Attention business owners: how many of think it’s a good move to try and avoid competition? How many of you think market competition is evil? Hmm…It seems I can see some hands in the air; anyway, if you answered YES, to any of the above questions, then it means you’re not ready to build a profitable business.
7 Solid Reasons Why Market Competition Is Good For Small BusinessesI’m not here to argue or criticize anybody, in fact, I believe everyone is entitled to his or her own opinion but I want you to acknowledge this:
‘’ Embrace competition and see it from a positive perspective’’
Why competition is good for small businesses
# 1. Competition gives you enough time to evaluate and improve your customer service
If you’re a business owner who doesn’t really give time and resources to evaluate customers, then this tip is for you. When your business is booming in sales and in profits, there simply isn’t enough time to evaluate every customer but when there’s market competition, you’ll give time and resources to appreciate every customer.
Tip: this will help you win back the customers loyalty (which means more business for years to come)!
# 2. Competition forces you to capitalize on your strength and weaknesses
If there’s no competition, you won’t create time to study your strength and weaknesses. Stiff competition forces you to identify and study your strengths and weaknesses; this will enable you to work on your weaknesses and push hard with your strengths.
# 3. Competition brings out the best in you!
Do you know why top business blogs like Noobpreneur, Smallbiztrends, SMBCEO and Under30CEO strive to please readers and keep their blog fresh with unique contents? It’s because of competition. Each one of them is doing their best to retain customers and convert new visitors into loyal fans!
Competition keeps you on your toes and provides valuable strategies to keep your product or service fresh. It also keeps you up and doing, and provides you with valuable market insights!
# 4. Competition makes you work faster and smarter
You can’t afford to be lackadaisical or work sluggishly when you’re faced with stiff competition. When there’s competition, you must always be on your toes and always on the go! Failing to do this will give an opportunity to your competitors to push you out of the market
# 5. Competition forces you to devise better ways to add value to your business
Yes. Competition paves way for creative thinking. When you have competitors in your market place, it puts your brain to work and forces you to devise better strategies to add value to your business.
Tip: Creativity can never be unleashed at its fullest potential without competition.
# 6. Competition opens your mind and eyes to ideas
When there’s no competition, you can’t be motivated to go the extra-mile in pleasing your customers; but if you keep your eyes open to ideas, you can learn a lot from your competitor’s strength and weaknesses and capitalize on it to improve your product or service.
You must be able to draw strategies and make use of what your competitors have in place to adjust your own business plans.
Tip: if you keep your eyes and mind shut, you’d get kicked out of business—BIG TIME!
# 7. Competition puts ‘’fire in the bones’’ of your employees
In a market full of competitors, there’s always something new to learn; things like, how to handle customers and how to handle situations and gain control of market competition when you have more customers than you can handle.
Tip: if you’re a small business owner, make it a duty to improve the skills and mindset of your employees.
Sponsor them for professional courses and do your best to improve their business skills. That’s what will make you stand out in business—that’s the secret of most successful businesses.
There you have it!
‘’Your small business isn’t necessarily better without market competition’’
Do you think competition is good for small businesses? Would you mind leaving a comment in the comments section? I’ll be waiting to reply to your thoughts and suggestions… See you at the top!
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