Improving Your Operations and Finding Your Competitive Edge
Posted February 16, 2017 in Articles
Produce the best product and sell it at the most-competitive price. While this is the goal of businesses worldwide, few achieve such aspirational success, and fewer still find a way to make their success endure the test of time.
Businesses that succeed do not do it by chance. They do it by finding opportunities where others cannot, critically assessing those opportunities, seizing the right ones and embracing change. If your business is struggling to grow in a competitive market, here are eight ways that you can reshape the mold and stand out from the crowd.
8 Strategies for Growing in a Competitive Market
1. Review Internal Policies and Procedures
For many companies, the first place to look for opportunities is from within. Policies that unnecessarily limit productivity and outdated or outmoded procedures can stifle growth while also leaving employees frustrated and disengaged.
2. Analyze Internal Data to Identify Inefficiencies
In addition to your company’s policies and procedures, what other internal factors might be slowing it down or limiting its profitability? Could processes be streamlined? Are you still pouring money into investments that once made sense but are no longer offering the same returns? Waste is the antithesis of productivity, and avoiding it should be among all businesses’ top priorities.
3. Assess Potential New Capital Investments
When companies identify new investment opportunities, they must be able to quickly and accurately assess both (i) their relevance, and (ii) their feasibility. Just because other companies have adopted a new technology does not necessarily mean that it is right for your business. On the other hand, the fact that no one else has been able to tap into its value does not mean that you should dismiss it, either.
4. Assess the Viability of New Markets
Is it time to tap into a new customer base? A company’s growth potential will be limited if it only focuses on retaining its existing customers. Are their opportunities in other demographics? In other geographic locations? These days, almost any business can expand globally with the right strategic plan and capital investment.
5. Evaluate Risks and Developing Mitigation Strategies
While focusing on growth, it is important not to forget about protecting what you have built thus far. Companies that survive long-term are able to do so because they know their risks and take a proactive approach to mitigating potential losses.
6. Enhance Quality Control at All Levels
One area in particular where most businesses have room for improvement – both in terms of profitability and risk mitigation – is quality control. Quality control mechanisms should be solid at every phase of production and sale.
7. Conduct Competitive Research
What are your competitors doing? Should you follow their lead; or, is it time to set your business apart?
8. Rethink the Chain of Production
Finally, in order to grow, businesses need to be prepared to make changes in all phases of the chain of production. From sourcing to shipping, new strategies can help reinvigorate struggling business models and position companies to convert their potential into success.
Mithras Investments | Global Consulting for Business Growth and Innovation
Mithras Investments is a global consulting firm that helps companies explore new opportunities and implement changes that enhance productivity and build brand recognition in the marketplace. For more information about our services, please inquire online or call (305) 517-7911 today.