Why competition is good for businesses
Why competition is good for businesses
I have been wanting to write an article about this topic for a while now. Though with all the intricacies of leading a business through a global pandemic and the growth we have experienced since, I have struggled to find the time. This growth being the main reason I wanted to specifically write a blog about ‘Why competition is good for businesses’.
So, if you are not aware of the history of Advance and our journey, here is a quick shortened down version…
We set up back in 2016, my business partner Simon and I having worked for what is now a competitor, with us looking to carve our own path. We set up with the philosophy of wanting to be ‘different’, not better, but different. We felt that there was an opportunity to take a unique approach to telemarketing specifically within construction and the built environment pulling away from all the unnecessary KPI’s that didn’t contribute towards the quality and return of what we do.
Fast forward 5 years and we are no longer the new company on the block, we are an established business with competition in many forms, including new companies looking to carve their own path. I would be lying if I didn’t say my initial reaction to identifying new competition was emotional, bordering negative. But when I look back and see how each new challenge has helped us re-focus and commit to bettering ourselves, I can honestly say that this competition has been one of the biggest factors to our growth and success.
Don’t get me wrong it still takes hard work, but our decision making will always land on how do we offer our clients the best possible service? How do we create an amazing environment in which our team want to come and work? And how do we scale this through the growth we are currently experiencing?
But this is good, healthy and it makes me hungrier and look inwards at how to offer both Clients and our team more. This is why competition is GOOD!
And here are the reasons why it is good.
1. Innovation – Competition leads to innovation. If you’re the only player in your field, it can be difficult to improve. And if you’re working in a crowded market, you won’t succeed by doing what everyone else does. Healthy competition encourages change which will distinguish your company from others through technology, product alterations or by improving the customer experience.
2. Customer Service – As one of several companies offering a similar product, you are forced to compete for customers. Improving your customer service will garner loyal followers.
3. Complacency – Competition shakes off complacency. If your company is consistently trying to innovate and better itself, your employees will be encouraged to push themselves.
Competitors are always going to be there
We have removed any minor level of complacency and created a burning desire to recommit to why we set up and be different. Committing to the right people in the right positions and supporting some fantastic clients leading Advance to have grown 393% year on year!
Embrace healthy competition, it is good for business and keeps us all on our toes, do it in the right way and we all win.
Finally, thank you to everyone that laid the path before us and to those who drive us to improve.
I hope you have a great day, and remember life is too short people.
