Can Supporting Your Competitors Be Good For Business?
Now here is something that you might be a little surprised to hear, especially when you’re thinking about growing your own business. But you should be supporting your competitors. I know what you’re thinking, how does that even make sense? But there are so many businesses that are tried and tested and will tell you that it will benefit you in the long term, if you support your competitors where you can.
So here are just some of the reasons for working for, rather than against, your competitors. It certainly can be a good idea!
Builds Your Industry
If you want your business to do well, then the sector or industry that it is in, needs to be doing well. If the industry as a whole isn’t doing well, then your business is likely to not do well either. When your competitors are supported, then it helps to grow the environment that your own business is going to be in. It shows that there is a demand for what you do, and can help drive more customers to both of your businesses.
If the industry is doing well, then it is going to be the thing that will boost your income and help your bottom line, as well as your competitors. When both are doing well, it can also allow for some collaboration, referrals and even some cross-promotion. You could even share workspace, factory space, or a business park, if you work in similar areas and can agree to share costs in some ways. All of that is going to help your bottom line at the end of the day.
If you support a competitor, you are likely to see how they are doing. If they are bigger and better than you, at least for now, then it can be a big motivating factor for you to do more and to improve your business. You can almost use them as a benchmark to work towards, or equally, to measure how much better you’re doing, if that is the case. As long as you use it to motivate you, rather than to become complacent, then it is going to be a good thing.
A Support Network
There are some industries that are highly competitive, as well as being highly volatile. And with the economic climate the way it is, nothing is certain in business. Take many restaurants, for example. It is a highly competitive industry, but they can support each other when needed, instead of badmouthing. You never know when you might need support, or when a competitor might need some. It could lead to takeovers and merging in some instances, which could be a good for you and your business growth.
To conclude, the old saying of ‘if you can’t beat them, join them’ has never been more true, especially in business. While you shouldn’t sacrifice your business to help someone else succeed, it pays to have lines of communication open and being positive in both of your successes.