- Building a Competitive Advantage
- The Strategic Planning and Management Process
- Step 1: Develop a Clear Vision of Success
- Step 2: Assess Strengths & Weaknesses
- Step 3: Assess Environmental Opportunities and Threats
- Step 4: Key Success Factors (KSF)
- Step 5: Analyze Your Competition
- Step 6: Defining Goals and Objectives
- Step 7: Create Strategic Options and Strategies
- Step 8: Define Your Implementation Plan
- Step 9: Measure Your Results and Adjust Your Implementation Plan
Goal: Almost nothing is more critical to a successful business than having a Competitive Advantage and a Strategic Plan. Understanding what a Competitive Advantage and a Strategic Plan are therefore becomes a critical step in preparing for success.
It is important to have a Competitive Advantage. A Competitive Advantage allows you to position your products and services at a higher, more profitable price point and it attracts customers. Without a Competitive Advantage your business will struggle to find traction and positive cash flow.
Strategic Planning is the process of building a road map of implementation steps that will allow you to leverage your Competitive Advantage into a positive cash flow. In this module we will cover the elements of Competitive Advantage and Strategic Planning and explore the interrelationship of the two.