(ThyBlackMan.com) Competition in business can be a scary thing. And I’m not here to tell you that you shouldn’t be worried about competition. The point of this article isn’t to say that worrying about competition is wrong because competition is good. The fact is that it’s that worry that can actually be the good thing about competition.
If your business has competition, it’s a good thing. Not convinced? Here are some of the many reasons why it’s great for your business.
It forces us to be more creative
For some, competition means that you have to be more predictable. But this often isn’t the truth. The fact is that you have to get more innovative and take more chances when there are competitors on
your tail. So many of our beloved inventions were the direct result of thinking outside the box to beat the competition. The iPhone? Check. Facebook? Check. Tesla’s electric cars? Check. Read more about creative thinking at SM.
It’s a sign of growth
When there is more than one business vying for the title belt, it’s a sign that that industry has grown. That means you have more potential when it comes to a customer base. What’s more is that competition can attune you to the precise needs of those customers. Why aren’t the customers of the competition your customers? Find out why. You’ll end up with ideas for improvement you may not have had without that competition.
It drives us to expand our toolset
Have a look at the tools that the competition are using. Are they better than your tools? Then you need to get better tools. You can always find ways of managing things that are better than how you’re currently doing them. Think about your brand management, for example. When there’s competition, you need to be extra careful about how you manage your brand. That competition may drive you towards looking at new ways of performing this task. See CM for more information about such an example.
We’re reminded of our goals
Having a lot of people around us who are competing against us can help keep us on track. If there’s little competition in your field, you might not stick to what you’re best at. The part of your business that is bringing you success may actually fall to the wayside as you pursue unwise business ventures. You could compare it to the competition at a race. The other races help keep you in line – and a straight line the fastest route from one point to another. Without other racers, you’re free to take other routes around the track – which would be unwise. Read more about tracking goals at CHR.
There’s virtue to be found in losing
So let’s say your business isn’t doing quite as well as someone else’s. Some would be tempted to dismiss this as failure. But, as we should all know by now, losing can teach us valuable lessons. You can always look at failures as some sort of victory if you look at it from the right perspective. Know why you failed and use that knowledge to do better. Really show the competition who’s boss next time!
Staff Writer; Rodney Ingram