In a world where the customer is able to set the price, to grow your business you need to compete less on Price, and more on Material Control, and Function/Design.
Here is how to do it.
- Take a real hard, clear look at your company’s current capability level. Are you competing mostly on price right now?
- Decide how to take your operation to the next level.
- Understand that getting to the next level involves changes in mindset, planning, and strategy execution, rather than heavy financial investment.
- To compete on a higher level, you probably will need to get outside guidance for a limited amount of time.
- Competing profitably on any of these levels, including Price, involves 2 factors: (1) how well you develop your employee’s talent, and (2) how well you execute your strategy across all of your company’s teams to achieve target performance