Competition in business is often interpreted in a negative perspective than it is perceived in the positive. In business, Dharmesh Shah, co-founder and CTO of Hubspot says – “you are often your biggest competitor. You should therefore not ignore your competition or take the position of rivalry all the time. Oftentimes, the biggest battle happens within the four walls of your startup office.
Startups come down to pure execution of a strategy on a daily basis and keeping faith for the long haul. Most startups don’t lose to their competition, instead they lose the will to stay up in their fight”. While rivalry might seem like a negative thing for your business, it has its own share of advantages.
It is true that competition makes getting customers and sales really difficult, on the flip side, healthy competition challenges you to strive harder, put in the work and push yourself to limits in order to be manage your business properly.
In addition, it forces you to stay focused and persevere on improving the quality of the products and services you offer. Here are some ways to leverage the positive side of competition and use it’s advantages to make your business successful:
- MODEL THE BETTER COMPETITION.
What can you learn from modelling your competitors best practices? How can you avoid the things your competitor does that are bad for business? What do your competitors have to teach you that could immediately boost your cash flow? When you are able to answer all these questions you will be able to leverage competition in a healthy and productive way.
- SHARE CAPACITY.
If at any point you tend to have quite heavy producing capacity (staff, product or services) and for some reason your competition has a temporarily fluctuation and need for your excess capacity, based on a working relationship, it may be in your interest trade capacity. You can jointly handle a spike in demand without investing in short term capacity therefore providing additional revenue for both parties.
- SOCIAL MEDIA.
Ask yourself, are your competitors more popular than you on social media? How strong is their fan base across social media platforms? A good step would be to connect with them and engage by commenting on their updates. So doing, you’re not only establishing a relationship with them but also gaining exposure to their audience and these act can open the way for future opportunities such as joint ventures, interviews and reposts.
- JOINT VENTURES.
As an entrepreneur, you have to understand that where there is a considerably large market, there is room for various players. So instead of hunting the competition, you can collaborate if and where need be.
In conclusion, competition is not an obstacle, but an opportunity as an entrepreneur to learn how to thrive within and beyond limits. The ability to maintain healthy competition boundaries is a very vital skill to the twenty-first century business.