My top mindset tips for dealing with competition

Rise Up In Business

Send us a text

Competition in business isn't necessarily a negative thing. In fact, it's a crucial aspect of the marketplace. Clients and consumers deserve choices, and honest and good faith competition is something I genuinely believe in.
Knowing who your competitors are and staying informed about industry trends is wise. It’s just good business - and being aware of what others are doing can even open the door for potential collaboration. However, there’s a big difference between taking inspiration from other businesses and flat out copying. That is certainly not okay.

Dealing with Dishonest Competition

Unfortunately, not all competition is fair. There are instances when competitors might copy your work, mimicking your efforts to advance their own business. While imitation is often said to be a form of flattery, I completely disagree. Copying someone's hard work and presenting it as your own is just wrong, and today's digital age makes it easier for such unethical behaviour to occur.
If a competitor is copying you, it's crucial to stay focused on your own business. Don’t allow this to consume you or derail you from your own business goals because getting distracted will incur a bigger cost on the business than the copying itself.

Be Confident and Anchored to Your Why

Always remember your business's mission, vision, and unique selling points. Stay focused on your values and continue serving your clients to the best of your ability. The truth of the matter is that anyone who copies your work is only demonstrating that they have no originality and they will not stand the test of time. Stay in your lane and keep focussed on your why.
Stay Informed

Keeping your finger on the pulse with industry trends and knowing what your competitors are up to is good business practice. This way, you can discern whether a situation is genuinely harmful to your business or whether it’s something that you can shake off.

Stay Focused

Don’t be consumed by what your competitors are doing. By keeping your focus on your business, you’ll ensure that you're not distracted from the important activities that generate revenue and really push the needle forward.
Understand and Protect Your Intellectual Property

Make sure you understand your intellectual property including trademarks and copyrights. Protecting your unique ideas and original work can deter competitors from copying you outright and resolve issues swiftly if or when your copyrights are infringed.

Don't Go It Alone

Having a reliable support system is invaluable in business. This could include your business lawyer or a team of advisors who understand your business's intricacies. When issues arise, discussing them with trusted individuals can help you develop a strategic response and give you peace of mind for how to move forward.
Competition is inevitable in business, and it should be embraced when it’s fair and ethical. However, understanding how to deal with less honourable competitors is equally essential. By staying confident, informed, focused, and legally protected, you can navigate the challenges that arise without letting them derail your business success.

LINKS:

Discover the Masterclass Series here

Check Your Legals with the Essential Legal Checklist here

Book a Free 20-minute Initial Consult with me here

Join me on Instagram here