Advertising
Advertising

5 Things to Consider if You Want to Stay Competitive

5 Things to Consider if You Want to Stay Competitive


    Whether you’re a business owner, entrepreneur, or manager, you have to pay attention to the business landscape and your place in it if you want to be successful. You don’t want to get caught languishing by the side of the road as the rest of the marketplace rushes by you. It’s important to assess where you are now and how you can maintain, regain, or create a competitive edge over the crowd.

    What You Need to Consider

    1. Branding

    What do you do and what sets you apart?

    Advertising

    Branding is the buzzword of the day, maybe the decade. Though possibly overused, the concept is still an important one. Branding is far more than a memorable tag-line, catchy logo, or impressive elevator speech. The primary value of branding is in clarifying precisely what makes you different, what you have to offer that makes you stand out from the bulk of competitors in the marketplace. Branding is the cornerstone of any successful marketing plan.

    2. Relationships

    What do people care about and what needs do they have?

    Getting to know and understand people is vital. The key is to focus on quality over quantity. Masses of social media connections matter less than relationships with people who can directly influence the success or failure of the business. Current and prospective customers, as well as employees and professional connections have the most relevant opinions and useful feedback to offer. It’s imperative to communicate, listen, and build relationships with those who can impact the future of your business.

    Advertising

    3. Leveraging

    What are your areas of efficiency and areas of weakness?

    Small businesses and entrepreneurs tend to be resource poor. It’s just the nature of not having a large cash flow at their disposal. The most successful excel at squeezing the maximum value out of available time, money, and talent. Their strategy is to do what they do best and delegate or outsource the rest. Essentially, they know how to Do More with Less.

    They spend their time on activities that provide more value, those activities that increase revenue or help the company to grow. What they don’t do is waste their time on activities that provide little or no value. While it may seem counter-intuitive to pay others to do tasks that could be done in house, it’s often more efficient and profitable in the long run. Leveraging unproductive activities saves time and money, by increasing the focus on the most valuable tasks.

    Advertising

    4. Growth

    Where are the opportunities for growth?

    Complacency and stagnation are red flags that portend a grim outlook for future success. The danger lies in placing so much of our focus on digging in, completing current projects and managing small crises that we forget to be open to change and creative innovation. Unfortunately, this negatively affects our position in the business market and diminishes our competitive advantage.

    It’s critical to keep one eye focused on growth, evolution, and innovation. If you don’t, you will fade into the crowd while other more forward thinking businesses surge ahead, leaving you in their dust. This sounds overwhelming and somewhat intimidating when you barely have enough time and energy to focus on current needs, but it doesn’t have to be. All that’s really required is that you stay open to new opportunities and consistently take steps — even small ones — to keep growing and moving forward.

    Advertising

    Growth takes many forms. It might be revising an existing process, updating skills, investing in new equipment or learning a new technology. It also might take the form of more significant changes such as shifting careers or business models, or launching a new product or service.

    5. Balance

    What do you need? What are you neglecting? What would make you work and life more enjoyable?

    Balancing priorities and the different aspects of our life is the foundation for building a successful and personally fulfilling career or business. Modern society is buzzing with the work-life balance conversation, but often we misconstrue the meaning of balance, or at least the real world application of the concept. It’s not about trying to allot equal portions of attention, time, and energy to the separate parts or even making one a priority over the other. It’s more about discovering that right combination of shifting importance and focus that can meet the ever-changing demands of work life and personal life while still leaving us feeling happy and fulfilled, and not on society’s terms, but on our own.

    Success and fulfillment requires that we pay attention to where we are, how we’re doing, and where we’d like to be. If we can figure out what sets us apart, how we need to grow and what we need to do to keep moving forward, then we can begin to apply our focus and resources – namely time, energy and money – in a way that allows us to continue to thrive.

    (Photo credit: Businessman Moving Chess Pieces via Shutterstock)

    More by this author

    Royale Scuderi

    A creative strategist, consultant and writer who specializes in cultivating human potential for happiness, health and fulfillment.

    The Best Way to Create a Vision for the Life You Want 3 Simple Ways to Invest in Yourself and Change Your Life 50 Unique and Really Fun Date Ideas for Couples Why You Need to Say No! More Often How to Fall Asleep Fast and Have a Restful Sleep (The Definitive Guide)

    Trending in Work

    1 13 Characteristics of Highly Successful Entrepreneurs 2 5 Types of Horrible Bosses and How to Beat Them All 3 10 Simple Habits Every Effective Manager Needs to Learn 4 10 Ways To Help Your Employees Have A Healthy Work-Life Balance 5 Top 10 Workplace Safety Tips Every Employee Should Know

    Read Next

    Advertising
    Advertising
    Advertising

    Last Updated on March 29, 2021

    5 Types of Horrible Bosses and How to Beat Them All

    5 Types of Horrible Bosses and How to Beat Them All

    When I left university I took a job immediately, I had been lucky as I had spent a year earning almost nothing as an intern so I was offered a role. On my first day I found that I had not been allocated a desk, there was no one to greet me so I was left for some hours ignored. I happened to snipe about this to another employee at the coffee machine two things happened. The first was that the person I had complained to was my new manager’s wife, and the second was, in his own words, ‘that he would come down on me like a ton of bricks if I crossed him…’

    What a great start to a job! I had moved to a new city, and had been at work for less than a morning when I had my first run in with the first style of bad manager. I didn’t stay long enough to find out what Mr Agressive would do next. Bad managers are a major issue. Research from Approved Index shows that more than four in ten employees (42%) state that they have previously quit a job because of a bad manager.

