As business owners, we often worry about what our business rivals are doing?
Those 'what if' fears come into play.
What if they steal away our customers?
What if they do something to hinder our reputation?
What if they make more money than we do?
These worries are all quite natural and to counter them, we do what we can to gain a competitive edge. And there is nothing wrong with this.
But there are reasons why we should quit worrying. This isn't to say we shouldn't keep an eye on what our rivals are doing, but we shouldn't waste a lot of time fretting. Here's why.
#1: You might distract yourself from what you should be doing
Keeping an eye on our rivals is one thing. But obsessing over them is another! If we spend a long amount of time analysing their strategies, we are removing ourselves from the greater needs of the businesses we are trying to run.
So here's the thing. Find out what your rivals are doing and use any available tools to improve market share. But remember that the greater portion of your time should be managing the daily needs of your business, as you will naturally start to fall behind if your mind is focused elsewhere.
#2: Your business rivals make mistakes
Our business rivals aren't perfect. They make mistakes, perhaps more than we do. So, we shouldn't spend a lot of time worrying that they are doing something better than we are. In some cases, we can spend too much time and effort trying to surpass them, when actually, we are already better than they are in the things we are already doing.
And here's another thing. We can sometimes panic when our rivals do something that we aren't doing. They might come up with a new product or they might market their business in a certain way. With a knee-jerk reaction, we might automatically think we should follow their lead and copy what they are doing. And so we take our eyes away from our business goals and jump on the bandwagon. But what if that bandwagon is going nowhere? What if our rivals are making mistakes? And what if, in our attempts to catch up to them, we are only emulating their mistakes?
So, don't assume your rivals are better than you. Don't assume you need to copy whatever it is they are doing. Think before reacting, as your business might be doing just fine as it is.
#3: Your rivals don't have to be your enemy
Sure, some of your rivals will be actively trying to beat your efforts. But then there are those business owners who are just like you are, doing what they can to earn a paycheck and find success in their field. They probably aren't out to get you as they are too focused on making a living and surviving day by day.
So, don't worry about them trying to get a market share. Don't spend all of your time trying to steal their customers to benefit your business. Instead, be glad when they do well. Perhaps collaborate with them so you can help one another. But above all, spend most of your time building and growing your business instead of trying to take your business rivals down.
Finally
These are just some of the reasons why you shouldn't spend a lot of time worrying about your rivals. We aren't saying you shouldn't give them any thought at all - you should - but if you obsess over them, they will distract you from the greater needs of your business. Stay focused then so your business doesn't suffer because your eyes are off your goals.
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