Why You Shouldn’t Worry About Competitors and Where You Should Focus
Ask yourself: How many of your business decisions are driven by your competitors? Hopefully, your answer is “miniscule to none” as the temporary motivation derived from doing so could jeopardize your business’ long-term growth. Comparing your business to another is not the best of ideas. The comparison you make can paint a scary and often unrealistic picture of where you think your business ought to be and how other people are achieving more success faster than you are. Although this kind of information is unavoidable, you can process it differently and allow it to affect your business only positively. Read on for some tips on how not to worry about your competitors and to focus on your business’ long-term goals.
There’s Plenty of Business to Go Around. No matter what industry you choose to be in, opportunities will always abound. You just need to find a particular niche that your business can concentrate on and market your product to that particular segment. If you can succeed at identifying your ideal customer, aligning your business plan accordingly, and providing personalized customer experience, then you will no doubt have a solid customer following, thus keeping opportunities ever-present.
Focus On Your Accomplishments. Do not focus on your competitors’ accomplishments, and instead, set your focus firmly on yours. This, of course, is easier said than done in this age of the Internet and social media. If you make it a habit to (aimlessly) visit your competitors’ page/s, you are likely to find followers, interactions, or activity far from what you have on your own. This should not lead you to the notion that all this is because they are “better” in business than you. It could simply mean that they have been doing this far longer than you have and thus have already developed a business formula that works.
Follow The Path Already Made. The silver lining to have multiple competitors is that that they have actually done a great deal of your work for you. It means plenty before you have paved the way for new businesses… all you need to do is to be discerning and learn from what are helpful to success and what are not. Points of failure are areas of opportunities can provide you with valuable insight as to how to do better.
Stop Waiting and Focus on Starting. Many great business ideas do not even take off from ground zero because the owners are “waiting for the right moment”. Focus, instead, on WHY you want to launch a business and you actually are halfway there. Get started. Now.
Like what has been said earlier, fear or worry in business is quite common. Overcome the urge to worry about how your competitors are doing and shift your focus more onto your own goals. If there is one thing to worry about in business, it is not your competitor. It is complacency. Customers will change and so your business model must be adaptable as well. The unwillingness to evolve is the one true enemy of any business.