“Competitors push you to achieve more.”
1) Never Underestimate Them
One of my old bosses taught me about the concept of positive paranoia which is an extremely useful mindset when lining up against someone for a big deal. Put yourself and your team in the frame of mind to really think about a deal you are working on that you know you are up against another business, so much so that your life depends on it. It is a very useful exercise.
2) Know Your Competition
- Target then win their Customers.
- Adapt your product or service offer to combat their Cost Structures
- Ensure Value that minimises their commercial strategy & pricing.
- Find & exploit their Weaknesses.
3) Act Quickly if you See a Threat
- Uber owns no vehicles, Airbnb no real estate…
- Advancements in technology and disruption is everywhere meaning agility and responsiveness to market changes are critical.
4) Size Matters but Make Sure it is not a Disadvantage
- This is about perception, collaborate with others to ensure you can deliver – double down on relationships and use technology to assist you.
5) Protect your Key People & Information
- Look after your best people, as Richard Branson says “Train people well enough so they can leave, treat them well enough so they don’t want to”.
- Information is king and needs to be treated with utmost respect and security.