Even before the crisis, smart entrepreneurs are constantly seeking out ways to beat the competition and be on the lead. Even in the present ugly situation, such entrepreneurs are rather viewing the whole situation from opportunists’ point of view and taking bold steps towards finding and seizing every possible opportunity.

To show how important competitive advantage is to any organization, CEOs outsource competitive advantage identification to consultants and pay substantial sum to them for such creative tasks. Competitive advantage produces higher profits which can in turn be re-invested in some business aspects such as the following;

• Growth – In the form of developing new products, venturing into new markets, acquiring market share and so on.
• Capital Enhancements – this helps to cut back costs or boost quality
• Brand Improvement – This boosts brand or product value
• Hot Deals – which helps to attract new customers and retain old ones
• Juicy Compensation – this attracts the best talents to the organization, so that they can help boost and sustain the gained competitive advantage

So, How Do You Strike a Competitive Edge as an Entrepreneur after the Long Shutdown?

The major element in accomplishing this feat is speed. What does this mean? The fact is, post-covid period will create more demand than supply. This presents economic and growth opportunities to entrepreneurs who will spring into action immediately, rather than drag their feet.

Smart entrepreneurs are gearing up to adopt any feasible measure that would grant them speed. One of such identified measures is outsourcing – partnering with freelancers and looking to other flexible labor sources to help them take swift action towards the huge opportunity that lies ahead.

Also, entrepreneurs should look at sustainable markets as additional way of achieving valuable competitive advantage. In doing this, it is important to align procedures and techniques to the shift in consumers’ behaviors. These new behaviors include seeking for more comfort, convenience, security, affordable pricing and community. There’s also a shift in the way work is done and entrepreneurs should also build-in this shift in their model for attaining valuable competitive advantage.

It’s Important to Start Out the Right Way

Research should precede any meaningful step to achieve competitive advantage during and after the pandemic. This will help reveal the nature of the present market segmentation and the value that that each market segment desires.

A well organized market would normally adopt the following major groups of consumers;

• Those that are brand-driven – they look out for the best brand
• Those who go after the best service or product – for this group, quality and performance are their priority
• Consumers who are more concerned about cost effectiveness – they go for low-budget friendly products that also meet their needs.

So, once you understand these basic elements of gaining competitive advantage, your journey to success has already began.

Daven Michaels is a New York Times Best Selling Author and CEO of premiere global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! Inspires entrepreneurs to build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams