Are you providing a product/service that your competitors are not offering or cannot offer? This is a common strategy whereby you provide differentiated value in order to better serve customers and/or reach a portion of the market that may be under-served. Add your favorite articles, videos, podcasts, and more to your Queue so you can enjoy them anytime on any device. You can visit our small business encyclopedia to learn more about business plans or our FormNet area to get the necessary forms to get started. For example, Apple’s mapping software is playing catch-up to Google Maps. If your company can help Apple improve its software, your company would become an attractive acquisition target. A business plan is a written description of your business's future, a document that tells what you plan to do and how you plan to do it. If you jot down a paragraph on the back of an envelope describing your business strategy, you've written a plan, or at least the germ of a plan. Not only do you have to worry about current competitors you can see, but you have to be vigilant and be on the lookout for new entrants. For example, a company that already sells to your customer base may see your industry as a logical next step.