“Focusing solely on what you can do better than any other organization is the only path to greatness.” Jim Collins, Good to Great
Niche strategies create competitive advantages for small to medium-size businesses. They allow you to differentiate your company from potential competitors by demonstrating an expertise in particular product or service as well as an in-depth understanding of your clients’ unique needs and wants. To illustrate this point, just take a look at INC’s Fastest 5,000 growing companies in any year. You will notice the vast majority of these companies are focusing on a unique product, service or industry. Our coaching firm has also seen this firsthand as many of our clients qualify to be on INC’s 5,000 list.
While a niche strategy may make common sense, it is not the most common strategy used among small businesses. If you happen to be one of the few companies that have a solid niche strategy, you can skip this column and wait for some of my upcoming columns on people management. However, if you’re not using a niche strategy, this column will help you explore ways to refine or develop your competitive advantage.
We start most of our coaching engagements by asking our clients to describe how their company is unique. The most common answers include:
Our company is unique because:
YMCA Eyes Growth With Plans For New, Expanded Facilities
Emma Dill
-
Apr 23, 2024
|
|
Burns, Redenbaugh Promoted At Coastal Horizons
Staff Reports
-
Apr 23, 2024
|
|
Cold Storage Developer Sets Near-port Facility Completion Date
Audrey Elsberry
-
Apr 24, 2024
|
|
Wilmington Financial Firm Transitions To Wells Fargo's Independent Brokerage Arm
Audrey Elsberry
-
Apr 24, 2024
|
|
Krug Joins Infinity Acupuncture
Staff Reports
-
Apr 23, 2024
|
W.R. Rayson is a family-owned manufacturer and converter of disposable paper products used in the dental, medical laboratory and beauty indu...
Michelle Penczak, who lives in Pender County, built her own solution with Squared Away, her company that now employs over 400 virtual assist...
“My mission and my goal is to take my love of marine science, marine ecosystem and coastal ecosystems and bring that to students and teacher...
The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.