cfo service representatives in a competition, running toward a common goal

Why a Little Competition Is Good for your Business

By Mckenna Gustafson, blog writer at TOP CFOS

Our world depends on competition to thrive. Remove it and you remove the need for improvement. Most of the things that we have and use on a daily basis came to be from innovation inspired by competition. The brilliant innovator Henry Ford said, “A competitive world offers two possibilities. You can lose. Or, if you want to win, you can change.” In the business world, a competitive spirit is often the edge that pushes a company to the top of a market.

Let’s take the Wright brothers for example. They were on their way to building the first airplane when they got word that Samuel P. Langley was assigned and sponsored by the government to do the same. Orville and Wilbur were motivated by this and ended up pushing forward and beating out the Langley to create the first airplane. We owe the development of the modern airplane to the competition of that first market. It is interesting to note that The Wright brothers’ plane, in turn, was the competition that ended up motivating other inventors to take their planes up into the sky. Read more on that here.

Competition doesn’t only benefit your company, it benefits your customers as well.

Here are a few reasons that a little friendly competing can benefit your consumers:
  • Better service-  “Competition drives performance. It drives people to work harder and dig deeper to deliver more than they ever thought they could.”- Harvey Mackay
  • Higher motivation- “A horse never runs so fast as when he has other horses to catch up and outpace.”  – Ovid
  • More innovation- “If you’re not making mistakes, you’re not taking risks, and that means you’re not going anywhere. The key is to make more mistakes faster than the competition, so you have more chances to learn and win.”- John W. Holt, Jr.
  • Lower prices for consumers- “Instead of focusing on the competition, focus on the consumer.” -Scott Cook

Competition is the catalyst that will eventually produce the product and company you’ve always wanted. So go out there, strap on your shoes, wow some customers, and watch your competitors’ dust fade behind you.