BUSINESS
EMBRACING COMPETITION :
How to get ahead and keep it healthy
HAVING A BUSINESS ISN ’ T JUST ABOUT INTRODUCING YOUR BRILLIANT PRODUCTS OR SERVICES TO THE WORLD , IT ’ S ALSO ABOUT ENTERING A CROWDED AND CONSTANTLY GROWING MARKETPLACE WHERE YOU ’ LL NEED TO COMPETE WITH OTHER RIVALS WHO CAN MOVE THEIR GOALPOSTS OVERNIGHT . YOU HAVE TWO CHOICES : PERCEIVE THIS AS A NEGATIVE IN WHICH YOU CONSIDER YOUR COMPANY AS THE ONE THAT ’ S ALWAYS PLAYING DEFENCE OR CATCH UP , OR FLIP THE SITUATION ON ITS HEAD , ACCEPTING THAT BUSINESS WOULD BE FAR LESS FUN IF IT WERE A ONE-TEAM GAME , AND RECOGNISE THE POSITIVES . LET ’ S HAVE A LOOK AT SOME OF THE EXCELLENT BENEFITS REAPED FROM COMPETITION , BOTH FOR YOU AND FOR YOUR CUSTOMERS .
It drives innovation
There ’ s nothing like the heavy breath of a rival company breathing down your neck to put a rocket up your behind , innovatively speaking , of course … The threat of having customers jump from your ship to another seemingly more buoyant one should be the only motivator you need for doing whatever it takes to stay ahead of the competition and preserve the loyalty of your customers in the process . It ’ s also a healthy game of rhetoric ; without blatantly stating that you mean serious business ( in more ways than one ), you and the other companies who are competing alongside you will have no choice but to keep on keeping up with one another , thus creating a never-ending chain of glorious innovation .
It keeps customer service on its toes
OK , there may be only a certain number of customers to go round , but this should only encourage you , as a business , to ensure that the customers you do have are the happiest they can be . Customer service is no longer the stuff of queuing up to battle with Carol behind the counter about the validity of your receipt , it is everything . Pay attention to each and every customer making them feel at ease to voice any concerns and showing that you ’ re listening to their queries as opposed to batting them off with stock responses ; communicate with crystal clarity – customers are entitled to know exactly what they ’ re getting for their precious pounds ; and train your staff thoroughly – if they ’ re familiar with the ins and outs of the business and can answer questions with self-assurance , that confidence will spread like wildfire .
It imparts credibility
The very presence of competition , particularly in more crowded markets , immediately drums up trust in customers as they rightly assume that there ’ s a high level of proficiency already being met by the company ’ s successfully competing . This isn ’ t to say you can ’ t build on this credibility though , which you most certainly can and most certainly should . Rule number one : be honest ; overpromising and underdelivering is the very worst thing you can do here , so always strive for full transparency . Rule number two : use customer questions to actively show them that you know what you ’ re doing ; don ’ t just ‘ fix ’ any possible problems , explain why you understand the problem and how you ’ re going to better it using your expertise and you ’ ll immediately exude poise and professionalism .
It ’ s the enemy of complacency
Becoming complacent can be a death sentence for any business , but there are tried and tested methods to kill complacency in every area of your business . Make sure to include employees at every stage of decision-making processes that affect their role they ’ re held accountable ; this will increase productivity and make any constructive criticism easier to hear . Be sure to reward creativity ; having creative employees is a gift as their brains automatically look at ways to shake up the status quo and rewarding those enquiring minds will only push them to come up with more original ways of doing things . Lastly , always look for opportunities to expand ; thinking about expansion – and embracing any unease that might initially make you feel – will force you to look at things alternatively bringing with it a variety of exciting challenges .
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