In business, you cannot escape competition. Whatever product or service you may sell always expect that there will be a competitor waiting for you along the way. But don’t get distraught because competition is actually a good thing and it motivates you to improve your business.

I’ve always said that when doing business don’t pay any attention to your competitors and just focus your energy on improving yourself, your product and your service but like anything else, there are exceptions. It is perfectly okay to focus your attention to your competitors as long as you do not obsess over it and as long as it doesn’t affect your business in a negative way.

Here are three points that will tell you when and when not to focus on your competitor.

 Being Too Focused On Your Competitor

 I see a lot of clients who are too focused on their competitor that they neglect their own business and their own clients. This is one of the most common yet unseen problems that can cause your business’ downfall. An example of this would be a client who gets exaggeratingly focused on her competitor to the point that whenever her competitor makes a change like on their website, she would react to it and change her business’ website as well. The problem with this is that you don’t get to see what’s good for your business and what needs improvement because what happens is that you just follow what your competitors do without assessing whether or not your business truly needs it. In the end, you’re just wasting time, money and energy over something that does not benefit you. My point is this; don’t focus too much on your competitor but instead look into your own business. If they made some changes, that’s great. You can get ideas from them but don’t copy what they’re doing.

 You Will Always Have Competitors In Your Marketplace

 What happens when there are no competitors in sight? We usually sit back, relax and enjoy the attention we’re getting from our customers. In effect, there is no pressure of any sort that would compel us to do better. But in business, just because you’re the only one selling that particular product or service in the marketplace doesn’t mean there is no competition. There will always be competition and I’ll give you an example. Look at disposable income; think about a couple who would rather spend their money to take their kids to watch a movie instead of purchasing your facial product. Who then is the competition? Obviously, it’s the move theater and this makes the move theater your competition.

  1. Know Your Weaknesses

Every business has weaknesses but in order to win customers you need to identify your weaknesses and acknowledge it before your competitor does. See when you competitor knows your weaknesses they may use it against you so that consumers will choose their product or service over yours. So sit down and really think about your business’ weaknesses so you can find ways to fix them and change them in order to give your customers a better experience.

For a quick recap, I’ve shared three important points that will help your business grow exponentially. Number one, don’t focus too much on your competitors. Checking out what they’ve been up to every once in a while is okay just as long as you don’t focus too much on their business that you forget yours. Number two; don’t think that there are no competitors. There will always be competitors especially those outside of your industry and lastly know your weaknesses, don’t hide them from your customers; acknowledge your weaknesses, identify them so you can change them and improve your business.

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Sharon Jurd