Creating a Competitive Advantage

Overview
A little competition can be a healthy thing. It can also be both costly and disastrous if you aren't up to par with others in your particular business or industry. How you handle competition can be a direct link to the success or the failure of your company. You can, however, significantly increase your chances of coming out on top by creating a competitive edge.
Having a competitive edge means possessing an advantage over your competition. This does not take the luck of the Irish, but rather some solid strategic planning. Before you can accurately identify your competition, it's crucial to first define and analyze your target market. What are you selling and to whom? Next, make a list of those companies trying to do the same. What are their strengths and weaknesses? Their strategies and goals? How do they draw in customers? What, if anything, makes them stand out from the pack?
If you don't have this vital information, get it quickly. You shouldn't live in awe of your competition, nor should you fear them, but you must find out who they are and what makes them attractive to current and potential customers. Assessing your competitors openly and honestly will play a key role in helping you develop a competitive edge.