When you play with the big boys in the game of business, you have got to know how to deal with competition to gain an upper hand and score big. Fear and uncertainty in how to deal with the “giants” in the playing field will be hazardous to your achievements. You need to be armed with the tools that will help you make the win. In this excerpt from an interview given by Dale Beaumont, Peter Davis gives you the upper hand in your competitive market area with practical advice to assist you in meeting the goal.
Peter Davis is a self confessed “Serial Entrepreneur”, owner of The Eagle Group Of Companies and expert on the Enneagram. His business activities have allowed him to travel all over the world to learn from some of the greatest business minds.
In business how have you dealt with being in such a competitive market?
With my blinds business, at one point I had 16 competitors within a one-kilometer radius, all selling a similar product to me. When you’re in such a position there are only two options: sink or swim – and I don’t say that in a negative way. When faced with a competitive market you not only discover whether you really love what you’re doing, but you also get to hone your skills. Some of the ways I dealt with being in a competitive market were by:
- Becoming quick and sharp
- Understanding the importance of focusing on the company’s USP (Unique Selling Proposition)
- Improving the quality and service of all areas of my business (including all the minor points)
- Treating customers as a lifetime commitment and acknowledging how important they are to the business
- Viewing the business as a challenge
- Working smarter, not necessarily harder
- Focusing on the business’s strengths and compensating for its weaknesses
- Evaluating key performance indicators
- Working on the business and not in it
- Committing to staff and clients, and performing to the very best of my ability.
For more on How to Deal with Competition and this interview check out Secrets of Small Business Owners Exposed!