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Competitive Advantage – It’s Your Advantage!

Sep 19, 2019

As written for Fargo, INC

What is the first word that comes to mind when you think of competition?

I am guessing it is along the lines of winning, of losing? While that is true in the world of sports, competition in the business world is just a bit different. Businesses that see competition as a negative, tend to be the ones on the losing end and the ones that see it as a positive thrive. So it is clear to see why it has a negative connotation, no one wants to see hard work and lively hoods losing. But the best part about it is, the business has the control.

When a business is noticing new competition popping up in their market, they can one of two reactions: Resent or Re-Plan. Both have they struggles, but only one allows the business to continue amid competition.  Let’s take a look at what the reactions might look like:

Resent:                                                                                                Re-Plan:

“This town cannot support another business!”                    “How can we use history to our advantage?”

“Why do businesses keep showing up?                                  “How can we keep our customers?”

“This change is not good for our community!”                     “How can we support our community?”

“Customers don’t need all these choices!”                             “What can we give our customers better?”

See the difference? One rolls with the punches and one is total against the change. But here is the kicker, business will dish out the punches anyway. You have the choice to be able to beat the competition by focusing on the right thing, your customer. That is the most effective way to beat competition.

Competition brings out the best in all businesses! How you ask? Because they end up having to give their very best to their customers! As consumers, we hold the power to make a business grow. But the kicker is that business must get us in and stay to the best of their ability. Businesses that rest on their loreals tend to get passed over in the long run. That is your focus as a business owner, the long run. And the best way to take care of the long run, take care of your customer in front of you.

Business is not for the faint of heart, and it can be rough at times. Competition is one of the factors that make it so. But by taking your business be the horns and looking at it from a customer perspective, it may allow you to notice the one little change to beat your competition. Or maybe it won’t help at all.

All we know is that if you do nothing but resent it, you are the going to end up losing.