4 benefits of competition.

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4 benefits of competition.

Encourager-In-Chief: August 7th, 2019

Keeping your competition in perspective.

Entrepreneurs, do you lay awake at night worrying about what your competition is doing? Well, if you do, it’s time to stop. The reason you started your own business is so that you can make your own decisions and do things the way you think they should be done—not to develop unhealthy habits like insomnia over what somebody else does or does not do.

The late sportscaster Howard Cosell once said, “the ultimate competition is derived from the inner satisfaction of knowing that you have done your best and that you have gotten the most out of what you had to give.” I couldn’t agree more with this sentiment. In fact, there are many benefits of having competition.

First, competitors keep you honest. They force you to keep working on getting better, improving your systems, and making sure your customers are completely satisfied. If you think about it, you should be thanking your competitors for this. The former CEO of Pepsi once remarked, “we need Coca-Cola in order for us to be our best. In fact, if Coca-Cola did not exist, we would have to invent it.”

Second, competitors help us get where we are going faster. While you’re busy trying new strategies and looking for breakthroughs in your business, your competition is doing the same. Sometimes you’ll get there first. Other times they will. In either case, you can both learn from each other.

Third, your competition may be training your future employees. Business owners always complain that they can’t find skilled people. Where do you think they’re going to come from if not your competition?

Finally, your competitors should be your customers. It’s rare to find two businesses on the face of this earth that do the exact same thing the exact same way and for the exact same customer base. The more you understand your competition, the more you can find ways to work together to serve the community. Many of my clients have similar businesses to me. They include coaches, trainers, seminar presenters, and authors. I enjoy their company and I am grateful for their business. Having someone who’s invested their time, energy, and heartache in the same areas as me allows me to talk with specialists who can appreciate what I do and support one another in our pursuit of excellence.

I challenge you to stop worrying about what the other guy is doing and focus all of your attention on being the best you can be for your customers and your employees.

A flower does not think of competing with the flower next to it. It just blooms.
- Source unknown

This excerpt is taken from my Survive and Thrive in Your Own Business seminar.

Survive And Thrive In Your Own Business

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I also encourage you to order my Survive and Thrive in Your Own Business video program which covers this topic in much greater detail.

Survive and Thrive in Your Own Business

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