Competition IT’S YOUR ADVANTAGE!
W
e are fortunate to see a boom in the number of new business start-ups across our state. Every business that opens its doors has an impact on its community and other businesses in it. Sometimes the business is complementary to existing commerce and sometimes it is in direct competition.
What is the first word that comes to mind when you think of competition? I am guessing it is along the lines of winning or of losing? While that is true in the world of sports, competition in the business world is just a bit different. Businesses that see competition as a negative tend to be the ones that end up falling behind, whereas the ones that see it as a positive to their business will thrive. It is easy to see why competition has a negative connotation. After all, no one wants to see hard work and livelihoods losing.
BY STEVE DUSEK
DakotaBusinessLending.com
SEPTEMBER 2019
When a business is noticing new competition popping up in their market, they can have one of two reactions: Resent or Re-Plan. Both have their struggles, but only one allows the business to continue amid competition. Let’s take a look at what some of these reactions might look like…
Resent
Re-Plan
“This town cannot support another business!”
“How do we make the ‘pie’ bigger for everyone?”
“They think it is easy to run this type of business.”
“How can we use history to our advantage?”
“Why do businesses keep showing up?”
“How can we keep our customers?”
“This change is not good for our community!”
“How can we support our community?”
“Customers don’t need all these choices!”
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But the best part about it is, businesses can influence and control their response to new rivals.
“What can we give our customers that is better?”