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:
- Who are the industry leaders?
- What are they doing and why?
- What are the critical success factors in your industry?
- 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.