There are two common responses to marketplace competition. You can focus on others in your sector and take yourself and your company away from the success and happiness you desire. Or, you can keep your attention on your company and your path to becoming the best you can be.
The second response offers a self-disciplined approach that will position you to face the reality of how you can make effective changes, improve your business operations and enjoy the fruits of your intentional labors.
Consistently focusing valuable time and energy on what other companies may or may not be doing and resenting their success will ultimately limit yours. This mindset also will limit the happiness and fulfillment you can experience in operating your business. A more effective way of thinking is required.
Over the course of my career as a business coach and consultant, I’ve met with business owners who’ve lost their way in the face of competition. They resented other businesses — and especially their owners — when those operations outperformed them or came to town and took market share.
I’ve even seen business owners become angry with former customers for exercising their power of choice as consumers and going with what they perceived as the better value provided by the competition. A negative mindset isn’t necessary or helpful and will lead to the loss of more market share and customers as well as team members and possibly even the business itself.
All businesses in a given market sector vie for the patronage of a limited number of customers. Rather than become embittered by others doing business in the same sector, choose to become empowered. Control what you can — how you, your team and company operate on a daily basis — and let the rest go. Strive to become better today than yesterday, to consistently reach for excellence.
It’s wise to remain aware of what the competition is doing. But focus on your business and study how it operates. Evaluate the effectiveness of your leadership and performance of your managers and entire team. Consider the quality of the products or services you offer and discover where you can improve. By taking this constructive approach, you’ll progress to the next level because you’ll remain focused on how to stand out in the marketplace.
This self-focused approach to business is more important than ever. As the economy cools and money tightens, customers pay closer attention to products and customer service. They look for value. Now isn’t the time to let them down. This could represent an opportunity for your to shine in your customers’ eyes and gain market share.
You might find it could be in your best interest to work with a qualified professional business coach and consultant to help you discover where you can make improvements and take the necessary steps to operate an exceptional company.
Once it’s determined how to improve operations, it’s vital you and your team work together to implement the corrective solutions that have been agreed upon. If you want to lead the way in customer satisfaction and loyalty — to stand out in your sector and grow — necessary changes must be made and followed through to completion.
The business owners I’ve worked work with have found this self-focused and self-accountable approach to be not only effective, but also liberating. They’ve discovered the freedom, empowerment, success and happiness that can only be possible with undistracted attention to their operations and the pursuit of creating a great company.
As you focus on your business, you’ll quickly notice how much more you’re able to accomplish with resources once diverted to thinking about the competition. Once you’ve implemented changes, you’ll enjoy the increased success and happiness that comes with customers finding more value with your products and services.