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Have you ever wondered why your customers keep returning to your business instead of going to your competitors? Have you ever asked your clients directly why your business is so valuable to them? Ill bet that if you have asked, you would have found their answer quite different from what you thought it would be! Have you ever considered how this invaluable information could help to improve your business beyond your wildest dreams? Information gained from actually speaking to your clients can enable you to develop your businesses Competitive Strategy rather than relying on your Operational Strategy. So, what is the difference between a Competitive Strategy and an Operational Strategy? Operational Strategy is actively doing whatever it is you do better than your competitors. Competitive Strategy is all about offering your clients, something that is completely different (and better) than what you and your competitors are currently offering. Put simply its all about Informed Innovation in your business. Competitive Strategy is not about an entirely new business or concept, we are not suggesting that you shut up shop and start all over! It is about your current business providing a unique, new, Innovative solution or service. So, how do I come up with a new concept in an age-old trade or service? This is where we look back to our original questions. Have you ever sat down for a quiet chat with your clients to ask them how they feel about your business and its services? Your clients are the experts in market needs, and generally, apart from buying them a coffee, the information is free! This information from your clients, as well as talking with your family and friends is sure to drum up some positive, original and Innovative ideas and concepts that will liven up your business and provide your Competitive Strategy with the edge it needs. Why does your business need a Competitive Strategy? The answer is simple, and I am sure you have probably heard it before, you may even think about it every time you visit your Accountant... You need a Competitive Strategy because 4 out of 5 businesses fail within the first 5 years. Doesnt this say something about operating your business the same as your competitors? Identifying the need for and creating your Competitive Strategy is your opportunity to start applying Innovation and Systemisation to your business so it can succeed and prosper into the future.
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