I hear occasionally from Business Resource Software’s Kylon Gustin, who sends articles to clients and colleagues and the latest one has some good points. He’s summarizing Harvard’s Michael Porter and I in turn am summarizing his article.
Porter claims that one of the mistakes of small business is that they don’t think about strategy. But there is always competition, so they should. He cites five kinds of competition and Gustin calls them “Phantom” because most people are not even aware that they exist. The first task is understanding your position
The five types of competition are pictured on the map. Examining each in turn allows you to think constructively and develop strategies to meet the competitors. It is something we all should be doing from time to time.