How to Crush your Competition
As an entrepreneur, you’re looking for all the ways as to how to crush the competition in 2020 and be successful. It’s tempting to focus a lot of your time on your competitors, what are they doing, and what can you do better. The trouble is, the more time you spend obsessing about your competition, the more you risk falling behind. If you truly want to crush your competition, you need a different discipline to stay ahead.
Top Performing Companies Compete with Who They Were Yesterday
Benchmarking your performance against others is a bad idea to crush your competition in 2020 and stay ahead. Instead, learn deeply how you can be better than you were yesterday; focus on self-discipline, than driving discipline in others. This allows you to create a process that you want to see in others and create an opportunity for autonomy.
Strategic Planning
Start each year with a well-defined 3 to 4-year plan with the focus being on how to crush your competition in the next 12 months. This is where the bulk of the details you want to see this year and what you need to get there. Especially for larger organizations, this includes individual roles or divisional roll-ups. Thus, these plans are reviewed quarterly to make adjustments to ensure the desired outcomes are accomplished.
Budget Allocations
Once the plans have been well defined, the next step is to focus on who’s going to be responsible for what. How much budget is needed to accomplish the plans to crush your competition in 2020 and stay ahead? What new hires are needed to accomplish growth and ensure that the desired outcomes can be met within your budget? No amount of planning will be right if you have a current team without sufficient resources.
Performance Reviews
To be effective, performance reviews should be split equally to crush your competition in 2020 and stay ahead.
- Explaining what needs to happen in the next period
- Reviewing what happened in the previous period.
The review should be an objective assessment of performance but the focus should be on what can be measured as qualitative assessments. Not all contributions will roll up to revenue and you can quantify most of the actions your team takes. How many quotes were sent out, and how satisfied are our clients, assuming you’re conducting a 360 review process?
Get ‘Er Done
To crush your competition in 2020, it’s not about intelligence; it’s about an effort to stay ahead. This is a grinding process, but it is extremely effective, and the challenge comes in the follow-through. Most companies start out strong with some form of a strategic resource plan and performance reviews with continuous right action. This is where most businesses suffer; the key attribute that determines success is accountability in taking action. Hence, it helps to have a mentor or coach to help nudge you to be incredibly accurate. When you’re ready to throw in the towel, use a good coach to help you find the energy that is deep inside of you.
You are competing against who you were yesterday. Hence, you need to be better to achieve your goal.
