10 Reason Why Competition in Business is Essential For Business Growth

Business Competitor: 

Business competitors are on the hunt to kill your business, while they are busy looking for glitches in business to determine the strength and weakness of a business by exposing such business to spam and malicious malware that could harm business
es. It is important to know that without competition, a business can never improve.  

Competition in business  is fun, only if you know how to run the show.

Companies, businesses, entrepreneurs and self employed do not like competition in business, yet competition cannot be eradicated in the business world. This has in one way or the other caused both disaster and progress in businesses.

Business Mindset

Why you believe what you know is enough to make your business run for years. There are people who are interested in knowing more than what you know so as to get their business running for centuries.
Now that you know, it is up to you to make your decision as to either have a fixed or growth mindset about your business.
It is important to know that being in business attracts tons of competition; either you are a prey or a predator to other businesses. A business owner should know the need for competing with competitors in business.
Business competition might be frustrating and has also led to many businesses collapsing, but for those who understand the need for competition in business, keeps growing in business either as prey or predator.

Customer Needs In Business 

Take for instance, the world top E-economy online businesses, Amazon and Ebay. These two companies have been running their businesses shoulder to shoulder, though they might have their weaknesses, flaws and losses, yet they stood their ground in the market world till date.

competition is key in the business world, if you cannot improve you stay behind or die trying.

What was their secret in business? Their secret was that they understood the need for competition in business and also the customers’ needs which stand as a priority to them rather than the profit they make.

The mistake many companies make is that they fail to understand that customers’ satisfaction comes before profit. No customers, No profit. So customers come first, then profit.

Why Competition in Business is Essential For Business Growth

There are easy ways companies make profit in business, yet many businesses fail to know this, and those who know this fail to take it important.
Infact some businesses are just after profit without having their customers’ needs at heart. This made them ignorant of the fall that awaits them in business. “When you have loyal customers, it is hard for competitors to steal your product or customers away from you”.
1. Eye opening: While seeing competition as a hindrance to a business, it can be a blessing to business in another way. The need for competition in business is of essence as it helps businesses to know their flaws and weaknesses.
A competitor will always try as much as possible to seek your weak spot. Business glitches seem to be the likely spots competitors target in other businesses.

When you have loyal customers, it is hard for competitors to steal your product or customers away from you.

To secure your business is to try as much as possible to know your business so well as to understand its strengths and weaknesses. This is why HR is important in a business (HR means Human Resource Manager). 
2. Upgrade: While having a business competitor might look challenging, it could be a way to get better with your customers. Having a business competitor gives you room to know what the problem of your business is by constantly updating and upgrading yourself to know the needs of your customers.
3. Improvement: If there had not been competition in business, so many businesses would not have improved. While businesses are competitive in nature, customers have different products to choose from as they look for what suits them the most.
Due to competitors frustration, most businesses have dramatically improved their products by focusing more on the customers needs rather than making profit their priority. “competition is key in the business world, if you cannot improve you stay behind or die trying”.
4. Creativity: Business competition has made many business owners discover their talents. Many business owners do not know how creative they were until they were faced with challenges due to business competition.
Without creativity in business, a business cannot have its start. There are freelance creative jobs online that could give your business a boost.
Do not focus on one thing; focus on something more but do not shift your attention from the main objective and goal of your business. Competition in business is fun only if you know how to run the show. 
5. Customer satisfaction: The need for competition in business makes business owners understand the value of customer satisfaction. A customer who is not satisfied may never come back to purchase goods again.
Due to business competition, customers have highly been the main priority as the customers’ needs serve as the number one focus.
6. Time conscious: Time is everything in business but not everyone knows this. A business that is not time conscious will never have a chance of survival.
Having a business competitor teaches a business owner to be more time conscious because while a business spends so much time on a thing, other competitors might easily hijack it customers.
7. Effectiveness: Good service is one of the things competitors target at other people’s businesses. In the business world, when businesses are not effective by providing good services to clients, your business might lose clients to other businesses. The world has become a place for both machines and humans, as machines are gradually replacing humans as years pass by.
The need for competition in business has opened the eyes of so many businesses to new things; that could be both productive and disastrous to humans. ‘Sooner or later machines could replace human is a wake up call to understanding the effect of human desire for a fast pace life.
8. Transformation: While some businesses are out there trying to attract new customers, there are other businesses that give their customers opportunities to turn their vendors into customers. This is in a way a great turn around for customers as they get opportunities to do business with their vendors.
9. Leadership: Taking the big share of a business as you drag with your competitors is not an easy task. Have it in mind that there are grown businesses before yours who have taken the lead in the business world. You coming into the same line of business makes you a competitor to these large businesses.
However, that does say you cannot have your own share of the cake except if you know Why it is important to serve othersThose leads are there before you and that is what makes them leaders, so you have to serve them for a while before gaining your freedom and then having your share of the profit becomes easier. Failure to understand that some of your competitors are leaders could be a great disaster to your business.
10. Aggressive marketing: Some businesses forget that marketing is the best way to make a business known. There are businesses that started before yours; therefore, you have to make sure you are known in your niche. Even if it will require a loan to get started, please do; but make sure you understand the risk in loan taking before you apply for business loan.
Among other advertising media, targeting the most preferred advertising medium for your business between Twitter, Facebook, Instagram, could be a great source of making your business known.

Do not spend money on social marketing networks that do not go in line with your business; if you do so, you give your competitors an edge as your business will gradually die off.

Leave a Comment

Your email address will not be published.