Your Greatest Competitor

Saturday, February 24 2024
your greatest competitor

Who are you competing against in the marketplace? Has it occurred to you that you might be your greatest competitor? Of course, similar businesses in your industry and other companies selling the same service or products would be the first choice if asked. Looking outside your own walls, you’d likely identify the following as competitors:

  • Companies using the same methods to market to the same audience. Your competitor could be on the other side of the country, and only partially focused in your field, but clients still consider them a viable option.
  • Someone offering an innovative set of products or services that risk making your business redundant, so think disintermediation.
  • A business that has a pricing advantage on similar products and services.
  • An entity with market advantages such as local presence where your company is attempting to cover an area with a geographic disadvantage.

Your Greatest Competitor

The examples above may not be having the biggest impact on your success. At TAC, we refer to the following internal ‘competitors’ that most businesses deal with: ignorance, complacency, and inertia!

Ignorance: When asked, many business leaders struggle to articulate their value proposition – what sets them apart from the competitors that clients desire and value.

Complacency: At the leadership level, and amongst the rank and file, engagement and motivation at very low levels.

Inertia: Day-to-day life gets in the way. You are easily distracted by other activities, then don’t prioritize what really matters. You spend too much time IN the business and not enough time ON the business. It takes courage, fortitude and determination to change the path you’re on.

There is no such thing as status quo in business: if you are not moving forward, then ultimately, you will go backwards. Change won’t happen without a plan, so think beyond other businesses like you in your community. Other forms of competition, including internal, could blindside your best intentions. Without a thoughtful strategy and considered change process you could be left behind. If you need help, a coach can assist you to identify and expand your options.