What Business Are You Focusing On?

Raffa Financial ServicesRaffa Financial Services on 06/20/2019

Who is really driving your business decisions? Are you constantly looking to improve your business so you can be a better partner for your customers, your employees, and your community?

Or is your main goal simply to keep up with your industry competitors?

Not-so-healthy competition

You started your business because you had an amazing idea that solved a particular problem for your customer. Even better, maybe you figured out how to solve a problem your target market didn’t even know was an issue!

If you’re the first one to do it your way, that makes you the innovator— and the king. Until someone else comes along saying they can solve the same problem but in an even better way.

Before you know it, the competition begins. But it’s the wrong race.

Striving to keep up with other companies isn’t the way to win the business innovation game. Why? Because you’re letting someone else dictate your behavior.

  • Instead of focusing on your own ideas, you’re focused on what someone else is doing.
  • You’re more tuned into your competitors than your customers.
  • You’re looking back to see who is sneaking up on you rather than looking ahead to see

Are you worrying about other businesses and constantly wondering what they’re up to? Are you only fixated on the possibility they might secure that next new solution, employee, feature, or patent before you can?

Of course, you need to know who your competitors are and have some idea of what they are up to. But if you’re spending most of your time trying to keep up with the competition, you’re giving them all of your power. You’re handing control of your business over to them.

Take back your business

The choice is yours:

  • You can charge forward toward success
  • You can spend your time, energy, and resources running from your competitors.

One of these paths is based on vision. The other is based on fear.

If you have a strong company vision with a team you trust and you’ve empowered them to make great things happen, then you’re actively running toward something.

If your main focus is on how to one-up another business, you’re not focused on building a better company. Yes, you’re running your business, but you’re not running toward something new and exciting. You’re merely trying to run away from the competition.

Running from competitors can breed some pretty unhealthy business practices:

  • Thinking about your competitors instead of your clients
  • Focusing on their company strategies instead of coming up with your own
  • Worrying about today instead of planning for the future

Racing against your competition will result in short-term thinking and a reactionary business model. No longer will you be creating, innovating and challenging. You will merely be reacting, and your customers will notice.

Companies that lead based on fear can easily find themselves in exactly the scenario they were trying so hard to avoid— being passed by their competitors.

Focus on your strengths

You can’t control what your competition is doing, but you can control what you are doing. Your greatest competitive advantage doesn’t come from playing catch-up. It comes from believing in your vision and empowering your team to give your customers what they want.

Spend your time on the things that will carry you forward to success: your customers, your clients, and your employees. Funnel your thoughts, energy, and resources into what you’re offering your clients and the experience you’re giving them after they’ve chosen you.

This is what will make your business rise to the top.

 

Is your benefits broker also a compliance consultant? What about a trusted business partner? Are you confident your policies and processes are doing what they need to ensure that your company—and your employees— are healthy and productive?

 

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Photo by belchonock

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