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This is why you put in research and evaluation time to identify holes in your planning and fantasies in your decision making prior to writing. Self-deception destroys many businesses because it leads you to think you have enough money, time, product superiority, operational superiority and marketing savvy to blow your competition out of the water.
Organizations such as the Service Corps of Retired Executives, known as SCORE, can provide you with unbiased advice regarding the reality of your assumptions so you have the opportunity to revise your description of your competitive edge, if needed.
A clear and factual vision is one of the best competitive edges you can develop.
is recognized as one of the top 50 coaches in the U.
S., and the author of 7 books, including Getting Ahead: Three Steps to Take Your Career to the Next Level.
In the aggressive business world, especially in today’s economy, every advantage counts to establish your business in the top of your industry.
Gaining a competitive advantage takes strategic planning, extensive research and an investment in marketing.However, restaurants typically gain competitive advantages through offering either unique or better-tasting food or from maintaining a higher level of service than their competitors.Establishing your competitive edge is an important part of the feasibility study you do prior to writing your startup business plan or your year-end strategic planning for next year's business expansion.There are many training programs available to help you work faster, smarter, and bring more value to yourself and your employer.Listening to books on tape can also help you gain a competitive advantage.Victoria Duff specializes in entrepreneurial subjects, drawing on her experience as an acclaimed start-up facilitator, venture catalyst and investor relations manager.Since 1995 she has written many articles for e-zines and was a regular columnist for "Digital Coast Reporter" and "Developments Magazine." She holds a Bachelor of Arts in public administration from the University of California at Berkeley.It entails research into your competition, how their products differs from yours, how their operations differ from yours and how their marketing differs from yours.Your research should also include the demographics and buying habits of your target customer so you can identify or create your competitive advantage.List the qualities of your product, business operations, marketing and customer base.Then list how those qualities compare to your competition and what you can do to best that competitor.