There are businesses that would have still been thriving today if the owners had taken action quickly enough. One of the most important skills to have when it comes to strategy is the ability to see ahead and anticipate issues that may arise. Developing counter measures to anticipated issues gives those who are meant to take decisions when such issues arises the ability to acting quickly and decisive. Below are some of the benefits of being able to respond very quickly to new development in business.
Acting Quickly Puts The Competition In The Defensive
Being in the defensive compels the completion to “a forced to response” to your action rather than create a response of their own to the issue that made you to act in the first place. That is, they are two steps behind you. Your acting quickly to a new development will make you the focal point rather than the development.
SEE ALSO: How To Stay Ahead Of Your Competition In Business
Your competitions end up chasing after you as they spend time looking at how to counter you rather than the development. Being on the defensive is a limitation. They wait for you to make a move and act on it.
You Dictate The Play
When you are ahead of others because of your quick response to a new development, you place yourself in a position where you are able to dictate the play. The business that dictates the play controls the industry. Your position of influences gives you the ability to lead in areas of strength and keeps you ahead of the curve. You get to make your areas of strength the core standards of the industry.
The competition is now chasing after you rather than looking beyond the horizon. It would be difficult for them to overtake you and the best they may be able to do would be to create an alternative product or service that is bound to have only a small stake in the industry.
They find themselves in a position where they cannot help but counter whatever move you make whether it is in mirroring your product or following your strategy. They get to spend resources chasing after you rather than on seeing how they can overtake you.
You Assume A Leadership Position
You naturally assume a leadership position in your industry. You get to influence regulation, which will lean more on things that will perpetuate and consolidate your leadership role within the industry. A position of leadership in a field makes you a legacy figure, a position that has unquantifiable advantages.
Greater Market Share
Those that act first tend to have a greater market share. There are companies that literally created a completely new market because they were the quickest off the block. Others cannot help but chase and fight over the remaining shelf space. You become the market leader and the pace setter in products and services. It is very difficult to wrest that position out of those that were quickest off the blocks because they have garnered proprietary rights over time.
Legacy, Patent, Copy Rights, And Standardization
Those that are quick to respond to a new development have a chance to have certain rights that will always make them market leaders in their fields. They get to build frameworks that will become industry standards, earn extra from licensing and be big players when upgrades are considered.
First To Learn From Experience And Mistakes
The fact that they are the first to act gives them an edge in the area of experience. They get to quickly learn what works and this will in turn perpetuate their role as market leaders. They are the first to see the danger and adopt measure to overcome them. Learning from mistakes is not such a bad thing if you are in a position where you can quickly adopt what you have learnt to further your goals. This is more so when your mistakes are shielded from the competition.
Forefront of Research And Innovative Technology
Acting quickly can place your business in the forefront of research as well as the development application of innovative technology. You get to find new ways of doing things and what they discover may quickly become industry standards. This further entrenches them in the forefront of their industry.
Being the first off the blocks in an industry places you in a position where you can tap from so many benefits to further your leadership role within that industry. You may an online entrepreneur, and offline business or running a local saloon, you will become a pace setter and this will reflect on your profit.
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