5 Questions to Ask when Creating a Perfect Business Strategy: Question 2

5 Questions to Ask when Creating a Perfect Business Strategy: Question 2
WorkPlan

WorkPlan brings you a 5-part series on the questions that you should ask to create a perfect strategy. This is part 2, where we explore the second question: Where will we compete to win?

Welcome to part 2 of this 5-part series where we explore the 5 Questions model. In this article we will be exploring the question ‘where will we compete to win?’. In part 1 of this series, we unpacked the question ‘what does winning look like?’. It’s essential to answer that question before moving on to this one, question 2.

What is competing to win?

As mentioned in part 1, ‘winning’ is to keep your business more successful than competitors in a sustainable way. Competing to win is to find ways to foster or keep a competitive advantage in your industry.

Asking yourself ‘where you will compete to win’ is a difficult question to answer without defining your business goals and aspirations. Once you understand where you want to take your business and where your priorities lie for your business, you can then evaluate your current products or services for competitive advantage. This is where you may choose to abandon failing projects, products or services, or reconsider your ideal clients, expansion into new areas, contraction from others, locations for growth, and other factors critical to building a successful strategy.

Another way to look at this question is where you choose to play and not to play.

How do you compete to win?

During this step, you will need to do some research and justify your choices based on competitive advantage. You should be able to answer the question succinctly to an investor, employee or stakeholder, but behind the answer may lie comprehensive data and observational evidence.

To break down the question ‘where will we compete to win’ further, ask:

  • Where will we compete?
  • In what markets will we compete?
  • In what markets will we not compete?
  • And why?

To make these decisions, you will need to conduct research on your competitors’ activity in the market, target consumers, geography, ideal products or services, pricing strategy, etc.

Conclusion

Like with question 1, you should take your time to work through question 2. In this step, you’re starting to make big decisions for your business, and conducting research will help you justify your decisions. For a comprehensive look into the 5 Question model, download our e-book. If you have further questions, or need some guidance in developing your strategy, feel free to contact us.

How WorkPlan Learning can help

WorkPlan Learning is a collaborative LMS that keeps all your business’s training content in one place, making professional development easily accessible to all your employees. The collaborative capabilities of WorkPlan Learning allow your employees to keep on top of their professional development by giving them room to give feedback and raise any gaps in knowledge.

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