The driving force behind every successful business
Innovation and technological inventions are often mentioned as a way to stay ahead of the competition and to concur strategic market value.
However, in today’s society, one needs more than creativity, technology, money, and an excellent idea to thrive. You can’t simply grow a business solely on creativity alone.
And this is where some people get it right with their networking culture, which sometimes facilitates corruption.
In general, we suffer from a chronic inability to bring about cooperation between the different groups that should form the aorta that feeds into and enables good change and simultaneously functions as a safety net to combat unexpected drastic challenges. And more importantly, a system that is well coordinated to know how to manoeuvre around sudden challenges.
Ultimately every company strives to generate value that no other company can beat. What does your company do differently that makes it stand out from others? What unique value does it add to the market that will draw customers but is difficult to imitate by other players that offer similar products or services? And what can you do differently today to add value and stay ahead?
In other words, you win and stay ahead of competitors by staying true to your core values. Hence, why when things go wrong, answers are sought at the root. That is your starting point where you always need to go back to as a business owner to determine and redefine your core strategies.
That explains why imitation products or brands rarely stand the test of time. Their focus is to copy your final product; they need a solid foundation. As they are not rooted in anything substantial, they shall not just follow your strategy but take from different businesses as well. Therefore, they will implement policies and procedures that will not coincide and will not go well together. Everything needs to be thought through better to be sustainable. These businesses do not emphasize one thing; their gaze is fixated outwardly, they overlook margins, and while doing so, they fail to excel; hence their downfall is predictable because they took from different shelves they were not built on anything.
Though when it comes to business and economics, money is involved; thus, companies tend to put too much emphasis on competition instead of cooperation.
The best competitor is not what ultimately makes businesses stand out from others. Of course, one needs to diversify his core values from other companies and establish something that is not easily replicable. However, many aspects are required and need to be noticed to secure continuation. One can not build a business solely on its uniqueness alone.
As a business, you need to know thyself, for one cannot simply do everything on its own. Building bridges is required; next to the expertise of the professionals you employ, your business must trust and rely on other businesses so you can outsource. Many businesses have successfully built on their core competencies by specializing in one unique niche, product or service. They excel in what they do and pride themselves on their speciality. They have built their brand around this core competence and extend their services to other businesses; that is where their strength lies.
As a business owner, that is where you should seek your strength, too, if you want to expand your business venture. You depend on many other parties, including suppliers and customers; thus, it’s better to establish coalitions with other business owners who can add significantly to your business and help you flourish.
Defining the odds of success by working together instead of competing has proven to be less exhausting for businesses. It might just be the secret formula, never told out loud for your business.