Competition In Business – Why It’s Good For You
Viewing Your Business Competition
Business competition is a word that conjures negative connotations that are similar to that of money. (For example. “Money is the root of all evil…. Money doesn’t grow on trees…” The impact of money beliefs on your business is a whole other topic and not what this blog is about, but stay tuned, that’s coming!)
I’ve had experiences with people around me and with clients where business competition is viewed with resentment, fear and anxiety. I’ve heard and experienced on more than one occasion other’s strong and, in my opinion, poor belief patterns related to competition. Often what happens is that competition is seen as the enemy and that the only way to deal with them is to close ranks, shut eyes, hold your cards close and survive. What if there was a different way to view you competition than with this philosophy?
How do you view your business competition?
I’ve had a couple of very stark examples in my own journey that have lead me to be very accepting on how I view my competition… I see them loud and clear…… and I welcome them with open arms….! SAY WHAT???
Let me explain by sharing a real life scenario.
I was invited to a networking group, which already had a business coach, meaning that there was not an option for me to join the group if I wanted to. The person who invited me said, “I’ve had a chat to the business coach, and they are OK with you coming along, as long as you don’t try to sell to the members of the group…” (insert gasp and intrigue here!).
I sat back in my seat, took a breath in and replied…
“Well isn’t that interesting. I have a very different view of how I see my competition. Would you be curious to find out more?” I asked. Of course, they were. So I hopped right onto my high horse and started to tout the virtues of embracing the competition.
Business Competition Is Good For You
What is my feeling on competition? I believe there is plenty of work out there. So, I actively invite competition to come into my space. “Why?” well, if my competition get the business, they do so for one of two likely reasons:
- It’s my own damn fault.
I didn’t work hard enough to build rapport,. I didn’t work hard enough to research the prospect’s problems and how I could support them. Basically, I didn’t do enough to get the business. SHAME ON ME!!! No pity party there, just a fair kick up the rear to fire my butt into gear.
- They had a better connection with another person.
I’m in a service-based business. I work very hard to build relationships (that’s what my business is ultimately about), however I’m not the best match for everyone. So I don’t work with people I know I can’t get results for. It would be arrogant for me to think that I am the best match for every person looking for a coach. I’m not, but if my ego kept me in a place where I wouldn’t allow competition in because of fears within me, imagine the impact on my business as a result?
The Critical Business Competition Questions
So that leads me to these questions.
How is your view of competition hindering your business?
Are you coming from a place of fear, or a place where your competition drive you to COMPETE? To create an exceptional workplace that innovates, that focuses on the key things that make the business successful and drives performance?
Are you using competition to drive you to create an exceptional workplace that focuses on the key things that make the business successful and drives performance?
Competition should drive you to create a workplace so good that your team members and your clients absolutely have no where else to go. To deliver on your product or service that far exceeds your competitor’s offering. Competition should see your business grow, iterate, and shift into an environment of opportunity, expansion and adaption.
You should welcome competition with open arms.
When you come from a place of resentment, fear and “lack of” this will lead to your competition taking your customers and your staff. If you come from a place of abundance, from a place of service delivery and innovation, your business will grow. Not because of your competition, but despite your competition.
I’d love to hear where competition has helped your business, or, if you are in that place of fear and lack, let’s chat, I’d love to know more.
What to do next:
I live and breathe helping business owners get the clarity needed to continue going forward, and this is without a doubt my deep passion and purpose; I absolutely love what I do. If you want to have a chat about how I help you achieve your goal, get in touch.
Read this next: The NFP lessons that your business could use
Tags: Business Competition Networking Sales