Competition -Love it or Hate it? do neither.

Competition…not such a bad thing, really.

I was reminded during a phone call today of a very important part of business, competition. Since the very first lemonade stand there’s been competition, it represents the veins from which healthy commerce flows. Competition comes in all shapes and sizes; it has its good and bad qualities. Many business owners are threatened by competition, they quickly and easily despise it. Who can blame them, after all they consider it a direct cause of lost revenue. Some business owners end up wasting far too much time and energy on this. Some go so far as to scheme and invent ways to sabotage or sideline the other guy. This immature approach does nothing to improve your own product or your customer’s satisfaction. All it really does is lower your self respect and good name. Competition will always exist and you can do little to improve your position by worrying about what the other guy is doing.

I think early entrepreneur James Cash Penny, founder of the retail chain JC Penny’s said it best A merchant who approaches business with the idea of serving the public well has nothing to fear from the competition.” I was reminded today of that very fact, I created my business to help businesses. I started with a goal and once reached created another goal. I have worked very hard to improve our product over the years staying focused on what’s most important, our clients. Through all of that I have dealt with competition and I must say it has made my product better. Competition has offered us clear perspective on things we were doing right and sometimes things we were doing not so right. I have never focused on my competition but I would be naïve not to have them cross my mind from time to time. Personally I have always felt that competition is only a single phone call away from becoming cooperation.

If you are still concerned about the other guy allow me to offer some humble advice. When dealing with the competition focus on your current clients or customers, after all the best customers are the ones you already have. Focus on them and NOT your competition, get them excited about your products or services. Whether you offer wholesale clothing or business services you can remind them why they went with you in the first place.

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