Having the right mindset towards business competition
Competition helps us sharpen our business outlook and above all, gives valuable insights
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IN TODAY'S technologically advanced, business-savvy environment, it's never been easier to start a business. This has meant increased levels of competition and difficulties in retaining customers. Some competition can be healthy, as it encourages companies to constantly improve their products, services and operations in an innovative manner. What are the best ways to deal with your competitors? Mentor John shares his advice:
Some people say "Never ignore the competition", while others tell me to just focus on my business. What are the best strategies for staying ahead of the competition, especially for companies with limited resources?
Deal with the competition by having the right attitude to it. It is there to teach us, to sharpen our thinking. Competitors can cooperate with us in perfectly legal ways. They can take us over, too, and make our lives intolerable. Very big competitors can deploy a "loss-leader tactic" and sell below cost, ruining our business in the process.
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