How far competition can take you and your Business
Working with entrepreneurs and business owners, whether it is an aspiring, new or existing one, is always exciting. Part of the perks is getting to understand their concerns, expectations, and aspirations, as you walk this all important journey of faith/risk taking with them. In the process you develop long-term professional relationships that goes way beyond the service offer period.
It also becomes an opportunity to share with them valuable insights as an experienced business expert, coaching and mentoring them along the way, while helping them better appreciate the demands of the process, as you guide to navigate the journey more strategically.
One of the most common challenges of entrepreneurs is their reluctance to acknowledge or appreciate the existence or role of competition in the market place. Often it is either completely dismissed or underestimated. However, although many entrepreneurs would like to shy away from the reality of some form of competition, it is absolutely necessary for business success.
The fact is that in business there is always competition for the available customer or client base. Ignoring it won’t do you any favors. Because, even if there is no direct competition there will definitely be indirect competition.
The threat of a substitute product, for instance, competes indirectly with your product, business or service, and is often overlooked by new business owners. And at the core of all competition is the competition for the customer’s cash.
This also suggests that at each point in time there is competition going on for the limited cash in the potential customer’s pocket. The question is, what is it about your products or services that will convince the customer to choose to spend their cash on your business instead of somewhere else?
The good news is that there are a significant number of ways a business can compete in the market place, including:
Quality and differentiation of your product;
Quality and differentiation of your service;
The value of what you are offering to your customer base;
Please refer to my book – “ Beyond The Passion” for the full list and details.
In business, healthy competition always encourages and inspires change for the better which will distinguish your business from what already exists. Without it there is no incentive for businesses to seek to become better or more efficient. Promoting competition is generally seen as one of the best ways to promote and sustain consumer satisfaction.
Some of the benefits of competition to a business and business owners that can make a significant impact on the bottom-line include:
It forces you to educate yourself about the business and industry, not to talk of yourself.
It helps you to avoid becoming complacent and to maintain a sense of balance as you consistently seek to innovate and become better which will inspire your team to push themselves to become better in driving the business forward.
It offers you and your team the incentive to work harder to become more efficient and productive thus helping you to drive costs down which eventually means lower prices for your goods and services - something your clients and customer will very much appreciate.
It promotes initiatives and the freedom to try things outside the box which inspires confidence and general well-being of the team and the business.
It forces you to focus on your core audience enabling you to provide target offerings to your customers.
Knowing the competition and understanding how the market forces interact is an essential element in attracting the right kind of business, increase your market share and bottom-line, to grow a successful business.
For more insights into the pros and cons of COMPETITION IN BUSINESS please check our my book – “Beyond The Passion”, available in both Paperback and eBook on Amazon, Barnes and Nobles, Kindle, all book seller platforms worldwide.
Do not hesitate to share practical examples on how your understanding and appreciation of Competition and how it has helped you and your business grow or otherwise. We appreciate your comments, suggestions and contributions at any time. Feel free to SHARE this post with your network anywhere in the world.
If you haven’t yet got your copy of any of our books, kindly check them out – “Pitch Your Business Like a Pro”, “The Business You Can Start” and “You’ve Been Fired! Now What?” (Ebook edition – Itunes, Kindle, Nooks, Kobo).
To connect with me directly why not download my App and be the first to share in our ‘Business Building Blocks’ tips. You can also connect with us via Facebook, Twitter and LinkedIn and sign up to our monthly newsletter for inner circle business tips on our website www.victorkwegyir.com.
It also becomes an opportunity to share with them valuable insights as an experienced business expert, coaching and mentoring them along the way, while helping them better appreciate the demands of the process, as you guide to navigate the journey more strategically.
One of the most common challenges of entrepreneurs is their reluctance to acknowledge or appreciate the existence or role of competition in the market place. Often it is either completely dismissed or underestimated. However, although many entrepreneurs would like to shy away from the reality of some form of competition, it is absolutely necessary for business success.
The fact is that in business there is always competition for the available customer or client base. Ignoring it won’t do you any favors. Because, even if there is no direct competition there will definitely be indirect competition.
The threat of a substitute product, for instance, competes indirectly with your product, business or service, and is often overlooked by new business owners. And at the core of all competition is the competition for the customer’s cash.
This also suggests that at each point in time there is competition going on for the limited cash in the potential customer’s pocket. The question is, what is it about your products or services that will convince the customer to choose to spend their cash on your business instead of somewhere else?
The good news is that there are a significant number of ways a business can compete in the market place, including:
Quality and differentiation of your product;
Quality and differentiation of your service;
The value of what you are offering to your customer base;
Please refer to my book – “ Beyond The Passion” for the full list and details.
In business, healthy competition always encourages and inspires change for the better which will distinguish your business from what already exists. Without it there is no incentive for businesses to seek to become better or more efficient. Promoting competition is generally seen as one of the best ways to promote and sustain consumer satisfaction.
Some of the benefits of competition to a business and business owners that can make a significant impact on the bottom-line include:
It forces you to educate yourself about the business and industry, not to talk of yourself.
It helps you to avoid becoming complacent and to maintain a sense of balance as you consistently seek to innovate and become better which will inspire your team to push themselves to become better in driving the business forward.
It offers you and your team the incentive to work harder to become more efficient and productive thus helping you to drive costs down which eventually means lower prices for your goods and services - something your clients and customer will very much appreciate.
It promotes initiatives and the freedom to try things outside the box which inspires confidence and general well-being of the team and the business.
It forces you to focus on your core audience enabling you to provide target offerings to your customers.
Knowing the competition and understanding how the market forces interact is an essential element in attracting the right kind of business, increase your market share and bottom-line, to grow a successful business.
For more insights into the pros and cons of COMPETITION IN BUSINESS please check our my book – “Beyond The Passion”, available in both Paperback and eBook on Amazon, Barnes and Nobles, Kindle, all book seller platforms worldwide.
Do not hesitate to share practical examples on how your understanding and appreciation of Competition and how it has helped you and your business grow or otherwise. We appreciate your comments, suggestions and contributions at any time. Feel free to SHARE this post with your network anywhere in the world.
If you haven’t yet got your copy of any of our books, kindly check them out – “Pitch Your Business Like a Pro”, “The Business You Can Start” and “You’ve Been Fired! Now What?” (Ebook edition – Itunes, Kindle, Nooks, Kobo).
To connect with me directly why not download my App and be the first to share in our ‘Business Building Blocks’ tips. You can also connect with us via Facebook, Twitter and LinkedIn and sign up to our monthly newsletter for inner circle business tips on our website www.victorkwegyir.com.
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