A while back, I shared the story of how we launched an FX business by throwing a huge beach party—and even invited one of our biggest competitors.
Some people thought we were crazy for not making it a closed event. They couldn’t understand why we’d bring clients and a competitor together in the same place.
Here’s why.
Most Business Owners Overestimate the Threat of Competition
In the FX world, our competitor had been in the market for nearly 30 years. Every client already knew them and worked with them daily.
So why stress about keeping them apart?
Instead of fearing the competition, we used it to our advantage.
While other firms avoided interaction, we did the opposite—we showed up, built connections, and demonstrated we were serious players. And it worked.
The Same Fear of Competitors Stops Growth
I once spoke to a business owner who refused to delegate because he was afraid an employee might leave and join a competitor.
So what happened?
He ended up with a team of “children”—people who couldn’t take responsibility—while he did all the work himself.
Then he asked me why his business was stagnant.
My Advice? Ditch the Nappies
Stop worrying about some hypothetical super employee running off to a competitor and destroying your business.
Instead, let your competitors worry about what you’re doing—and focus on actually scaling, growing, and making your business more valuable.
Come join our Owner’s Club where we offer a portal with best practices, classes and courses on building a valuable business – all for free.
P.S. I’m not the “systems guy”, process guy” or the “finance guy”. I’m the “start living your best life today” guy, where you grow a business that gives you freedom now and lets you exit on your own terms later.
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