If you are looking to kick off your business, select a space with a level playing field. As a result, you will have equal odds of experiencing success.
For instance, Android mobiles leveled the playing field by providing touch-enabled smartphones to many people. These people were able to use the same applications as the corporate individuals working for Apple.
Initially, business looks to survive. During this time, it tries to penetrate the market and tap a considerable market share. It is because it allows the company to grow beyond a certain size. The risk of failure is now eliminated. So, it is time to un-level the playing field. It means developing an unfair advantage over others using ethical tactics. So, nobody can compete against you.
But the question is, how can you un-level the playing field? It is simple. You can do it by creating organizational assets that are far superior to those of competitors. You can work upon the following organizational assets:
You can devise customer contracts and agreements that lock them up with your brand for a year or two. So it will make it harder for the new entrants or existing ones to take your customers from you. Mobile phone companies offer such service contracts of two years in which the customers face penalties if they violate the terms and conditions. However, it is essential to complement these contracts with premium quality customer service to regain the customers once the agreement ends.
It is advisable to offer a variety of products or services to the customers. So the new entrants will find it extremely tough to infiltrate into the market. It is because these start-ups will be unable to offer the same variety of services or products from the beginning. These start-ups hence will not satisfy the potential market segment.
Many companies have invested heavily in building systems to handle customer complaints, produce goods, or offer services. Through these systems, the companies find it easy and cheap to hire and train employees by following the standard operating procedures (SOPs). This customized software system will enable your business to perform faster, cheaper, and more consistently than your competitors.
You are advised to spend money on purchasing the latest tech equipment and machinery. This equipment is superior to ordinary ones. It may cost you more but allows you to operate way faster than the competitors and help you provide premium service. In this way, you can easily dominate the market.
A business person should be keen to build networks that prove valuable in establishing long term strategic alliances. You can partner with significant websites or organizations so that they only promote your brand. It will help to optimize your business potential.
However, developing your company assets can be a time-consuming task and may take up to years to build. So, you may start the process of un-leveling the playing field as soon as possible. Ensure that you properly plan on making these assets by setting long-term goals for when you want the asset to be built. The goal and related targets should be kept in check daily, weekly, or monthly. It will help to look if the plan is intact.
We, at Oak Business Consultant, are specialized in providing consultation on these matters. We have helped a number of companies in building a robust financial model and business plan along with Pitch Deck. Therefore, you can visit our website Oak Business Consultant to consult with us for free.