The Competition

business strategy competition decision making leadership Oct 05, 2022
Chess piece in front of a mirror

One of the great fallacies of our thinking is looking at those who do the same thing as us and believe they are the competition. Things changed significantly in my life when I realized the only real competition that existed was who I used to be. This realization shifted me from making decisions based on what someone else was doing to what I needed to do for my business.

If you become an observer of business, you begin to recognize those who are making choices for their business and those who are making choices against another person’s business. This one variation reveals how well the person will handle their finances. The person desperate to beat another person will spend frivolously. They will watch what another person does and then try to outdo them. This is a setup for disaster because they often forget to measure the outcome for what it really is.

When you measure the investments you are making in growing your business, you need to evaluate the measurable ROI. Does the advertising produce a specific outcome? Does having another location produce the increased revenue required to support it? When we ask real questions about whether a thing is working or not, we discover whether the decision was made to beat who we used to be or who someone else is.

I would challenge you to make decisions based on logical progression instead of ego. Stop worrying about being better or more than another person. Stop thinking about whether or not people will think less of you for not doing as much business/revenue as another competitor. Instead, think about the most effective way to build your business while serving your customer.

When your focus is on the customer and your own growth, things are significantly more likely to work in your favor!

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