What drives business decisions? For too many small to mid-sized companies the response to that is related to their competitors and the competing markets. As decision makers we often have this mindset that any similar company in the surrounding area can destroy us and that our current foothold in the market can be lost at any moment.
The world of Managed IT Services is growing annually with new college graduates entering the field of technology, entrepreneurs starting new MSP businesses, and existing businesses growing in size and capabilities. One might think that as the CEO of an IT Managed Service Company I would start having self-doubts or questioning the ability for my company to be successful because of the number of options available to any potential client. The truth of the matter is that I welcome it.
While I do think it is important for a business to be aware of the players out there, it should not drive the decision making related to the direction of your company. Focusing on competitors too much can hinder your business and lead to your own downfall.
You are taking your eyes off your goals
When you started your company, what was your goal? Typically it is to provide the best service/product that you can to your clients. However, if you focus too much on your competition, your goals may become skewed. Instead of providing the highest level of service to your clients, it may appear to outsiders that it is all about “beating out the others.”
You need to stay focused on strategic actions within the company and less on insecurities about how your company compares to others around you.
You limit your company’s growth
When you are constantly focused on your competition, it is impossible to create a long-term game plan for your company. Competition-based goals are often finite and limited in scope. Say you want to win a certain client over from another company – what happens when you succeed? Win another client from your competition? These goals are short sighted and will not provide the staying power that most companies are looking for.
If you own a business you have a certain level of authority that is bestowed on you. Employees report to you, depend on you, and look to you during difficult moments or times of question. That power almost disappears when you are constantly basing decisions off reacting vs responding. By focusing too much on the competition you begin to play a game of follow the leader. You stop seeing the lay of the land and instead only see what the other players are up to. Instead of leading you begin to run your company based on other company’s strategies, at the risk of ignoring your own strengths.
An important key to remember is that healthy competition in the marketplace is inevitable and the sooner you accept it, the quicker you can stop wasting your energy worrying about it. Instead place your focus on being more strategic and unique. Find a strategic partner for your technology needs and focus on executing your own plans, delivering on your promises, and how you can remain innovative and relevant in an ever changing world. Place emphasis on differentiating yourself and your business so that your clients remember your services and solutions, and the value add that you bring to their business. Competition is not a bad thing. It can make for better products and solutions for your customers.
Contact The TNS Group today to learn more about outsourcing your IT and growing your business overall. We will find a solution that is best suited to your business needs and not what is popular among the competition.