How is your business different? The answer to this question is a key strategy in gaining and keeping a healthy advantage over your competition.
Your business is unique. It has assets, capabilities and skills that underpin your business strategy. It is vital to remember that while a product, such as a menu, can be copied by another, the service that accompanies that product cannot. The level of service that you ultimately provide to your customers requires a specialised set of skills and assets.
An important element in the success of your business is understanding the market that you are operating in as well knowing who your competitors are. Many a brilliant business plan has failed dismally when delivered in the wrong market. Establishing a point of difference between you and your competitors is vital to the success of your business.
Once you have an understanding of your business and the strengths that you bring, what the market you are in values and who your competitors are, you are ready to establish and maintain your business' competitive advantage.
One final thing to remember is that nothing is ever certain. Always be adaptable in your thinking in response to incorrect assumptions that may have been made along the way and changing trends and demographics in your market. If there is one thing that you can count on it is that the future is never certain!