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Planning it or not, once you start your own business there is a thing or two to know about competition. Naively, some of the new business owners think that the market is big enough and that there will be clients to share. In reality, things never work that way and that is because even if you are not a true threat, competition will use you to make themselves look good. And this is a fact, a rule to live by and guidance to follow in managing your business and growing your brand.
Respectively, here are some key things to know, focus on and implement:

1. Study the competition

“Know your enemy and know yourself and you will always be victorious.” Sun Tzu

We are not suggesting that the competition is actually an enemy, but keeping an eye on them certainly has its benefits.
For one thing, knowing what their next step is can tell you what yours should be.

Use social networks to keep abreast with market flows at any time. Take advantage of the virtual spaces which can give you the news. Know the product and eventually offer the same thing but improved or just wrapped differently.

2. Place your company image everywhere

Creating a positive and professional image is something we all do at the very creation of the brand, but placing and advertising the image tends to be neglected or left for later when there is more time to focus on it.

Your business image will have good business result material to vouch for quality, but the need for the image will not stop even when you are widely known.

“Work hard until you no longer have to introduce yourself.”

Now, that is a nice goal, an aspiration of many of us. However, even if this ideal is reached, we still need an image to be recognized by.

Make that professionally designed logo seen, it isn’t enough just to have it sitting tightly on your website. Facebook it, Twiter it, make it live an online life of its own bringing you closer to consumers. Let them notice you and place you in one of the brain drawers from where you will be, when there is a need, easily pulled out. Be more present than competition, be more often seen. Market yourself smartly and be accessible at any time.

3. Be innovative on ideas

Never rest and think “Oh, I can have something mediocre this time, and try harder for the next one.”

“The heart and soul of the company is creativity and innovation.” Bob Iger

In order to be competitive you need to offer customers something new, something useful and interesting, what is not already offered by other companies. We know that this is maybe the hardest possible task you can give someone, or that you can be given, but never forget that innovative ideas bring profit.

If you yourself are not a person of innovation, find experienced knowledge management professionals who will contribute to accelerating the development of the company, make the best use of your knowledge and potential and put you in an advantageous position over the competition. Practice has shown that employees have great ideas but no opportunity express them or they just need a different way of presentation when it comes to launching. It is hard to be innovative in today’s world of plenty; nonetheless, sometimes all that we need is a different angle for the same thing to be completely different.

4. Make IT your ally

When it comes to technology, it won’t replace the human factor in management business (not anytime soon at least); still, it is an important ally in the daily struggle where a challenge is not only to progress but to keep your position. Besides social networks, smart phones, online meetings tools and other everyday technologies we are using, there are some technological solutions that give a head start in the competitive race.

• Your own app for different platforms.
• Clouds.
• Platform where clients can be informed of progress and where they can see some samples etc..
• Personalized access to information for clients.

No one can be comfortable enough to think that leaving out the technology is possible, as it is more of a prerequisite for doing business than advantage.

5. Minimize your weakness and boost your strength

Know your weaknesses (or know yourself, from our first point), but never ponder much on them, rather focus on the strengths and work on them.

The only one who should know about your weaknesses is you, and only you; if the competition finds them, you must be the first to know how they can be used to your disadvantage. We all try to minimize the fragility where it exists and in that intention fail to concentrate on that which leads us to accomplishment.

6. Hire professionals who love their jobs

Professionals are the bases for quality. If you hire relatives and friends, regardless of qualifications and other characteristics, you are smiling at, in the best case, the average. Of course, this doesn’t mean you should not give a chance to someone just because you know them, what you need to do is be as objective as you can and never give in to emotions.

7. Play hard but fair

Fairness, moral and vigor to the end should be your motto. What does that mean? This implies that you should not in any way demean the competition and build your image by trampling others. Sincerity and hard work are obvious and they will distinguish you when you reach the top.

8. Set high goals and stay within the limits of reality

Objectives must certainly be placed high at this time of fierce competition, but they simultaneously must be realistic and achievable. Otherwise your efforts will be nipped in the bud. Set the goals depending on your abilities (knowledge, skills, resources, and staff) and give yourself a challenge.

In the end, one thing to know for staying at the top is: Do not just thrive to beat the competition. Be the competition.