How to win against cutthroat competition?
Businesses face stiff competition with every passing day with more and more players venturing into their trade. So, an important question arises, “How to sustain the competition?”
Here are some tips in this era of competition.
Be a marathon runner and not a short race runner. Think long-term even if you have to bear losses in the beginning. Every loss and mistake is a great teacher, better than any MBA and the loss you suffer is the fee to follow that course of study. None of the great men were successful in one go nor will you.
Take calculated risks to be successful.
Offence is the best way of defence. Don’t fear competition, rather face it head-on. If you are doing your best and are convinced about your product and service, no one can ever defeat you.
Get yourself in the shoes of your customer and think like them. You must be on the same page with your customer as far as the thought process is concerned. This helps in identifying the customers’ needs and expectations. It also sets a clear direction for you.
Create a well-oiled self-propelling system. Build a great team. Groom your junior staff and delegate your work as much as possible so that you get free-thinking time, do strategic planning and keep an eye on your competitor's activities. Even if your juniors commit certain mistakes in the beginning, don’t be scared or annoyed. That is part of grooming. Remember, even you committed silly mistakes at some point in time. No one is foolproof. If you have a good system in place, there is a lesser possibility of incurring a serious loss. The mistakes actually teach your staff of correct ways and means. This will help you in avoiding blunders at a later stage. Whenever in doubt always remember, Bill Gates has his business all around the world while he is not omnipresent. He is successful because of the system he has created, his team, and the delegation of authority.
Finally, be flexible and avoid ego in the business. Sometimes you may have to track back your move. Continuing something wrong simply due to ego or ‘what will people say’ may prove counter-productive and harm you in the long run. Don’t ever worry about what will people say and do what is correct. Remember no one is going to stand by you in case you incur a loss.
Always be in war mode. Never lose sight of your goal like in the game of Chess. Learn from it to do strategic planning and fight it out. So get going and convince yourself that you are going to win.
