Business Competition: Staying Ahead of the Game
Say what you will about it, but competition is exciting. Nothing gets the adrenaline pumping better than going toe-to-toe with a worthy adversary. It pushes people to accomplish things they would have never thought possible and opens up the door to new opportunities.
In the business world, staying ahead of the competition can sometimes feel like a zero sum game. With every attempt you make to get ahead, the competition does the same, and neither of you really is able to get the leg up. If you hope to overcome this hurdle, you have to take a step back and really examine your industry for what it is.
Innovate and Adapt
No matter what industry you are in, you must learn to think outside the box if you really want to get ahead of your business competition. The first step is to take a look at the set of accepted practices and procedures that influence how your business is structured. The next step is to determine ways in which you can change it.
On the surface, this is a frightening proposition, but as the old adage goes, “fortune favors the bold.” If you are doing the same things as your competition, how do you ever expect to differentiate yourself? Naturally, you never want to leap before you look, so make sure your new strategy is actually plausible. Also, whenever you are looking to implement a truly original policy, always check with a business attorney first to ensure that you are not violating any laws in the process.
Even if you do these things, the challenge remains: what happens if your competition innovates faster?
Revisiting Your USP
When innovation is not an option, another thing you can do is beat your business competition in a game of wits. If you don’t already have a unique selling proposition (USP) then how do you expect to stand out? If you do have one, it’s time to take an honest look at how unique it truly is. You may be able to tweak your marketing plan to present what you already have in a light that better appeals to your target audience.
Finally, remember that a business attorney can be your greatest ally. He or she will be there not only to help you brainstorm but will also ensure that you don’t violate any regulations. You may have the best idea in the world, but it won’t do you much good if it leads to legal repercussions. When you find that you are struggling to keep up with your competition and are looking to find new ways to make your brand stand out, contact Jeffrey Cymrot of Sassoon & Cymrot for individual guidance and consultation.