How do you develop a sustainable competitive advantage?
Businesses can no longer compete merely through the products and services they offer when these can be copied (sometimes very quickly). I’d argue that the one remaining point of differentiation is a businesses “personality” displayed through its culture and especially through it’s values.
Culture gives a more enduring competative advantage than any new product or service and had the added bonus of creating a place where people want go to every day. People say they like working with Breathe because of our people and their approach to business, not just because of our great product.
In August 2019 181 chief executives in America’s Business Roundtable agreed to reject the idea that maximising shareholder value was their main goal. They declared that a firms purpose is no longer to serve their owners alone, but staff, customers, suppliers and communities, too.
Next step is to agree how to hold CEOs accountable to their people.