Leverage various sources of power to gain a competitive edge
- Identify your leverage points.
Look at your current situation and determine what resources or strengths you have that can be amplified for maximum impact. This could be a unique skill, knowledge, or an unmet need of your target audience that you can address. Write them down.
- Set feasible, ambitious goals (proximate objectives).
Brainstorm your objectives and select those that are ambitious but within your reach. Be clear about what you need to achieve this goal - whether it's technology, resources, or skills. Write them down.
- Examine your organization's chain-link system.
Assess all departments or aspects of your business. Identify any weaknesses and make plans to strengthen them. Your business will only be as strong as your weakest link.
- Design a coherent strategy.
Align all your actions and plans with your overall strategy. Make sure each piece of your strategy complements the others. This will help your company move forward as one unit.
- Focus on a specific market segment.
Identify a niche market that your product or service can cater to better than any other existing offerings. Develop strategies to deliver the maximum value to this segment.
- Develop a sustainable growth plan.
Instead of focusing on rapid, unsustainable growth, create a plan for steady, sustainable growth based on successful innovation, efficiency, and creativity.
- Capitalize on your advantages.
Identify your strengths relative to your competitors. Use these advantages to set yourself apart in the market. Also, think about how you can protect these advantages, perhaps through patents or building strong relationships with customers. Write them down.
- Anticipate industry dynamics.
Stay updated on the latest trends and changes in your industry. Use this knowledge to anticipate future changes and adapt your strategy accordingly.
- Monitor inertia and entropy in your organization.
Regularly assess your organization for any signs of resistance to change (inertia) or disorder (entropy). Take corrective action whenever necessary to keep your organization nimble and organized.
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