Founders often smirk when they hear people talk about strategy, strategic planning or any other term prefaced with “strategy/strategic”. In a world which constantly shifts in the blink of an eye, strategy feels stale and static.
But without a strategy you are merely navigating the waters by feel, not knowing where you’re going and following directions on a whim.
Strategy is the route on the map, tactics are the means of travel.
Strategy consists of many parts — one of them how you deal with competition.
When you enter a new market, there is no competition (if it’s truly a new market) or little competition (if the market hasn’t caught up with your vision). But as you grow and build out your company — should you be successful you can be sure that there will be plenty of others vying for the same prize.
Dealing with this situation as it occurs is a recipe for disaster. Thinking about this beforehand and developing a strategy ensures that you can act instead of react.
A good strategy will guide you to become the dominant company, and a key component is outlining how you will deter or delay competition as the market grows.