10 Tips for Creating Strategic Advantage

  1. Identify the key people or talent groups you need for your strategy to work.
  2. Adopt the practice of questioning and challenging the analyses and findings of groups that have worked in an area for a long time.
  3. Think like your competitors. If you were to compete against you, what would you do?
  4. Determine how the industries of your customers are changing and what impact that has on your strategy.
  5. Identify the best customers in your industry. Are these your customers? If they are, why? If not, why not?
  6. Check any tendency you and your colleagues have to talk disparagingly about competitors. Seek instead to identify what makes them good.
  7. Identify assumptions that underlie the business model of your industry and figure out how the model would change—or is changing—should those assumptions change.
  8. Anticipate how your competitors will respond to your strategic moves before you make any move in the marketplace.
  9. Identify any technological advances in your industry that you need to implement to ensure strategic advantage.
  10. Develop a plan to overcome a main weakness of your area that keeps you from adequatly addressing a strategic issue.
  11. Read industry and tecnical publications looking for changes or trends that indicate new opportunities to meet customer needs.

Source: Successful Manager’s Handbook.
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