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It’s not very easy to believe that competition is good for business. If taken in the right stride, it drives innovation, inspires you to stay determined and builds team spirit. Not just that, competition can also prove to be profitable as it can expand the market to accommodate everyone. For example, when a popular grocery store chain opens in a small town, it brings more business opportunities to the area. Nearby gas stations, restaurants or other public service providers might end up getting more sales than ever because of the additional traffic heading to the newly opened grocery store.
Sometimes, competition can also be not-so-great for your business. For example, the local grocery store in that small town will definitely suffer the impact of direct competition from the grocery store chain. Resulting in a drop in footfalls and sales. Hence, determining who your direct competition is, is crucial. Companies that provide products similar to yours, share the same geographical market and have similar pricing as your product or service, can safely be considered your biggest competition. While you are using this information about direct competitors to focus and motivate your employees, you also have to make sure your competitors aren’t going to steal your customers in the meantime. Thus, the solution to staying ahead of your competitors is to never get too comfortable and always seek out new ways to offer something better.
Here are three ways to always stay ahead of the game
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