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In this lesson, you will enhance your notes document by adding a table to analyze your competitors’ strengths, an important step in developing your business plan and determining how your business will compete. A table is an effective way to organize data, using rows and columns to arrange related information side-by-side, thereby facilitating easier comparison and interpretation. To get started, scroll to the bottom of your notes and add a heading for your table. Then, insert a table below this heading. Opt for a table layout with two columns and at least five rows, dedicated to listing the main strengths of your competitors. Label the left column for competitor strengths and format it to make it stand out. Strengths refer to aspects of a company’s business model that contribute to its success in the market and attract customers. Reflect on your previous lesson to identify distinguishing features of each competitor’s business model, such as their product selection, strategic location, or strong customer satisfaction guarantees, and record these in the left column. If a particular strength is unique to a specific competitor, make sure to indicate that as well.
In the right column of your table, focus on how your business might respond to each identified strength or differentiate itself. These responses may prompt further lessons or brainstorming, and it’s important to think creatively about how to challenge the competitive advantages held by others. Start by adding at least five items to the Competitor Strengths column, and then describe how your business plans to respond to these strengths in pursuit of a competitive edge. If you come across more strengths during your analysis, feel free to add additional rows to accommodate them. To further organize your document, insert a table of contents at the top, which will help both you and your audience quickly locate and view your table and each section of your notes. Incorporate page numbers to make your document more user-friendly and easier to reference. Remember, this is just a starting point. It’s beneficial to identify as many competitor strengths as possible, enabling you to strategically design your business to either compete directly with these strengths or carve out a unique niche in the market. After completing your competitor analysis using the table, you’ll be ready to wrap up the lesson in the next video. Now it’s your turn: Insert a table into your document and label the columns, list competitor strengths in one column, detail your business’s response to these strengths in the other column, and add a table of contents and page numbers for easy navigation and reference.