Learn more about what competitive advantage means in business.
Ready to start your dream business? Check the availability of your new company name to get started.
Learn about the definition of competitive advantage and how to develop it in business.
Competitive advantage is where a business’s goods or services are superior to or outperform the competition’s. Companies with a competitive advantage may have it because of:
These qualities don’t guarantee a competitive advantage, but they can help businesses get an edge over the competition.
Think of McDonald’s dollar menu. Everyone can make a burger. Not everyone can make a burger, sell it for a dollar, and have it ready for you in less than 5 minutes. That’s what gives McDonald’s its competitive advantage over the other fast-food restaurants out there.
Competitive advantage increases a business’s profits and brand loyalty. If you have customers with brand loyalty, then you can use excess funds to reinvest in the business. For creative companies, having a competitive advantage means that you can try out that new project.
ZenBusiness Money makes managing your small business finances super easy. Our app allows you to create and send invoices, categorize business expenses, and prepare for tax season. Plus, it costs nothing to set up an account. Give us a try.
Having a competitive advantage is the sweet spot for businesses. It’s where all your hard work pays off, and you can finally take a breath. It’s also a chance for you to flex your creative muscles. Or batten down the hatches for the slow season.
But how do you achieve a competitive advantage? Like with most things, there’s no magic bullet. Here are some tips for developing a competitive advantage:
These are just a few tips for any limited liability company or corporation.
Competitive advantage is where a business consistently outperforms the competition. What drives a competitive advantage is usually unbeatable price, customer service, or quality.
Start, run, and grow your business with our team of experts on your side. Our Business Formation Service makes it easy and affordable for you to start your business. Plus, you can protect your investment with our Worry-Free Compliance service. We’ll help you stay on top of your annual filings and get back on track if you lose your good standing with the state.
We don’t think that entrepreneurs should have to jump through hoops to start a business. We help put some zen in your business by simplifying the process of starting, running, and growing your company. You can choose from our unbundled services to create a package that fits your company.
Disclaimer: The content on this page is for informational purposes only, and does not constitute legal, tax, or accounting advice. If you have specific questions about any of these topics, seek the counsel of a licensed professional.