Most businesses operate in a marketplace where they have competitors. Sometimes the competition is fierce. If you have to struggle to come out on top it’s understandable you may look at your competitors as rivals. They could take customers and money out of your pocket and put them into their own. But competition isn’t always a bad thing.
There’s another way to look at it. Your competitors may have something to offer you. This might be a valuable resource that you have left untapped. You won’t be able to see it if you view all your competitors as rivals. Try looking from a different perspective.
Why Competition Can Be Useful
What might happen if you add competitiveness? Someone running fast along side, matching you step for step? You might pickup the pace a little, or decide at the last moment to run for a bit longer. This is how you get to see if your opponent can match you, or how much stronger they are becoming. This is all important information for the next time you race against them.
In business also, a bit of competition will help you lift your game. You’ll achieve things you wouldn’t otherwise have done. You may invent new ways of doing things, or create one or more points of difference. This will help you stand out from your competitors.
Become A Savvy Business Owner
There are better approaches to take rather than seeing your competitors as rivals.
Get to know your competitors. Find out what they’re doing well. Learn from what they’re doing wrong (or not doing at all). You can then use this information to grow stronger.
Why not build alliances with your competitors? Develop potential joint venture agreements that assist you in growing your business?
You may be able to identify a gap in the marketplace and develop products or services to fill this gap.
Understand your competition. Use this to grow and improve your business. Make sure you –
- Know who your competitors are.
- Find out whatever you can about them.
- Develop a relationship with them.
- Co-operate with them when necessary.
Seek out your competitors and find out everything you can about them. It is important to know and understand them. The valuable opportunities you’ll discover might surprise you.
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