Have you ever imagined what it would be like to peer into your competition’s heads? There’s no question it would come in handy when you are trying to stay a step ahead. After all, the more you know about your competition, the more likely you are to succeed.
Often the belief is that our competitors have it figured out and we need to. Well, they are thinking the same thing about your business, that you have it figured out – most times this is true. For me, it's not about knowing what they know as much as it is about me knowing my business and where my business is going. We’re often naturally inclined to ask questions that are in our best interest, but sometimes it helps to look at the world from another perspective. This can be a valuable experience because it forces you to assess from first principles how you see your own company, rather than through the lens of your competition.
Understanding how technology and innovation are impacting diversification, labour challenges, supply-chain requirements and needs, along with operational efficiencies are where I want to focus. Are we as profitable as we can be? Are we using the best technology available? How can we be relevant to our customers and employees in the future? There is a real trend to strategically align with competitors when necessary for the sake of the entire industry and its customers. When this is done effectively – we call the relationships competi-mates.
Competi-mates can better control the risk of industry change and monetize the value of their relationships by sharing knowledge and driving innovation through sharing intellectual capital and product development. This can be accomplished through joint ventures, partnerships, alliances, and mergers. The creation of competi-mates is a strategic decision, but not a simple one. A business case must be built to show how these alignments will create value for all parties.
Written by Todd Dyer