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HOW TO BEAT YOUR COMPETITION AND DOMINATE THE MARKET

Hire the right talent and motivate them to offer 100% excellent service.

TIGHT COMPETITION, THIN PROFIT MARGINS

Today’s business environment literally moves at the speed of light. Hardly does a trend emerge in Tokyo than it is being practiced in a small town in Uganda. There is neither exclusivity in knowledge nor a monopoly on skill.

The internet and globalization have democratized the business environment and created a level playing field for small and big businesses. This has made finding a competitive edge a matter of cunning rather than outright business skills.

When the number of customers is contant, firce competition arises between rival businesses selling similar products

When the number of customers is constant, fierce competition arises between rival businesses selling similar products.

In this new reality, it is my opinion that a leading business is one that is able to acquire marginal value which will set it apart from the other competing entities.

This could come in form of offering cheaper services, attractive packages, outrageous discounts, exclusive services, or even the way Rolex does by offering limited product editions.

The question therefore remains, how can an average business beat its competition by exploring any slight opportunities that still exist in this crowded marketplace?

If for instance, the product offerings are similar, what soft skills and psychological endearments can a business adapt to position it on a level above the competition? 

USE MARKET INTELLIGENCE TO INFORM YOUR BUSINESS DECISIONS 

The first step is to conduct extensive and meticulous market research to ensure you thoroughly understand the industry, your competition, and your target market. This research must be continuous, intelligent, and deliberate.

Following your research, ensure that every business decision is made by leveraging business intelligence to anticipate behavior and decisions, and patterns. 

Painstaking gather and analyze market intelligence to leverage your business decisions

Painstaking gathering and analyzing market intelligence to leverage your business decisions.

USE YOUR CHARM AND CULTIVATE SOCIAL ENGAGEMENT 

As a business, try to interact with local communities in matters beyond your area of interest. Join the local community council and participate in matters that are unrelated to your business such as education, the environment, security, and infrastructure.

Not only will you be forging crucial networks and attracting goodwill, but you will gain a deep first-hand understanding of how your potential clients think, their fears, needs, expectations, and other proclivities.

This will become invaluable especially when it comes to negotiating new contracts, extending credit facilities, and strategic planning.

FOCUS ON OFFERING SOLUTIONS – PRACTICE INTEGRITY

Always focus on the solution that you present to your community through your business. This should be your main concern. To these ends, be ready to reverse course, adopt new approaches and adjust business practices whenever you detect that your business does not fulfill 100% of its mandate of offering a solution to a problem.

With your business networks, exclusive market intelligence, and solutions focussed outlook, you still need to be efficient and excellent in your business practices. Under no circumstances should you take shortcuts in order to gain an advantage, instead, by disciplined time and resources management, aim to offer excellent services in every single transaction. 

As the leader and representative of your brand, present yourself as a decorous and decent person. You must appear dependable, resolute, trustworthy, and amiable. Do not aim to please everyone, as you will certainly fail, instead focus on being a person of integrity, honor, and respect. 

Socially interact with and charm your away into the hearts and minds of the local community.

Socially interact with and charm your way into the hearts and minds of the local community.

HIRE THE RIGHT TALENT – TRAIN THEM WELL.

Watch out for new technological developments, products, and the latest news concerning your industry.

Be ready to grab any opportunities for business expansion, where, if your business venture in, would have a compounding effect of increasing income for yourself. 

Lastly, and crucially, as a bedrock of your success, hire the best talent for the right job. Don’t be frivolous. Instill in your team the attributes of self-discipline, customer service, and hard work.

Your team should be ready to weather the inevitable storms that accompany any business enterprise. They should be well primed to stay focused on fulfilling the business objectives and must remember, that they represent the business whether they are in or out of work. 

With these systems set in place, you should cultivate the people’s skills spoken by Dale Carnegie. Learn how to win friends and influence people. Your charisma and charm should be genuine and spontaneous. Avoid imposing yourself on people. In addition, practice mindfulness and meditate frequently. 

Anyone that adopts these pointers as a template to guide their business plan has a 95% chance of becoming a dollar millionaire in the first five years of his business. I have distilled nuggets of wisdom from my years of successfully engaging in enterprises all over the world, and meeting and interviewing successful businessmen. I sincerely hope a keen entrepreneur somewhere takes heed and puts this into practice.           

 

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