When Sam Walton acquired his first variety store, he knew little about retailing. He began visiting his competitor’s store. Sam would speak to the staff there, observe what products were on display, what was selling and what was not selling, what was in demand, the prices, etc. He continued to learn from his competitors and talk to people. Sam Walton went on to become one of the greatest entrepreneurs of America, creating Walmart.
In business strategy terms, competition analysis and market analysis are two important components for building a vibrant business. Try and do all that. That will give you a competitive edge over your competition. The game is to increase your customer’s willingness to pay for your products and services while at the same time bringing your costs down.
In the 21st century, connected strategies can give your business a further boost. Here you use technology to improve internal efficiency and performance. A good successful business sits on its people, processes, and technology, driven by a great vision of the entrepreneur. The role of the entrepreneur is key to the success and growth of the business.
I would recommend that you hire a certified business strategy expert who will work with you. The advantage of doing that is that he brings analytical tools. These help you undertake all the background analysis and provide you with all the critical information to help you gain a competitive edge over your competitors.
Let me come back to the story of Sam Walton. Sam prevented getting disrupted by other well-established retailers by becoming an early adopter of technology. He spoke to technology experts from IBM, learned the best tools available, hired the best in class experts for his business, and created his business empire.
Do not hesitate in hiring talent and consult with experts. But it will ultimately be you who will drive your business to grow.