When you are running a business, one primary factor that you should take into account are your competitors. Unless you are engaged in a fairly uncommon niche, then you can count on the fact that you will have competitors. In order to ensure the survival of your business, your enterprise should be highly competitive. Competition drives business, and it spurs innovation. However being competitive doesn’t mean that you should play dirty in order to come out on top. To ensure a more fulfilling and healthy success in the field of business, you can be competitive in a non-destructive way.
So is it possible to stay friendly but remain competitive in the realm of business? Here are some ways to achieve just that.
Avoid Slander & Other Dirty Tactics
The simple solution is often to make the competition look inefficient or incapable and, along the way, lead your own approach to beat them and stand on top. Yet, this type of action triggers contempt and encourages poor perceptions toward you; eventually, it’ll backfire since people won’t find you trustworthy. In a short-term, behavior such as this may get some results but in the long run, it’ll make you susceptible to attack, and fragile when you’d like their support the most. Playing it dirty might yield some short-term results but once it blows up in your face, you may not be able to recover. Not to mention that lawsuits that will come your way.
Competitors Are Not Your Enemies
In order to foster the spirit of friendly competition in business, you have to realize that your competitors are not your enemies. While your businesses is in direct competition with each other, there is no reason for you to have feelings of hostility towards each other. Remember that in order to remain competitive, there are times that you will have to learn from the competition. It is even possible that one day, you will need each other soon, like for growing a new market for a new product. Both parties have a chance to be an inspiration to each other to both achieve their goals.
Understand the Benefits of Friendly Competition
In reality, you are better off in a market with friendly competition than a hostile one. There are simply way too many benefits when it comes to friendly business competition. Understand that your businesses can coexist. For starters, if you have a friendly relationship with your competitors, it is possible to share businesses and employee practices. It is one thing to have good clients, but you will learn a lot by reaching out and developing relationships with competitors.
Can you have it all? Even more so, can you both have it all? I would think so.