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How to Maintain a Competitive Advantage in Business

By Sthitaprajnya Panigrahi

Companies that solely focus on competition tend to perish soon from the market, whereas the companies that focus on value creation will continue to thrive and succeed. In corporate sectors, competitions are inevitable. Preparing a business strategy that not only creates a unique recognition of the company among its other co-players but establishes its worth and repute in the market is necessary for every company. By properly analyzing the current market trends, most of the organizations are ensuring advanced business intelligence, enabled with highly developed technology. So as per the needs and requirements of the market, it is vital for the organizations to come up with a unique business strategy model that not only provides a business plan to conquer the market but also with competitive advantage strategies. Assembling the assets and attributes of the company and preplanning the economic year ahead will not only ensure a competitive edge in business plan but also endows a sustainable competitive advantage, which makes the company stand out amongst its key competitors.

So, to maintain a competitive advantage in business, the points mentioned below might be of assistance:

1. Proper Investment: It’s necessary to identify the expertise of the area in which the business excels than the other co-players in the market. With each passing day, there are numerous innovations in infrastructure, technology, and new trends. By investing in all the appropriate sectors, the business can experience a significant boost in the market.
2. Build a Strong Financial Stability: Monitoring the cash inflow and outflow is another significant aspect of competitive strategy. As an efficient leader, it is vital to check any cash outflow which can put the organization in financial jeopardy. Financial stability is the factor that decides the existence of the company in the market. Hence it is always advised to strengthen the company financially.
3. Watch Out for Evolving Technologies: Technological trends define the course of the market in the upcoming fiscal years. It’s not only necessary to know about them but also to implement them in the business process to improve the products and services. New-age technologies such as digitization, robotics, AI and MI intelligence can benefit the business by improving the expertise of the business significantly.
4. Recognize Value of Customers: Customers decide the rise and fall of the empires in the market. Reach out to maximum customers and try to get their feedback about particular products and services. Interact with them about how to improvise your current products and services. By reaching out maximum customers over time will not only give the business a significant hike in revenue generation but will also help in creating a brand name.
5. Work on Self Improvement: As a business leader, it is obligatory to compete with self. Analyze the factors that have helped your growth over the years and the ones which have hindered your flow. The quality of products and services need to be improvised over time or5 else the company will fade away from the market.
6. Learn from Competitors: Thanks to the advancement of the internet, we all are keeping track of each other. It is intelligent to use time and money to research and learn about the innovations happening in the business sector. Learn from the rise and downfall of the other companies. Think about new ideas that can give you an edge in the industry.

 

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