So, how can you make yourself sui generis? First of all, you need to know what is unique or different about your business. In order to find the answer, you need to research your industry and find out everything you can about your competitors. Do you know what they do or how they make their businesses unique?
One of the best tools you can use for this process is a competitive strength, weakness, opportunity and threats (SWOT) analysis. To complete the SWOT exercise, ask yourself the following questions:
- Who are my competitors?
- How many competitors are out there?
- What does the environment look like?
- What are their strengths and weaknesses?
Create a chart like the one below to record your information.
Competitive SWOT Analysis
|Name of the company||Strength||Weakness||Opportunity||Threat|
Once you have gathered the SWOT information, then it’s time to put it all together and figure out what truly makes your business sui generis. Some entrepreneurs will tell you that what makes their business unique is that they offer the best service/product available, at a lower price. The problem with such a statement is that your competition is probably making the same claim.
Look at each of your competitors. Know what their strengths and weaknesses are in comparison to yours. Study and plan where there may be opportunities for your business but always factor in the risks and be prepared! In today’s economy, you need to be proactive. It can be the difference between success and failure.
By being sui generis, you generate interest and visibility—something that can help you leapfrog your competitors. It will take a lot of effort but you can gain the advantage that will make you stand out in a competitive world. It’s time to be sui generis and make your business stand out!
One of the goals of the Centre is to empower small and medium-sized enterprises and give you the tools to achieve success. For more information about resources, services, business events and seminars, contact us by dialing 311, 1-866-442-5866, online at halton.ca/smallbusiness, by email at email@example.com or visit us at 1151 Bronte Road, Oakville. You can also follow us on Twitter and find us on Facebook.