parts and harmonizing them for easy accessibility.
5. Ready to work for an extra mile := the last but not the least is being ready to work for an extra mile. Are you ready to wake up when others are still sleeping and denying yourself some comfort. This is very critical to the success of every business.
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