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.
Contact us to try our free demo.
Related Articles
7 Reasons Learning & Development is Not Considered Strategic.
Learning management systems (LMS) have reached the point of ubiquity in organisations of all types. When a decision is made to implement an LMS, most organisations have considered some key outcomes they hope to achieve with the investment. Compliance is the most common. Beyond compliance, the modern LMS can perform as a strategic enabler in the context of achieving competitive advantages for the organisation. The LMS is often overlooked as a tool that can facilitate strategy execution and assist teams and individuals to develop skills and knowledge aligned with business goals.
LGAQ Local Buy has selected WorkPlan for ICT Solutions and Training Services
WorkPlan Joins Local Buy to Empower Councils, Government, and Water Groups with Learning and Development Solutions.
This collaboration reflects our commitment to delivering high-quality learning and development solutions that align with public and private sector needs.
With WorkPlan, organisations now have access to a wide range of training, leadership, and compliance solutions tailored to their workforce requirements.
How to Use Your LMS as a Powerful Sales Tool.
I have previously written how your LMS should be a strategic enabler in your business and not merely a compliance checklist. One of the ways your LMS can become strategic in your business is by using it as a powerful sales tool. I am going to explain 8 ways your LMS can boost sales by improving how you engage with prospects and differentiate you from your competitors.
Are you ready to take your business to another level?
Contact us today
Head Office
1300 726 708
+61 7 3220 2229
Melbourne Office
+61 3 9752 5651
In the spirit of reconciliation WorkPlan acknowledges the Traditional Custodians of country throughout Australia and their connections to land, sea and community. We pay our respect to their Elders past and present and extend that respect to all Aboriginal and Torres Strait Islander peoples.
