As a business owner, you are competitive-minded, or you would not be running a business at all. If you don’t have a competitive attitude, your business might not grow. You should note that your competitors are not your enemies; embracing this mindset can be an incredibly useful inspiration in your quest for growth and success in business.
Healthy competition is a good thing, and there is no reason to panic about it. Competition is one of the factors that help you grow to the next level. Below are some of the ways a competitive mindset can improve your business;
1. Avoid Complacency
Sole business owners in a particular industry stop innovating early because they no longer need to. Competitors have a way of keeping you on your toes by looking for ways to improve your products/services
2. Self Awareness
Competitors force you to assess your strengths and weaknesses. That can help you create a unique value proposition to customers. You would get to understand your shortcomings and find ways to overcome them.
3. Exploiting Industry Trends
Competition indicates strong consumer demand. It provides validation for what you are doing. In new markets, this is an opportunity to promote an emerging trend that will get buyers and the media excited about your work.
4. Long-Term plan
Without rivals, most firms get lost in the day-to-day exercise of maintaining their business. As other companies join the market, you will need to start challenging yourself to accomplish more.
5. Mutual Learning
The knowledge and resources that a competitor has maybe better and different from yours. Therefore, observe them, actively learn from how they manage and grow their operation. Soon, you will discover ways to apply them to your business.
According to Bill and William cole, there are three strategies to help build a competitive mindset set; believe that your competitors make you better, believe that winners never quit, and quitters never win and learn to love the craziness of competition. In all of these, avoid letting competition turn sour that it would impact your business negatively. Invest in taking advantage of the opportunities available when other companies target the same audience and buyer; however, do not lose focus of your customers.
The Truth About Time Management: It’s Not About Time
We’ve all heard the expression, “There aren’t enough hours in the day.” In truth, we’ve likely all said it at some point. Time management is a struggle for everybody, but especially entrepreneurs, CEOs, and founders.
Interestingly, some people seem to get more out of our 24 hours each day than others. As author Idowu Koyenikan said, the key to making the most of our hours isn’t time management—it’s life management. People who do it successfully balance the things they love with tasks they need to complete to maintain a well-rounded, satisfying life.
To-do lists or any one of the countless books on time management can help you achieve this balance, but things will eventually fall apart unless you make a habit of productivity—and stick to it. This might mean writing down your top priorities for the day or week, using a productivity app, or creating a plan that works best.
The Truth About Time Management for CEOs
When it comes to time management skills and techniques, business leaders are among the worst offenders. This typically happens because of the nature of leadership positions. These individuals are driven by the feeling that they have to do everything or have all the answers. On average, they’re also responsible for a lot: CEOs work 9.7 hours per weekday and spend 79 percent of weekend days and 70 percent of their vacation days working.
Success doesn’t come from adding countless tasks to your calendar and putting in the longest possible hours. It comes from purposeful, intentional work, which means managing your time more effectively to focus on what matters. To get there, business leaders have to reset their time-management expectations.
Only using productivity tools doesn’t lead to better time management—developing concrete time-management skills does.
How Are You Managing Your Time?
While CEOs and business leaders have countless resources at their disposal, they frequently lack time. Here are four steps to improve your time-management skills and techniques to maximize the time you do have: continue reading…
Why You Should Have A Website And Not Just Rely On Social Media
No one could have predicted just how revolutionary social media would be when MySpace started gaining followers in the early 2000s. Even in 2006, when Facebook and Twitter became widely available to the global population, there were still lingering doubts about its longevity and potential as a profit-making vehicle.
In retrospect, it makes sense: after the meteoric rise and crushing fall of the 90s dot com bubble, it was still very much open to interpretation as to whether this new wave of interactive media would be able to survive (let alone thrive) into the future.
We know differently today.
As of early 2019, there were 4.2 billion internet users, of which 3.397 billion were active on social media.
To put this even further into perspective, consider that, on average, every one of those users owns 5.54 social media accounts and spends 116 minutes a day scrolling their news-feeds or chatting with friends.
And those mind-boggling numbers are still growing. Three hundred twenty million new profiles were created between September 2017 and October 2018, which works out to 10 new social media users every second. This figure alone is almost double the average number of human births per second.
That’s right. Social media growth is outstripping the global human birth rate.
You Do Not Own Social Media
We get it. Starting a Facebook page for your small business when you don’t have much working capital seems like a much smarter option than stumping up for a website. Not only is it free, it can also put you in touch with pretty much everybody you’d like to sell to. If you’re a local-oriented biz you can make a point of highlighting your location or some other specific selling point. Continue reading…
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