8 Basic Things that Can Undermine the Competitive Advantage of Your Business by Javnyuy Joybert
What maybe killing your business may not be “village people”. The basic things I will outline here may be responsible for your struggling business. These things if not handled can undermine your ability as a business to compete in your industry and grab the market share you desire.
- Not paying attention to your industry, not taking note of new players coming in to your industry. Doing things out of assumption will only lead to your industry outgrowing you.
- Internal fights among your team members leading to poor collaboration, poor service to clients that makes them see you to be unreliable and toxic working environment.
- Not consistently upskilling your team to develop the required skills to serve the consistent change in customer’s needs and behaviours and to catchup with the changing industry trends
- Poor leadership by the CEO and other senior executives. The truth is, the role of business leadership is essential. The leadership model of the CEO and senior executives impact the performance of the team and the general business operations culture
- Poor communication. The effectiveness and clarity of communication between team members, team members and management team, the business and customers, the business and regulatory authorities (government) etc is critical. Poor communication can greatly undermine the company’s ability to compete effectively in the marketplace.
- Your team members do not have proactive mindset.
Being proactive in the workplace means, anticipating what might happen especially in the market, planning ahead (strategy), preparing in advance and acting ahead instead of simply reacting to circumstances. If you have team members who only complain, wait and complain when things go wrong your competitive advantage will always be negative
- Poor business (corporate) image
The general image of the business will affect the competitiveness of the business either positively or negatively. Strong corporate image is an asset to every business. The corporate image of a business is the product of a company’s performance, media coverage, and its activities.
- Not facing the unpleasant truths and stepping up to address these truths. To discover these truths, ask the following questions
– What are you bad at?
– Is there anything you could be better at?
– What should you avoid?
– What leads to problems or complaints?
– What decisions are you avoiding to make?
The way you lead your business, will determine what you achieve from that business. Now go and repent and if you do not know get to me let us tackle these challenges together and build a thriving business. WhatsApp +237 674949153 firstname.lastname@example.org
Javnyuy Joybert MBA, PhD-c