Owning and managing a business is nothing like a board game. Every move may seem similar to a game as every decision can have a dismal effect from the outcome of choices. Winning and losing is also relative to a game, but in this instance, it’s actually life and death. Life and death are exactly how you must operate your business because for starters you are responsible for the livelihood of stakeholders, employees, and customers who rely on your business. Therefore when you win, you produce a future for your company and the industry. You are responsible for the success and the failures of the company. Competition, in general, will always be readily at hand, trying to do the same things that you are to them. Ultimately, without customers to drive the industry, you have nothing to go back on.
There are many competitive strategies that are critical but the first and most important is to regularly survey your customer base and find out what they need to be successful, happy and optimistic.
You are always aiming to capture a large chunk of the market share to increase profits and accelerate the development for future expansion. If you appease to the market and keep them balanced between intrigue and excitement, you are always going to be a step ahead of your competitors. If you are an industry leader, then profits may boom, development can speed up and expansion may come at a cheaper price.
Chady Salim is a telecom industry expert that has helped scale and expand a business into industry leaders. He is a senior executive that works with the global leaders in his industries to ensure that their positions aren’t compromised.
There are many competitive strategies that are critical but the first and most important is to regularly survey your customer base and find out what they need to be successful, happy and optimistic.
You are always aiming to capture a large chunk of the market share to increase profits and accelerate the development for future expansion. If you appease to the market and keep them balanced between intrigue and excitement, you are always going to be a step ahead of your competitors. If you are an industry leader, then profits may boom, development can speed up and expansion may come at a cheaper price.
Chady Salim is a telecom industry expert that has helped scale and expand a business into industry leaders. He is a senior executive that works with the global leaders in his industries to ensure that their positions aren’t compromised.
