Competitive Advantage

Does your business have a competitive advantage? I have asked this question to business owners for many years and most often the answer is yes, it is our “service“.   The dictionary defines advantage as a condition or circumstance that puts one in a favorable or superior position.   So let me ask the question in a different manner.  What is your favorable or superior position as a business?   I’ll bet it’s more difficult to answer yes to this question. Claiming that we have a competitive advantage assumes we have studied our competition in great detail.  Have you really studied the competition in great detail?  Do you know your competitors strengths and weaknesses?   Studying your competition is the first step in developing a competitive advantage.   The second step is to study your own strengths and weaknesses.  The final step would be to determine or develop an advantage and then make it known to the marketplace.  At Vance Advisory Group,LLC, we do not create our client’s competitive advantage.  We just help them find it.