Dr. Success Challenge: Think back on your business career. Have you ever wished that you could crush a competitor, gotten back at someone who might have fired you, see a company you had worked with or client you had once serviced, meet with business failure? Make a list of those situations. Now look at that list and review what you know about their situation today. Answer this question honestly: If they experienced the failure you had “wished” for, how has that affected your life? Is your life better for their failure? Is there more money in your bank account because of their failure? Is your business doing better because of their failure?
This challenge comes from a recent experience I had in business. I owned a business with my husband in a market and industry that is very competitive. For the three years we owned the business, I attempted to work cooperatively to grow the market versus the traditional model of cannibalizing customers by undercutting the competition. We were met with varying degrees of odd responses from our competitors, and could always sense those who were thinking, “You do what you want, and I’ll be there to take your customers my way.”
The convergence of the economic malaise of 2008/2009 and a dramatic unexplained drop in our franchisor’s delivery of business to our company, caused us to forfeit ownership of that business. I am sure many in the market were relieved to have us out of business. However, I recently witnessed something I could not have expected and I am sure no other business owner did either. The new owners of the business decided to enter the market by undercutting everyone’s prices by at least 50%. This action destroyed the pricing structure of the competing businesses. By using the same tactic they usually used to “crush” the competition, they in turned have been crushed.
I know its hard, trust me. Yet, at the end of the day working to grow markets will serve us all. Whenever you feel the need to crush the competition, stop and think…”How could I create the business I want and have my competitor thrive as well.”
Recessions do not last for ever, but ill gained profits don’t last at all.
Wishing you success…which I don’t even have to be careful about wishing for,
Andrea T. Goeglein, Ph.D.
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