Strategy isn't optional — it's your business lifeline. Although it's tempting to get lost in numbers, margins and growth rates, these metrics alone won't ensure your success. You need a comprehensive plan that goes beyond figures — aligning with your company's core strengths and with the competitive landscape.
Perhaps the most critical part of this process is identifying the niche verticals in which your business can do things nobody else can. The goal may not be as fanciful as it sounds if you follow a process. Different businesses approach it in various ways, but the most successful ones typically follow five crucial steps.
Related: How Specialization Leads to Better Pay and Less Competition
Begin identifying the universe of competitive factors in your industry. Don't limit your analysis to what your business is doing; define your competition broadly. For example, if you own a coffee shop, your competitors aren't just Starbucks and Dutch Bros. Anyone offering a coffee fix is your rival, from the gas station to McDonald's.
Think about what sets your business and your competition apart. Is it the cost of your coffee, the ambiance of your café, your service speed, your use of eco-friendly products or your community engagement? List it all now; we'll prioritize it later.
Related: Is Focusing On a Specific Niche Really That........© Entrepreneur