    The Dream Type Of Manager

    My best manager was a total opposite. A man who had been the head of the UK tax system and was working his retirement running a company I was a very junior and green employee for. I made a stupid mistake, one which cost a lot of time and money and I felt I was going to be sacked without doubt.

    I was nervous, beating myself up about what I had done, what would happen. At the end of the day I was called to his office, he had made me wait and I had spent that day talking to other employees, trying to understand where I had gone wrong. It had been a simple mistyped line of code which sent a massive print job out totally wrong. I learn how I should have done it and I fretted.

    My boss asked me to step into his office, he asked me to sit down. “Do you know what you did?” I babbled, yes, I had been stupid, I had not double-checked or asked for advice when I was doing something I had not really understood. It was totally my fault. He paused. “Will you do that again?” Of course I told him I would not, I would always double check, ask for help and not try to be so clever when I was not!

    Advertising

    “Okay…”

    That was it. I paused and asked, should I clear my desk. He smiled. “You have learnt a valuable lesson, I can be sure that you will never make a mistake like that again. Why would I want to get rid of an employee who knows that?”

    I stayed with that company for many years, the way I was treated was a real object lesson in good management. Sadly, far too many poor managers exist out there.

    The Complete Catalogue of Bad Managers

    The Bully

    My first boss fitted into the classic bully class. This is so often the ‘old school’ management by power style. I encountered this style again in the retail sector where one manager felt the only way to get the best from staff was to bawl and yell.

    However, like so many bullies you will often find that this can be someone who either knows no better or is under stress and they are themselves running scared of the situation they have found themselves in.

    Advertising

    The Invisible Boss

    This can either present itself as management from afar (usually the golf course or ‘important meetings) or just a boss who is too busy being important to deal with their staff.

    It can feel refreshing as you will often have almost total freedom with your manager taking little or no interest in your activities, however you will soon find that you also lack the support that a good manager will provide. Without direction you may feel you are doing well just to find that you are not delivering against expectations you were not told about and suddenly it is all your fault.

    The Micro Manager

    The frustration of having a manager who feels the need to be involved in everything you do. The polar opposite to the Invisible Boss you will feel that there is no trust in your work as they will want to meddle in everything you do.

    Dealing with the micro-manager can be difficult. Often their management style comes from their own insecurity. You can try confronting them, tell them that you can do your job however in many cases this will not succeed and can in fact make things worse.

    The Over Promoted Boss

    The Over promoted boss categorises someone who has no idea. They have found themselves in a management position through service, family or some corporate mystery. They are people who are not only highly unqualified to be managers they will generally be unable to do even your job.

    Advertising

    You can find yourself persistently frustrated by the situation you are in, however it can seem impossible to get out without handing over your resignation.

    The Credit Stealer

    The credit stealer is the boss who will never publically acknowledge the work you do. You will put in the extra hours working on a project and you know that, in the ‘big meeting’ it will be your credit stealing boss who will take all of the credit!

    Again it is demoralising, you see all of the credit for your labour being stolen and this can often lead to good employees looking for new careers.

    3 Essential Ways to Work (Cope) with Bad Managers

    Whatever type of bad boss you have there are certain things that you can do to ensure that you get the recognition and protection you require to not only remain sane but to also build your career.

    1. Keep evidence

    Whether it is incidents with the bully or examples of projects you have completed with the credit stealer you will always be well served to keep notes and supporting evidence for projects you are working on.

    Advertising

    Buy your own notebook and ensure that you are always making notes, it becomes a habit and a very useful one as you have a constant reminder as well as somewhere to explore ideas.

    Importantly, if you do have to go to HR or stand-up for yourself you will have clear records! Also, don’t always trust that corporate servers or emails will always be available or not tampered with. Keep your own content.

    2. Hold regular meetings

    Ensure that you make time for regular meetings with your boss. This is especially useful for the over-promoted or the invisible boss to allow you to ‘manage upwards’. Take charge where you can to set your objectives and use these meetings to set clear objectives and document the status of your work.

    3. Stand your ground, but be ready to jump…

    Remember that you don’t have to put up with poor management. If you have issues you should face them with your boss, maybe they do not know that they are coming across in a bad way.

    However, be ready to recognise if the situation is not going to change. If that is the case, keep your head down and get working on polishing your CV! If it isn’t working, there will be something better out there for you!

    Good luck!

    Read Next