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The last thing you will hear in business is becoming pals with your competition.  The goal is to be on top while they lag behind you.  While you won’t hang out and chitchat face to face, you will need them for business growth.

 

Become business partners with companies of interest.  This partnership will share the same type of people for different things.  For example, a nursing college will pair up with a hospital for internships and hands-on duties.  Both of them share the same people (nurses) but offer different things (education vs. a hospital setting).  Another example is a company pairing up with a non-profit organization.  The competition has something you can use to benefit your company.  They know critical information that made them a success.  You can use the same formula to grow your business.  In return, the partner can learn a few tricks from your business.  The results provide a strength-in-numbers mentality.

 

Another option is through observation.  Researching online for their mistakes and successes will give you an idea of what is working and what isn’t.  Don’t make the same mistakes they made.  Do aim to be successful, but don’t copy their routine verbatim.  Let it be a guideline for your business.  The type of customers they attract will help you find a niche market.  Incorporate your own ideas into it.  Subscribe to their Email marketing newsletter to see what the competition’s progress and thought process.  Again, use this as an outline.  This can’t be stressed enough. Use common sense.

 

Like any friendship in life, be careful whom you befriend.  Those “friends” may be the one that steals important information for their own gain, give you wrong advice, buy your company or cut you out takeover style.  It’s all right to keep some secrets private in that instance.  However, don’t let those secrets (or the secrets you learned from others) influence you to do drastic things.  In turn, be sure that your partnership with the company isn’t for cutthroat reasons.  That friendship should be a solid partnership that brings companies together not drives them further apart.

 

There are more benefits to being a friend than an enemy.  Keep your friends close and your competition closer.  Contact us for more information.

 

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