“Having a rival can strengthen your business”
A rival company launching just before you do may seem like the end of your journey… But what if you use that competition to your advantage?
A recent article for the The Guardian Small Business Network showcases how a number of businesses tackled the challenge of competition – whether that be current or prospective rivalry. Different companies had different approaches – for some it may be viable to keep their product completely under wraps until release but for others creating a strong unique brand, pivoting the the business model or simply racing to be the first to market were their chosen pathways. Cooperation with competitors may even be an option.
The case clearly depends on the business and actual scenario, but competition could well help to strengthen your business and give it the edge, rather than being the end of the road.
Read the full article ‘Rivalry can bring out the best in a startup’ on The Guardian Small Business Network.