Getting a competitive advantage is something that every business has to do. But rather than try those old formulas that every business owner tries, why not think outside the box. Here are some of the best alternative ways to give your business the advantage you need to be the best.
Headhunt the Best Employees
In many industries, there is only a limited number of people who have the skills to do vital jobs. So, one good way to make sure that you have an advantage is to assemble the best team. You can get a real edge over the competition if you have the very best people working for you. When you seek out the best employees working for other businesses, it’s known as headhunting. This is different from ordinary recruitment methods because you go directly to the employee, not the other way round. You usually have to offer a healthy pay increase and bonuses to persuade them, but it might be worth it.
Some businesses are impacted by the decisions made by governments. For example, renewable energy companies are often affected by subsidies and regulations. So, if the industry in which your business operates could be affected, you should consider using lobbying firms. They can offer you a chance to get your thoughts and ideas heard by the people who make decisions. Your business could be adversely affected, so it’s at least worth trying to protect it as much as possible. In recent times, it has become easier than ever for small businesses to do this, so don’t dismiss it.
Predict Future Trends
If you can be truly ahead of the curve, then your business will always have a healthy advantage. Things change in all industries, and the rate of change seems to be faster than ever before. New forms of technology are changing how companies sell, what they sell and how consumers behave. Making predictions with regards to these things can be the perfect way to make sure you remain dominant in the market. Of course, you’re never going to be able to predict the future with 100% accuracy, but that doesn’t matter. If you follow trends, you can make relatively accurate predictions that will help you to sell more and satisfy customers.
Protect Your Market Share Strategically
Your market share refers to the level of dominance that you have in a particular industry. Once you have built up a large market share and your business is a dominant force, you’ll have to protect its position. As a large company in the market, there will be many competitors out there that are looking to challenge you. Every business wants to secure dominance. So, you need to discover new strategic ways to protect your market share and maintain your position at the top of the chain. If you fail to do this, it won’t be long before a smaller company comes along and takes your customers. Innovating, patenting ideas and other such ideas can help you do that.