I’ve been researching what allows companies to be successful even when their competitive advantages are short-lived — a phenomenon I call transient advantage. The Regus Group, Ltd., a company that provides many services but is best-known for its offices-for-rent business, is one of many I’ve been studying whose leaders seem comfortable that their current competitive advantages won’t last, and don’t waste too much time clinging on to them once competitors have caught up or the moment has passed.Their success is a great example of how companies can quickly get out of an uncompetitive business, and decisively spot, capture and exploit new opportunities, even as the next one unfolds. What’s their secret? How do they manage from one wave of transient advantage to another?