Strategic Planning For Dummies®

Chapter 5. Focusing on What You Do Best

In This Chapter

• Determining unique strengths that are the basis for your strategic plan

• Identifying what activities are core to your company's growth

• Knowing what activities set you apart from your competition

• Figuring out how to develop and sustain your competitive advantages

Businesspeople and laymen alike throw around the term competitive advantage like it's the most common word in the English language. Not only is it widely overused, but also it's widely misunderstood. You aren't alone if you've ever wondered what a competitive advantage really is and what you do with it. Your competitive advantage is what you, your company, or your department does better than anyone else. It's what makes you unique, and it's why you're in business, and more importantly, why your business continues to prosper over time.

Think of your competitive advantage as your organization's DNA — a collection of genes and attributes that makes you unique. When you are capitalizing on your uniqueness, you are healthy, fit, and successful. When you aren't, you feel uncomfortable, slow, and are exerting more effort than you should.

Not only do I strive in this chapter to clear up any confusion you may feel, but I also help you uncover your competitive advantage and show you how to use the advantage in your planning process and business growth.

Knowing Your Competitive Advantage

What's the number‐one attribute Warren Buffet, arguably one of the most successful investors in the ...