Wouldn’t it be fantastic if every decision you make in your business had a real impact on driving profitability and created a position that frustrates your competitors? This dream is achievable, but in reality, the numerous day-to-day demands in running a business often stand in the way.
The pace of business is always increasing, and the use of mobile technologies means that we are seemingly always accessible. So many decisions need to be made on the spot in order to meet the demands of your customers, staff, and business relationships. This accessibility has resulted in more distractions, and your valuable time being taken up with non-focused and unimportant activities. It seems that time management has become our number one business issue.
How can you break through the noise and the distractions, solve your time management challenge, and make sure you’re focusing on those decisions that will drive profit and increase your competitive advantage? A major part of the answer lies in how you make decisions, and how you evaluate them.
The most successful players focus their time and energy on those situations that offer the greatest opportunity for competitive advantage in their marketplace. They do this by applying a simple decision matrix to every situation that needs their attention.
In our experience, most businesses do not understand their true competitive advantage. They rely on their product selection to create their advantage. Unfortunately, it is rare that product selection alone is the basis for establishing a successful advantage in the marketplace, as your customers can often find the same products or an acceptable substitute from your competitors. So, what sets you apart needs to be more than what you sell.
Finding your true competitive advantage is difficult, and it takes time to discover, understand, and learn how to use it. However, once you find it the rewards are many – more focused marketing, more efficient time management, and a more successful future for your business.
Enlightened leaders also embed their understanding of the competitive advantage in their teams; valuing their inputs and removing their traditional barriers to change. In turn, the team provides the business with the power, resources, and energy to reach its goals.