Keep Your Enemies Close: Why Competition Is Good For Business

Keep Your Enemies Close

Keep your enemies close? Really? Well, you have to be better than average to make it in this industry. In fact, you have to be pretty exceptional.

Why? Because there are so many rivals on the market that consumers have a lot of choice. If business standards aren’t up to scratch customers will simply choose another company and leave it high and dry. The good thing is that market saturation isn’t a bad thing. Having competitors is actually an important feature of a successful business and here’s why.

 

Keep Your Enemies Close: Strengths & Weaknesses

It isn’t always easy for a business to identify their strengths and weaknesses. A lot of companies might have an idea but they don’t know for sure until they have rivals. The competition makes a business look at what they have to offer and what their rivals have to offer and make comparisons. Even a quick comparison will help a company identify what they are good at and what makes their rivals better in certain areas. A business with this kind of knowledge can fortify their strengths to make more money and improve their weaknesses to make them less vulnerable.

Keep Your Enemies Close

 

Keep Your Enemies Close: Threats

Another important feature of analysing the competition is looking into the future. All a company has to do is look at their rivals and they can see their future. How does this work? It works by identifying the threats that the competition brings to the table. They might have a new way of operating or marketing that most businesses don’t posses which will tighten their grip on the market. If their rivals don’t tackle the threats and hit back they will end up on the scrapheap.

 

Keep Your Enemies Close: Creativity

Competing against other businesses is hard work. It is hard to gain a foothold and keep an advantage especially as everyone has access to the same technology. What they might not have, though, is the same level of creativity. Innovation is the key when it comes to battling for the top spot because it keeps businesses from falling behind. Either they innovate or their competitors start to consume their market share, and that is a disaster. To avert a disaster a business has to create new ways to build a brand, to improve their online presence, and to retain customers. Basically, they have to create new ways to win.

Keep Your Enemies Close

 

Keep Your Enemies Close: Business Building

Businesses don’t always need people like Nathan Gotch to take their company to the next level. Sure, he is a good tool to use, but there are other ways to build a successful business. Learning from the competition is probably the easiest and most effective way of transforming a business. After all, there is so much information that is readily available and a business can cherry pick the most important pieces. With this information, it is pretty simple to put into place the processes that will make a business more successful.

And it all comes from studying the competition. Whoever said you should keep your enemies close was spot on!

Comments
2 Responses to “Keep Your Enemies Close: Why Competition Is Good For Business”
  1. Great post. If I dwelled on how many other bookkeepers I’m in competition with I don’t think I would be able to get out of bed in the morning! I like to subscribe to the theory that there is plenty of work out there for everyone & we all have something unique to offer clients. So no need to see other bookkeepers as enemies – in fact it’s nice to friends in the industry to talk to & get advice from. I like to research what successful, growing bookkeeping businesses are doing well and emulate that where I can.

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