I’ve learned over the years not to try and keep up with others; someone will always have more. To drive this point home, I always ask: Do you know what happens when you catch up with the Joneses? They refinance.
Competition is the breakfast of champions, not cereal. Whether you like competition or not, it makes you better and stronger. You should not only welcome stiff competition, you should actively seek it out. You will never realize your full potential in business or life unless you are challenged.
Competition has made me a better businessman, a better golfer and a better person. And when there isn’t another company or business to compete with, I try to outdo myself. If that sounds simple, well, it is. I always want to be at my best and show my best side. No one ever set a world’s record competing against themself.
As American humorist Mark Twain said, “It’s not the size of the dog in the fight, it’s the size of the fight in the dog.”
Competition is not just important; it is essential. It serves as a catalyst for innovation, efficiency and improvement. When businesses compete, they are pushed to refine their products, services and customer experiences. This drive to be better than competitors can lead to breakthroughs that might not have occurred in a monopoly situation.
Moreover, competition keeps businesses alert to changing market conditions and customer needs. It encourages companies to be more customer-focused, as they must differentiate themselves to win over consumers. This can lead to better quality, lower prices and more choices for consumers.
A problem I see all too frequently is that people are afraid of competition. Perhaps it’s because they fear losing, but I suspect a better reason is that they know they are not as prepared as the competition. They are not willing to put in the necessary hard work, training and sacrifice. They think things will be easier for them than for others, possibly because others have made things look easy.
In my own experience, I’ve found that embracing competition has been a key factor in staying relevant and successful. It is important to study your competitors, learn from them and sometimes even collaborate with them to create new market opportunities.
One instance that comes to mind was when our envelope manufacturing company faced stiff competition from larger companies in the industry. These competitors had deeper pockets and could afford to undercut our prices to gain market share. It was a classic David versus Goliath scenario.
Instead of trying to compete on price alone, which would have been a race to the bottom, we decided to focus on what we could control – our service and our relationship with customers. We doubled down on providing exceptional customer service, ensuring that our clients felt valued and understood. We also invested in our sales team, training them not just to sell, but to solve problems for our customers.
This strategy required us to be more innovative and agile than our larger competitors. We had to truly listen to our customers and adapt quickly to their needs. As a result, we were able to offer customized solutions that our competitors couldn’t match. This approach helped us to not only retain our existing customers but also to attract new ones who were looking for a more personalized service.
The competition forced us to be our best, to innovate and to never take our customers for granted. It made us a better company because we had to constantly improve and differentiate ourselves in a meaningful way.
Internal competition can also boost innovation and productivity. To foster a healthy sense of competition, we set up an initiative where different teams within our company were encouraged to come up with innovative solutions to improve our processes, reduce costs and enhance our products.
We created a platform for these teams to present their ideas to the leadership, and the best ideas were not only implemented but also rewarded. This internal competition sparked a wave of creativity and collaboration that we hadn’t seen before. It broke down silos as teams worked together to outdo each other in a positive way.
The result was a series of improvements in our operations and a significant boost in team morale. Employees felt more engaged because they had a direct impact on the company’s success. It was a win-win situation – the company benefited from the innovative ideas, and the employees enjoyed the recognition and rewards for their contributions.
Mackay’s Moral: Competition always wins.
