As was mentioned in the first article in this month’s newsletter this article will focus primarily on how to assess whether your competitive advantage is at risk of being eroded while also presenting some further reading and content regarding developing competitive advantages in
Within a business environment that is increasingly being dictated by a transient-advantage economy; here are eight statements to ask yourself to determine whether your business might be at risk of losing some of its advantages:
1. I don’t buy or use my own company’s products or services
2. We’re investing at the same or higher levels and not getting better margins or growth in return
3. Customers are finding cheaper or simpler solutions to be “good enough”
4. Competition is emerging from places we didn’t expect
5. Customers are no longer excited about what we have to offer
6. We’re not considered a top place to work by the people we’d like to hire
7. Some of our best people are leaving
8. Our stock or services are perpetually undervalued
Taken From: McGrath, G, Rita – Harvard Business Review, Competitive Strategy, Issue – June, 2013
Competitive – Transient Advantage: Further Reading and Viewing
Title: Small Business Management: Launching and Growing New Ventures
By: Justin Gooderl Longenecker
This book has excellent sections on sustaining competitive advantage while also providing short examples and case studies discussing how to maintain and identify competitive advantages. Some of this book can be accessed for free online from Google books at the above link, some of the best pages are from page 33 – 47. In next month’s newsletter we will be discussing some of the content from this book in more detail.
Title: How To Boost Innovation: Why Small and Mid-Market Businesses Could Trump Start-Ups
By: Caitlin Fitzsimmons
A brief article from Business Review Weekly that discusses the importance of innovation from SMEs to the Australian economy and also provides a interesting graphic outline “Australia’s Innovation Ecosystem”. It is an interesting read to show the convergence of the variety of forces that drive and control business innovation. It also provided some albeit old (April 2014) context regarding the state of business and innovation.
Title: New Research Finds Workplace Culture Holds Many SMEs Back from Moving into the Innovation Fast Lane
The article is actually a press release regarding a research report that Microsoft recently carried out regarding business innovation. It provides some interesting statistics relevant to Small/Medium Enterprises in Australia and also provides links to their report where greater levels of information can be found. This research paper will be discussed in brief in next month’s newsletter.