\u201cCompetition in business is a blessing, for without it, we wouldn\u2019t be motivated to improve.\u201d \u2013 Nabil N. Jamal, author of A Harvest of Change<\/em><\/strong><\/p>\n

It can be nerve-wracking to have competition \u2013 especially when you\u2019re a small business owner trying to find your stride. But rather than shunning your counterparts at networking events or stressing over their next big sale, take a moment to think about how competition makes your business better<\/a> and your customers happier.<\/p>\n

Strengths and Weaknesses<\/strong><\/p>\n

Everyone hates the age old interview question, \u201cWhat\u2019s your greatest weakness.\u201d But that question is still as probing today and it was the first time you heard it. Identifying your greatest weakness \u2013 and being honest with yourself about it \u2013 is the first step toward making improvements. Sometimes it\u2019s a matter of professional development<\/a> and education and other times it\u2019s about bringing in a new staff member to take on those roles for you, but you have to know there\u2019s a problem first.<\/p>\n

On the other hand, knowing your greatest strengths and being able to see how they make you better than the competition gives you an opportunity for grow. Improving your weaknesses while becoming even better at what you do best will give you a competitive edge with your key customers.<\/p>\n

Keeps You On Your Toes<\/strong><\/p>\n

Healthy competition encourages change and innovation. If you\u2019re the only business providing your particular goods or services, there\u2019s no tangible reason to improve. That\u2019s dangerous because it makes you complacent and gives other entrepreneurs a chance to step in and do what you\u2019re doing \u2013 only better. Being neck and neck with another company and having to push to be better makes your business stronger and benefits your customers, employees and community.<\/p>\n

Customer Experience<\/strong><\/p>\n

Competition is good for consumers not only because it makes companies offer quality products and services at competitive prices, but also because it means companies have to have the best customer service. When you know your customer can easily drop you and go with another business, you have to step up your game.<\/p>\n

Get Specific<\/strong><\/p>\n

Having competition in the market can force business leaders to identify their customers and find better ways to cater to the group. That can turn into anything from providing more specialized products and services to ensuring your business locations are on target. Focusing on your key customers is a great way to build on existing business and encourage your customers to refer your business.<\/p>\n

Also, when there are other businesses out there who do some<\/em> of what you do or have a similar product or service, it allows you to target specific clients rather than trying to provide services for everyone. That means you can get better at what you do best rather than stretching to try to meet the needs of every potential customer, even when they\u2019re not a good fit.<\/p>\n

Professional Development<\/strong><\/p>\n

Great business leaders are always on the lookout for new knowledge and, often, expanded professional development for their team. The market changes, the customer\u2019s expectations shifts, the technology improves, the products get better\u2026 if you\u2019re without competition, what\u2019s the point of staying on top of it all? Additionally, if your competition is doing better than you, that gives you the opportunity to learn from your counterparts and grow your brand.<\/p>\n

Filed under: Business Coaching<\/a> Tagged: audience<\/a>, business development<\/a>, business owner mindset<\/a>, business systems<\/a>, business valuation<\/a>, communication<\/a>, competition<\/a>, customer service<\/a>, entrepreneur<\/a>, Growth Coach<\/a>, innovation<\/a>, leadership<\/a>, management<\/a>, marketing<\/a>, positive thinking<\/a>, prioritization<\/a>, professional development<\/a>, small business<\/a>, small business leader<\/a>, small business management<\/a>, strategic business owner<\/a>, strategic mindset<\/a>, strategic thinking<\/a>, training<\/a>, work life balance<\/a> <\/a> <\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cCompetition in business is a blessing, for without it, we wouldn\u2019t be motivated to improve.\u201d \u2013 Nabil N. Jamal, author of A Harvest of Change It can be nerve-wracking to have competition \u2013 especially when you\u2019re a small business owner trying to find your stride. But rather than shunning your counterparts at networking events or […]<\/p>\n","protected":false},"author":1,"featured_media":135,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[17],"tags":[],"class_list":["post-1817","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-coaching"],"yoast_head":"\n