I have recently realized this is a problem for me. I run an online business in a very niche market, so anyone in this industry knows one another. Many of my competitors came along long after me, but had start up capital that helped to catapult them way ahead of me in most areas. My company is doing ok, growing slowly and steadily.
I know if these other companies weren’t in my periphery all day long, I’d be happy with where we are. But instead, I constantly feel like I’m falling behind. I know 100% this is a “me” problem, but I’m just curious if anyone else has ever dealt with this and how you snapped yourself out of it.
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I always say you can focus on your competition or you can focus on your customers… I choose the later.
#1 rule in life and business - comparison is the thief of joy
Celebrate your wins and accept your losses. They may have grown faster, but a lot of times fast growth is short lived. Focus on good customer support and building a solid business that will last. I would say that the only reason you should look at other businesses is for inspiration on how you can get better. Other than that you’re doing yourself no favors on stressing about it
“I constantly feel like I’m falling behind.”
I’d challenge you with that. One way to prove yourself wrong is to start tracking certain metrics. What areas do you feel you’re falling behind in? Track those areas. What you measure gets managed.
Your Competition will be around for a while, but I’m sure you’d like to feel a different way soon. I get that.
This would be a good time to remind yourself of the values and strengths of your company/brand. Start setting some new goals and focus on working toward reaching them. That’s more rewarding than losing energy thinking about the competition.
Another approach is to know your competitor well. Find an area of their products or services that you find a gap or fault in. Do you solve the problem better? Does your solution save them more money?
The name of the game is differentiation. When a customer thinks of someone to solve their problem, you want your company/brand to be the top possibility.
Comparison is the thief of joy.
You’re wasting time and energy worried about your competition because of your scarcity mindset. There is plenty of business to go around. Focus on what you do best and get better at it.
One of my favorite quotes. Find a way you’re better and don’t be shy about it. I got that opportunity on Friday with a mutual contact with my main competitor. He asked me the difference between us and I was able to shift his business, affiliated businesses and referrals to me.
Focus on your strenghts and pay close attention to your best customers; be friendly, go that extra mile if necessary to solve their problems and you’ll be fine. I’m in a similar business setting (niche parts sales) severly understaffed, underequipped and lacking warehouse space but I have a knack for procuring exotic and older parts for various machinery and obscure knowledge that it would take someone else days/weeks worth of internet research to produce the correct result. And it allows me to live in relative comfort despite many retail giants around me. Speed (but not haste) and precision (but not overwhelming details) are key to a happy customer 😎
I totally understand and struggle with this myself. I try and remind myself to just keep my head down and do what I do and do it well because that’s the only thing in my control 🤷🏻♀️