Why You Should Focus on Your Business Growth than Your Competitors'
Growth, profits, expansion, scale up, turnover and the list goes on. These are some of the most common jargons you would find on the whiteboard of an entrepreneur or a solopreneur (never knew this was a thing). Right from day one, every entrepreneur is focused on growing by leaps and bounds and living the life he or she has dreamt for years.
Private villas, business class tickets, carefree shopping and more are some of the consequences we want our ventures to fetch us. Driven by an instinct of quick results, most of us fail to acknowledge the fundamentals. The basics of offering values to consumers, resolving their concerns and building a brand value for the years to come. Often, we mislead ourselves into the tertiary circle of requirements and necessities like competitor analysis, market penetration, valuation and more.
As entrepreneurs, these are what we work for. But are these the only things we should work for?
Internal Growth for Success
For real value addition and quick growth, introspection is the key. Those businesses that are stagnating in the market, the ones that feel that are saturated and those brands that do not have a road further have something really invaluable in them in terms of introspection.
If your business falls under any of these categories and you have been comparing it to that of your competitors', you are failing hands down. You do not compare your business with another without taking into considerations parameters you never knew exists. It's like judging comparing your ability to hold your breath underwater with a fish. It is you who would drown eventually.
For success, what should matter is the addressing of areas of concerns and shortcomings in your business organization. Instead of comparing the amounts of leads that get converted for your competitor, realize the loophole in your sales process or team. Maybe you are approaching your target audiences in the wrong ways. What if you have the wrong target audiences?
When you are failing to resolve the conflicts you set out to banish, look for flaws in the workflow or processes. There could be minor loopholes impacting your delivery and output quality immensely. Or in the worst case, maybe you are recruiting the wrong talents that are not aligned with the vision of your business. Scaling up of business does not happen in a rapid span of time.
Companies are built of people with inspired people who share your wavelength and this takes time just like all the good things in the world.
Another aspect of internal growth is the idea of pitching. Usually, most entrepreneurs want to make an impact during their time and involve a lot of insights from competitors' brands and business to show how their product or service is different and more effective. Try stopping that for a while and focus on delivering value to your potential leads.
This value would bind your lead with you than the strengths you tend to highlight in your pitch. Building relationships with investors or clients is what should be your focus on not striking a business deal somehow.
Keep introspecting on the various aspects of your business and yourself to fine-tune the way your brand is developing every single day. This is an evolutionary process and would only help you refine your approach to business and carving a name for yourself in the market.
You don't always have to take down your competition. Sometimes, you need to outperform as well.