Competitive advantage – once you attain it you’ve completed your task and your business is set for the long-term. Right?
But as we discuss in our classes – you don’t “arrive” and you’re never “there”. It’s a constant process. Markets change, customer needs and wants evolve, and competitors don’t just stand still waiting for your next move. The business world is often unpredictable and usually chaotic, and it requires you to constantly adjust. Click here to read a Forbes article on The End of Competitive Advantage.
A 24/7 Wall St. series predicting brands that will go bankrupt each year illustrates the difficulty that all companies have staying relevant over the long term. Click here to read the 2016 predictions.
How involved are you and your decision makers in pushing the envelope and maintaining or developing new competitive advantages?
PriSim Business War Games Inc. runs and designs customized business simulations that teach decision-makers about business, strategy, finance, and leadership.