Vision 2023: Competitiveness, a crucial pillar driving growth
Competitiveness is a crucial pillar in maintaining and growing a business, whatever stage the company is at. Competitiveness takes many forms – it could be differentiation and hence a unique value proposition for the product, it could be a pricing advantage or unique business model, or a loyal customer base that has been carefully curated to offer the business its advantage.
While one of the above typically provides a good moat around the business for it to succeed initially, we often find that most businesses have to slowly add a competitive advantage in many more areas to become a truly global, prosperous and sustainable business. For example, when a company starts with a unique technical differentiation, this is regularly a great barrier to entry, often due to unique IP. Unfortunately, some start-ups feel that this alone will keep them being best-in-class and the go-to product. However, translating that as a competitive advantage of value proposition to getting the right pricing and business model is what sets a company apart.