Today we will be discussing how to approach competition, and why you need to embrace competition with open arms. Competition is a common occurrence in any business group. It can come among employers, employees (trainers), or customers in the form of physical contact, pictures, video, etc. Regardless of the way with which a competition arrives, the following are the dos and don'ts of welcoming a competition:
Do not hide your knowledge
You don't have to be scared to share what you have because you perceive competition around you. There is no point in having a headache about the possibility of your competition in using the knowledge you possess. Instead, be cool about it and share useful details. Moreover, only a few among your listeners or readers will use the information you are passing across, and in the long run, you will get the publicity, valuable feedbacks, and recommendation which can grow your business.
Don’t forget that copying someone is the highest form of flattery. Be proud. If its copyright infringement then make sure to protect your assets and consult an attorney.
2. Compare yourself with a "competition" within your category
Currently, most people are much concerned about affairs on the social media, which is not entirely real or true. And consequently, place their focus in the wrong competition. It is wrong because; one, you do not know how far and how much they have done before they reach their present level, and two, the necessary background or support with which they have grown their establishment. Hence, do compare your business with a category and level of establishment of the same class. We all seen it. Dollar bills, cars, private jets on social media accounts of your competition and in their real life they are taking a regular commuter airline they just posed next to the jet or someone else invited them. Only compare yourself to companies/people where you know the facts and have realistic and similar backgrounds. You cant compare yourself to someone who started their business with a million dollar funding if you started with 5 million or with sweat and blood…
3.Do engage in competition with yourself
Rather than having headaches with what others have achieved, you need to engage in a self-competition. Have a drive to be better than yesterday. Look into what you were doing a year ago; what is working for you and what is not. Check your personal life, hiring process and several areas of your business. Then, figure out how you can improve. I say this all the time; If you do not feel dumb compared to last year then you did not improve enough! You know what I am talking about. Think back last year, are you still doing the same hiring process, same training routine, same habits, same money habits, consultations, sales? Did anything change? Yes? Do you feel dumb about last year? If your process has improved so much then you should and that is a good dumb! Good rule of thumb is to accomplish that even faster then a year! Your only competition is yourself! We have so many other companies who copy is and trying to open next to us charge ¼ of our prices and still unable to obtain our customers. Focus on you!
4.You need others to improve
You have to know that you need others to succeed as you can't do it all alone. If you are ready to welcome competition from others, then feel free to approach them, share useful knowledge, and look for ways to succeed together. In Joseph Campbell's word: "a hero is someone who has given his/her life to something bigger than oneself." Work for the betterment of others, and you will succeed too.
The bottom line is that people will come and go. Business will come and go and your competition will come and go as well. They can copy you all day… They do that with us all the time. They will be out of business soon enough because they cant have you! You is the key. Think about Nascar or Formula one race. It is not about the car. Yes the car is important but it is about 20% car and 80% is about the leader and its team! They can’t have you and they can’t have your culture what you stand for. Because you are you. This is why those people on social media who are copying others will never succeed on the long run and neither your competition because they are not themselves, they are trying to be someone else. Take this advice: You are in it for the long haul! This is not a sprint this is a marathon and only the one who prepares and practices will reach the end.