When you Let Your Competitors Limit You

Yesterday I spoke about my FX experiences where we threw a big beach party and even invited one of our main competitors.

Some people thought we were stupid or at best naïve – and several told us directly they could not understand why we didn’t have a closed event.

And I responded with a lesson that still pertains today.

Most of us SME Business owners have a fear of competition that is far greater than reality or even common sense would dictate.

In the FX example people asked why we would bring clients and a competitor into one place at the same time.

Why wouldn’t we?

This competitor had been in the market nearly 30 years.

(As a newsflash – Every client knew them and dealt with them one or many times a day.)

In today’s day and age you cannot keep your clients from getting to know your competitors.

So don’t stress about it.

Instead, use it to your advantage.

In this case, most of our competitors thought like our critics and were shy about hanging out with the competition.

I was the opposite.

I wanted to show our competitors and clients that we had great connections and we were not a flash in the pan and that we are serious players.

And it worked.

Another thing about overestimating the danger from competition is that it can limit us severely.

A business owner once told me he was reluctant to delegate because his employees might bolt and go to a competitor.

And so he ended up with a staff of “children” and he is doing all the work.

And he asks me what to do about his business as it’s stagnant.

“Ditch the nappies” I tell him and stop worrying about the hypothetical super employee that will go to a competitor and rain fire and brimstone on your business.

Instead, let your competitors worry about what you will do and you get on with the job of scaling, growing and making your business more valuable.

George

 

P.S. Gain the clarity to double your business through our upcoming series of workshops and masterminds.

 

Here is what we have coming up:

 

25 January Sophiall Profit and Dine Mastermind (Live Mastermind Dinner in Dubai)

 

26 January “Are you Charging What You’re Worth?” Encore

 

29 January “Roadblocks you Can’t Ignore” Part 3 Pricing:

 

5 February “Roadblocks You Can’t Ignore” Part 4 Scaling and Fast Growth:

 

6 February “Pricing Mastery and Business Acceleration Workshop

 

13 February Sophiall Monthly Mastermind Online Launch

 

20 February “Are You Charging What You’re Worth” Encore

 

And for those of you in Dubai, don’t forget to register and attend our Profits and Dining Mastermind, which is scheduled for The Deck Restaurant in the Palm on Thursday, 25 January 5-7 p.m., with doors opening at 4 p.m. and three-course dinner included. You can sign up here.