Over the next few weeks, I will be re blogging my most popular blogs from the past year. I will be back blogging about business news and concepts in September. If you have any suggestions for blogs, feel free to contact me.
In every business, there are a number of companies or groups that you compete against daily. Some of those competitors you know, others you don’t. There are those that directly offer the same product or service that you offer to the consumer. There are also indirect competitors which offer a different solution to a problem.
Think of it this way: Weight Watchers and your local gym compete against each other in an indirect fashion. Both are trying to fulfill the same need for consumers, to lose weight. Weight Watchers concentrates on what you are eating while your local gym focuses on burning energy via high activity level. Depending on the makeup and personality of the consumer, each method can potential help solve a problem.
That lends me to a question. Do you know why you do what you do? Why do you pick the Weight Watchers option via going to the gym? There really is no wrong answer but if you frame it properly, it will greatly help you.
Now think of your business. Why you do something is becoming more important than what you do. When looking at my business, I was able to find 26 management consulting firms within my geographic area. That is only my direct competitors but for many lines of business (strategy development, lean implementation, CFO-for-Contract), there are approximately 100 more firms that I know of.
As you can tell, what you do isn’t as important now because there are various firms that do the same thing as you. But why do you do it? That reason, if projected and harnessed properly, can become your competitive advantage, your market differentiator, and the reason why your customers come to you.
If you have any questions or comments, please feel free to leave a comment.
Kevin MacDonald is a Business Consultant at L6S Business Consulting Inc (www.L6SBC.ca). L6S offers services in management consulting, Controller and CFO contracting, and lean management with either project work or teaching/mentoring of staff. Kevin has his CMA accounting designation along with a Black Belt in Lean Six Sigma.
Kevin is active in the community by volunteering for different groups and donates platelets at the Canadian Blood Services clinic on a bi-weekly basis.
L6S Business Consulting will also be holding 3 sessions in regards to better understanding and using social media (Twitter, Facebook, and LinkedIn). For more information, please email: info@L6SBC.ca
Quotation from http://mattiaskindell.com/why-is-the-answer/