African Business News
Is your strategy watertight or are you doing a business of “maybe I can win” – Gambling?
Well, whichever group you belong watch this video and comment. Give one or two points of “Lesson learn”.
Many times, business people and companies miscalculate the moves of their competitors. For many reasons, one of which is “not investigating enough the moves of and the reasons why” competitors do what they do. Overlooking a competitor may lead to downfall and result into big loss if not total wipe out.
Is your strategy tight? Do you understand your competitors’ moves? What are you doing to counter those moves or to outsmart them?
Consider these additional questions and answer them for your personal use.
- How much do my competitors charge for product/service xyz?
- To whom do they sell?
- Where – In which market do they sell?
- How much are they willing to give out for marketing, research and compensation?
- How solid is their financial base – equity versus loan financing?
- Team – Check the profile of their management team, board members, their profiles, pedigree, credibility, public image and achievements, why they were engaged and how happy they are working for your rival(s)?
Are you anywhere close or better than your rivals in any or all of these?
You may be missing something.
The only way to find out may be to go back to your strategy lab.Last modified on