“If you don’t have a competitive advantage, don’t compete!” – Jack Welsh, CEO, General Electric
This is a really simple article with profound implications…
If you start a business today, odds are that 4 years from now, you will be out of business.
The good news is that if you follow a basic strategy for growth and profits, you can win.
If you have a strong competitive advantage.
As we say in The Golden Game of Business, there are only 3 core functions in business. I will lay them out here, and ask you to rate your business accordingly:
GET CUSTOMERS. If you do not attract new customers, you will be out of business almost instantly. The key question is, what is your Competitive Advantage… what is your EDGE that gives you the power to attract new customers in droves? My Competitive Advantage Is: _______________________________
KEEP CUSTOMERS. If you attract new customers but fail to keep them coming back to, you will fail. The key question here is, what is your advantage over your competition in terms of retention and engagement? A better email marketing system, fabulous content, a whole string of products they cannot live without? My Competitive Advantage Is: _______________________________
MAKE MONEY. Getting takes money. Keeping takes money. It is expensive doing what it takes to get and keep customers. Skillfully done, you can make a lot of money. Find your ideal customer, make insanely great products, and manage the money ruthlessly. The key question is, are you making the most money possible from all the effort you spend? My Competitive Advantage Is: _______________________________
What to do Next?
Spend some quiet time today, or have a short meeting with your team. Ask the 3 important questions above.
If you don’t know, order your personal copy of The Golden Game of Business and attend our Master Mind Sessions.
If you know how you are different in your customer’s mind, then all you need to do is beat your competition at every turn… GETTING the customers before they do… KEEPING them coming back to you… and MAKING a ton of dough from all that getting and keeping!
Review this infographic. If any of these items are of concern, better get with the program before the old croaker gets you!
Why not test yourself against the Gold Standard for the Function? Test MyBizIQ…
E. R. Haas, CEO