How interesting is a one-man race? What’s the value of a game with only one player? How hard would athletes train if they were the only one in the sport?
Companies should welcome competition, not wish it away. Competition forces you to provide a better product, better customer service, better marketing.
They provide checks and balances to ensure you stay on your heels and continue to provide a quality product. They make you strive to improve how you run your business and how you treat your customers.
Your competition helps to build demand for your product category, rather than you trying to do it on your own.
Your competition helps to give you new ideas or at least things to avoid.
Your competition helps you to become a stronger company.
To paraphrase Oliver Wendell Homes…
If I had a formula to bypass competition, I would not pass it around. Competition creates a capacity to handle it. I don’t embrace competition; that’s as bad as treating it as an enemy. But I do say: meet it as a friend, for you’ll see a lot of it, and had better learn how to live with it.
Photo Credit: tpower1978