Ben Fletcher, entrepreneur, angel investor and founder of Fast G rowth Icons explores the good, the bad and the ugly side of competition. Over the 20 years that I have been building businesses, both as an entrepreneur and investor, one of the things that most gets under my skin is my competitors.
You often hear advice about ignoring your competitors and focusing on building your own business, but to what extent is this good advice? What is it that makes companies successful? Why does one succeed and another fail? My belief is that great ideas are two a penny; successful companies are often those with the best execution. That said, your idea will ultimately determine the maximum potential size of your organisation. Great execution relies on the hundreds of decisions made, and actions undertaken, every day by everyone in the company.
The best of those companies make better decisions, more quickly. So how does a competitor focus enable you to make better and faster decisions? The return on the assets and equity of the company can be directly correlated with operational efficiency, return on investments, and overall optimal business decisions. SNC was able to continually create value in each of the three phases through pre and post strategic financial analysis that enabled leadership to make beneficial decisions. Leadership learned that although there are many decisions to make within the short term, a vision of long-term sustainable growth is critical to the success of a business.
If management had the ability to redo the three phases, a similar approach would be taken. Allocation of customers also takes away the customers right to chose, because the service provider has chosen you one is n longer entitled to their preference. An open market also gives the customer to get the service at a cheaper price due to presence of competitiveness that is initiated by their right to chose.
How to ethically approach the Anti-trust law? The ethical way to attract customers is by following the correct competition laws designed by the. Twitter, Inc. How Twitter, Inc. New products not only bring new customers to the fold but also give an old customer a reason to buy Twitter, Inc. Competitive advantage can be defined as a business having a leading advantage over other businesses within the industry in this case being the retail industry, it is also gained by means of giving the customers value for their products in terms of having lower prices and having better benefits for its customers, while insuring that the business is efficient and effective.
Business Logistics Management The Foschini group logistics is in charge for the management of stock that they receive from their different suppliers. By changing product strategy, it needs to increase prices or lessen the range of products offered whereas, if company chooses to change strategic capabilities, it will need to have continuous improvement of value chain or improve product design. Sadly, adapting competitive pressure is simpler than changing strategic capability.
An important lesson to be learnt from continuous process improvement is that changing product strategy competitive pressure is a short-term solution. Therefore, increasing strategic capabilities through continuous improvements is through activities that will decrease or eliminate batch-level activities, lessen batch-sizes and reducing non-functional differences between products. Depending on the products you're selling, you could add value by providing additional information that clears up customer confusion about using the products, or by providing information on ways of getting better usage from your products.
However, not all products are amenable to this. The way out of this dilemma of dropshipping vs carrying your own inventory is understanding how to use both to your advantage. This interconnection is reinforced by our common core operating platform, BX, which facilitates the sharing of expertise and ideas across the Group. We are now better able to bring our entire organisation to bear in delivering the right solutions for customers and clients seamlessly.
Internally we call this the Power of One Barclays, a philosophy that unites colleagues across all of our businesses in a single objective to meet our customer and client needs end-to-end, realising operational and financial synergies across the Group. In the UK, we continue to focus investment on the rapid automation of as many processes as possible while striving to not leave any customer behind. This enhances customer experience and the reach of our products, and it also reduces costs, creating the capacity to finance further investment in automation and a virtuous circle of multi-year cost efficiencies.
During the COVID pandemic, we recognised that digital access was a necessity and worked to accelerate investment in our digital and automation agenda, helping customers bank and transact with us more easily. Last year, we successfully migrated Barclays iPortal from legacy physical infrastructure to the cloud, providing a more resilient and cost effective platform.
In our Markets business, we continued to increase the scale of our network and platforms, extending our electronic capabilities, including our BARX and options offerings. Finally, in a year that saw a peak of over 70, colleagues working remotely, the value of our strategic investment in digital infrastructure was plain to see. Within a matter of days, Barclays enabled a huge number of people to make that transition, deploying c. We demonstrated the benefits of our diversification through , delivering consistent profitability during the COVID pandemic, while managing our risk appropriately and taking significant provisions for future potential credit losses.
Our Markets business benefited from high asset price volatility and volumes of client transactions, and from a well-executed risk strategy. This generated significant profits, helping to offset headwinds that we saw in our consumer businesses. We are committed to a culture that upholds the highest standards of conduct and controls. This benefits all of our stakeholders, helping our customers and clients to succeed, our colleagues to realise their potential, and the communities in which we operate to prosper.
Our business is focused on the areas where we can have the greatest long-term positive impacts, operating responsibly with respect to the environment and society and investing in communities.
We have made significant progress across all of these areas in Together, they ensure that a strong ethical and inclusive culture defines the way we do business at Barclays.
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