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Several years back I was the CEO of a computer services company where we provided services like computer networking, network security, disaster recovery planning, as well as a few other in-demand services. The market was literally saturated with companies that did what we did. Competition not only came from other local similar-sized businesses but, from companies we didn’t even know played in our industry from all around the world no less – hah… there’s the boon and the bane of technology for you!
Anyway, would you believe it if I told you that most of my business came from my competition? In other words my competition would hire my company to provide services on their behalf to their customers. This is big business! As well as an additional revenue stream opportunity often overlooked by many companies.
So instead of fighting to the death with a competitor, as Monty Python so eloquently put it, how about establishing a relationship there and mining for the diamonds that may exist?
Now this approach might not work with all of your competitors however, if it works with just one, you’ve got access to a revenue stream that you didn’t have prior. Let alone if that competitor is a larger business than yours, their scraps could be your feasts.
This is a think-outside-of-the-box style potential winning strategy. And yes business is about winning whatever winning looks like to each individual business – whether it’s about profits, market share, ability to tithe, whatever makes your heart sing, it’s about winning. Lose enough and you can put yourself out of business in a hurry.
But just because it’s about winning doesn’t mean someone has to lose. Competition does not have to be WIN/LOSE scenario – in other words I win and you lose or vice versa. That premise comes from a scarcity mindset. And believe me, think about scarcity and you’ll get scarcity and that’s not something you want to attract into your business or your life. Think abundance or WIN/WIN and you’ll position yourself to allow abundance to flow in. There’s plenty of room in the business world for all of us – there’s plenty of customers, plenty of money to go around. To think any differently is sabotage.
So in closing, think about how you can leverage this strategy of partnering with your competition in a way where you both can win. Remember, I just opened the box for you here. It’s up to you to peer into that box with an abundance mindset and see what diamonds lay in waiting for you.