Why is it important for a small business to establish a competitive advantage?

A competitive
advantage is href="http://www.businessdictionary.com/definition/competitive-advantage.html">defined
as a condition or circumstance that allows a company to gain a favorable position over its
competitorsthis usually occurs when the company is able to offer the same value of goods or
services at a lower price or is able to differentiate its goods from those of competitors by
increasing their value. In other words, a competitively advantageous company is able to create
more economic value for their goods or services. A competitive advantage can also be established
by superior customer service, for example, having a policy in place to ship all orders
same-day.

Establishing a competitive advantage may be more...