Date Added: June 2005
Today's ever-increasing commoditized market makes it progressively more difficult to sustain or gain a competitive advantage. Higher profits, greater market share and growth are the goals for any organization. To strive for this utopia, organizations should focus intently on their core priorities and be willing to take some risks.
Make competitive advantage your primary target. Hone in on core competencies that differentiate from competitors and exploit these until you have surpassed the opposition. This can be accomplished by utilizing a variety of factors: quick product development; intuitive customer knowledge; and partnerships with customers, channels and suppliers.1
Allow your leadership abilities and competitive spirit to align with your goal of competitive advantage. Maintain and motivate all energy and employee productivity into succeeding. Before proceeding with your strategy, ask:
Once the mentality of the organization is set for ultimate success, it is time to implement objectives. Five objectives that can be exercised are:1
To attain and sustain a competitive advantage, organizations must be willing to quickly abandon objectives that aren't working and proactively implement new ones. These objectives can be fierce and aggressive, making it uncomfortable for some organizations. This is what separates leaders from followers, and out-performers to bystanders.
1 Stalk, G. and Lachenauer, R. "5 Killer Strategies for Trouncing the Competition." Harvard Business Review. April 2004: 63-71.