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As you work toward your online business degree, keep the following four benefits to competition in mind as you advance your career. The following are common types of business competition. Whether overtly or otherwise, most companies create a dynamic in … I am not suggesting that you give all your customers away, donate money to or share all your research and secrets with your competitors: that would obviously be foolish. Competition is one of the fundamental ingredients for economic growth. Customer Intimacy, Product Leadership or Operational Excellence – Pick one and don’t be greedy! Competition may seem threatening at times, but the fact is that it comes with numerous benefits. From generating referrals to coaching your network to building a killer website, we love seeing solo professionals succeed. Benefits of Participating in a Case Competition On October 21, 2017, I participated in a case competition hosted by the National Association of Black Accountants-New York and Deloitte LLP. This article discusses some of the benefits that competitors can offer to your business. Competition also reduces the need for governmental interference through regulation of business. Quality can mean various things: products that last longer or work better, better after-sales or technical support or friendlier and better service. Therefore, each business will have to differentiate itself from the crowd and there are three typical ways this can be achieved. At least during stressful times of business, business people think that it would have been better if there is no competition in business. The relative stability of Canadian, U.S., and European governments leaves citizens unfamiliar with the significant poli… But there is a case for supporting your competitors when specific situations arise that will provide mutual benefits. In fact, it is important for companies to have competitors, because it is through competition that innovation and improvement occur. A competitive market drives innovation as each individual business strives to gain a competitive advantage. You are the only option for your customers and they have to be satisfied with what you provide whether it is service or product. But creating value for your competitors is massively counter intuitive, surely?! Suppose, yours is the only business in a particular industry and of course you have complete control of the market. This … Just how can competition be a good thing? By not embracing competition and being willing to evolve within your sector as choice, quality and price dictates, you will be unlikely to generate the innovation and productivity that is required to substantially expand and grow your business. As there is no other go for your customers, your products might get a boost in the market though customers are not actually satisfied with your service. Competition reduces the length at which the ideas are generated and put to use. Aside from blogging, Tim works at customgear.com.au, a company specialising in promotional products. Offering lower prices is one of the most common strategies that most companies are doing in order to cope up with the competition. In this example, the more soldiers you have in your army, the better. After all your competitors are a major stakeholder in your business. This is an important consideration when planning value creation for your competitors. One of the benefits of competition in the business as well as in the economic environment is the lower consumer prices. I appreciate it is not always this simple and sometimes benefiting all stakeholders simultaneously is extremely difficult and even impossible in some cases. Thus innovative thinking does not become a necessity which makes you inactive in thinking. Soloville is dedicated to helping solopreneurs and other small firm owners think big and take their firms to the next level. In this case, you work with your smaller competition to get a stronghold over the market share. But, competition necessitates innovative thinking as you cannot survive without it. This is due to the endless need of staying ahead of others which in turn forces people to act fast. You may be able to get away with a non-competitive market for a while but sooner or later it will become competitive and when it does you had better be in a position to respond. Creating value for your competitors can drive innovation and productivity in your business sector. Your competitors are businesses that may deter people in your target audience from choosing you. How Committed are your Customers to Social Responsibility? They prevent you from becoming too comfortable and lazy in your business operations Remember, No One Succeeds Alone, Wait Until They Get a Load of You: Storytelling & Community Building, Three Poker-Related Analogies for Startups, Tips For The Professional To Make Working Away From Home A Little Easier. But these changes don’t just happen overnight and without significant effort on the part of the businesses. If you create value for your competitors it will make your business sector more competitive overall. This will increase the productivity of the business making them significantly more competitive in their sector. Your store doesn't have the same buying power or clout with vendors as the majors, but that doesn't mean you can't successfully compete on other factors. The Benefits of Competition in Business. Companies regularly compete among themselves, hoping to win consumer trust and revenue. This means that you have a lot of competition in your sector, with other companies always trying to eat into your business. But if it benefits all stakeholders then its collective positive impact will be desired. Although economic competition forces lessen your market share, it can also force you to become a better business. You never wish to go down and you become a real hard working at the same time smart individual though it might be to stand out from the competition. Customers would have to buy from you regardless. But, this thought arises because of lack of knowledge on how to utilize competition for the growth of your business. You could charge what you want without having to worry about the quality or choice you provide as you would be the only option available. The concept of social responsibility in business involves making a positive contribution to society as a whole. You tend to regularly upgrade your product as well as innovate so that you stay ahead … Benefits of friendly competition. You might not focus much on quality of service you deliver if there is no competition. Keeps you alert. You must identify your key stakeholders and aim to create value for each of them in a simultaneous and mutually-beneficial way. When competitors are around you, you would be forced to provide better quality service. Employees will be forced to think creatively … This could even mean working in partnership on specialised projects and programmes with your competitors: the very people you are trying to out-perform. Students from eight different colleges and universities competed in this competition. Competition makes you think more innovatively which is necessary for the growth of your business. I blog about educational management and leadership and have a particular interest in playfulness and humour in teaching and learning.
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