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.
2. Know your competition
- Target then win their key 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, Air BnB 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 about perception, collaborate with others to ensure you can deliver – develop 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 respect and security.