A healthier way to view your competition

Those who prioritise short-term gains over lasting relationships may be building on an unstable foundation, which can become evident in success and results as time goes on.

Respecting the competition is essential in any successful growth strategy for a business. Despite the competitive landscape, acknowledging the common ground in the hurdles we face, market impacts and ambitions is crucial and can help us all move forwards instead of holding others back.

Rather than fixating on beating competition and assuming theirs is the highest level of standard, focus should be given to cultivating yours and your team’s strengths and working to support what excellence is in your company culture. Embracing ethical growth and knowing that it extends the opportunities for everyone involved can be more than enough when concentrating on propelling a company to hit its goals and stay true to its own values. There’s enough room for success without resorting to underhanded tactics.

When it comes to any attempt to undermine competitors, what most fail to realise is that it only diverts attention from your own growth. Negative strategies hardly ever lead to positive results, and can have an overall harmful outcome for you and your business later down the line. "The competitor to be feared is the one who never bothers about you at all," wrote Henry Ford, "but goes on making his own business better all the time." Prioritising your own high standards every day and setting out a clear purpose for the business will be the strategy that drives long term success – respect and collaborative solutions will undoubtedly benefit everyone who’s involved, and create a positive industry influence.

An important thing to keep in mind is that the competitive landscape is changing all the time. The impact of market fluctuations aren’t exclusive so if your focus is on keeping others behind you, you’ll not be prepared to manage what’s up ahead. Adapting to these shifts positions you as the leader in the industry, as embracing professional evolution lets your actions speak louder than your words. At the end of the day, your response to competition shapes your journey towards success in the long run.

But lastly, don’t forget that competition is an integral part of life and business - but it’s our response to it that defines our success. A ‘win-lose’ mentality can be damaging for team morale, promoting shortcuts and grabbing for business. Approaching it with a sense of unity, respect and collaboration fosters a culture of mutual support and continuous improvement, not just for you but for your competitors as well.