Do you have viability?
It is essential to understand what’s the long term viability of your industry is. It’s critical to look for the trends could change the rules of the game. Also, what would allow a competitor to change the rules of the game?Understand the reward (and cost) of being a winner/loser within your industry. And, also in five years, what will your industry winners look like.
These questions may help:
- Firstly, Who are the industry leaders?
- Secondly, are they doing and why?
- What are the critical success factors in your industry?
- And what does your competitor do? – (Not as simple and straightforward question as it seems).
- What are the key players saying?
- What are they not saying?
- Do their actions match their words?
- Where do they compete, which customers and niches?
- How are they going to fight in the future?
- Are their strategic objectives achievable and will they clash with yours?
- What options do we have to compete in this changing world?
- How will you differentiate against them?
- Can you isolate vulnerabilities to exploit?
- If you had limitless resources, do you know which of your competitor’s people would make a significant difference to your organisation?
Answers to these questions could create a powerful list that would be to highlight your strengths and weaknesses and your future plans.