Almost every firm has at least one competitor – this is a normal part of business. Whether – and how – you consider that competitor when making business decisions can run the gamut from “I don’t even know who my competitors are” to checking up on them every day.
We’re taught that we should keep an eye on the competition, but when does that cross over into something that isn’t helpful? Is obsession with the competition healthy?
- Time obsessing over your competitors is time you’re not obsessing over your work or your clients
- The importance of identifying your competitors: Are they really your competitors, or you’ve just decided they are because of some small thing (you went to school together, they received an award, ten years ago you lost a project to them)
- What are you hearing and seeing about them?
- What’s different about what each of you do or sell?
- How to use data points to get a clearer picture of how your firm compares
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