4 Ways The Competition Can Benefit Your Business

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As a business owner, you will be all too aware of the threat of your nearest competition.

There will be times when you see your existing customers disappear over to their side in favor of your own. There will be moments when you start to despair because there is evidence that your rivals are bettering you. And there will be occasions when you feel like you’re playing catch-up to the businesses that are making bigger waves in your industry.

Your competition is ever-present, watching over your shoulder, and doing whatever they can to beat you. They are a menace! So the suggestion that they might actually benefit your business might be surprising to you.  As you try to remain competitive in the business world, you would probably assume the opposite. And you would be right to think the worst of course, but consider the following.

#1: The competition encourages you to do better

They don’t verbally encourage you to do better. You are unlikely to get a phone call from your rival encouraging you to do better than you are. But the fact that you know that they are out there should be enough to make you want to be better than them.

You will have the incentive to improve your product, your customer service, and your general approach to the work you have to do. And you will be inspired to research your competition, as you know that by doing so, you will be able to get the edge on them.

Without the competition, you might only get complacent. And if you were to act complacently, your business would probably fail, as your customers would eventually move on to a company that was more exciting and innovative. Thank goodness for your competition then, as by their very presence, they should encourage you to keep your business moving forward.

#2: The competition will drive customers to your business

Not literally, of course. They are unlikely to provide transport to ship their customers to your business! But if your business does start to overtake your nearest rivals, they might inadvertently drive customers to your business if they are doing little to keep people on their side!

So, look at what your rivals aren’t doing and fill in any gaps. You might offer more discounts on your products, for example, and you could reduce your prices. You might offer one-day deliveries too if your freight transport allows it, and you could reduce or eliminate your shipping costs.

These are just some of the ways you can go the extra mile for your customers, and by taking such steps, you might well poach the customers of your rivals as well!

#3: The competition can teach you a thing or two

As a business owner, learning should always be your priority. You can learn a lot from business books, podcasts, and even your own employees. You can also learn a lot from the competition. They might be doing things in their business that you aren’t, and if they are experiencing success, you can learn from what they are doing. You then have the opportunity to follow suit, and where possible, improve on what their efforts.

You can also learn from your competition at industry events, such as conferences and small business workshops. If you get wind that they will be talking about their business, get along to such meetings. This isn’t only for research purposes when trying to get a handle on your rivals, as you might genuinely improve your education by listening to what they have to say.

#4: The competition can partner with you

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How do you eliminate the nearest business rival? Other than doing something criminal to thwart their endeavors, you partner up with them. By joining forces and becoming one with them, you might have a better chance at business growth. You will be able to share resources and expertise. You will have a bigger customer base to tap into. And you will have one less rival in the business world to worry about.

Of course, you do need to take care. You don’t want to partner up with the wrong person, as you could hurt your business if they later turn out to be less than trustworthy or efficient. If you do choose the right person, however, your business should go from strength to strength. Check out these tips for making a business partnership work, and heed the advice given.

So, there you have it, 4 ways the competition can benefit your business. Follow our advice, and take advantage of all that they can offer you!

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