Business Education

7 Ways Entrepreneurs Can Deal with a Competitor Who Plays Unfair

We tend to think of unfair trade practices as a multi-billion dollar corporation scheme. Mega companies like Microsoft, Facebook, Apple, and Google typically come to mind. And while it’s true these International entities do as much to monopolize their industries as possible, unfair practices can happen on a much smaller scale. Entrepreneurs entering the small business space can also encounter competitors who just won’t play by the rules. When this happens, it’s important to know how to handle such a circumstance.

Standing Your Ground. How New Entrepreneurs Can Navigate Unfair Competition

Starting a business is no easy feat, especially when you’re up against established competitors who may not play fairly. Unethical practices, market manipulation, and monopolistic behaviors can create an insurmountable environment for newcomers. But resilience, strategy, and ethical principles can turn the tide in your favor. Here’s how new entrepreneurs can tackle unfair competition and carve out their own space in the marketplace.

1. Understand the Battlefield

Knowledge is your first line of defense. Research your industry, your competitors, and the market dynamics. Understanding the strengths and weaknesses of established players—and how their practices may put them at an artificial advantage—will help you craft a more effective strategy.

Identify gaps. Unethical competitors often overlook underserved markets or segments. Find those gaps and position your business to address them with integrity.
Know your rights. Familiarize yourself with laws and regulations that govern your industry. If competitors are engaging in illegal practices, knowing your rights empowers you to take action.

2. Build a Strong, Ethical Foundation

Operating with integrity isn’t just good for your conscience; it’s good for business. Consumers are increasingly drawn to companies that demonstrate authenticity, sustainability, and fairness.

Highlight your values. Communicate your commitment to ethical practices. Share your story, your mission, and your vision to build trust with your audience.
Deliver exceptional value. Focus on offering high-quality products or services that stand out on their own merits. A strong value proposition can outshine even the most aggressive competitor tactics.

3. Leverage Technology and Innovation

Established competitors might rely on outdated methods or infrastructures. Use your agility as a newcomer to your advantage by embracing innovation.

Streamline operations. Utilize technology to optimize efficiency, reduce costs, and improve customer experiences.
Disrupt the status quo. Explore creative solutions to existing problems in your industry. Innovations that challenge conventional methods can set you apart.

4. Build Strategic Alliances

David didn’t take on Goliath alone, and neither should you. Forming partnerships with other small businesses, suppliers, or even non-competitor firms can strengthen your position.

Collaborate to compete. Pooling resources and expertise can help level the playing field.
Engage your community. Whether it’s a local neighborhood or an online niche, building a supportive community around your brand can amplify your reach and resilience.

5. Use Legal Avenues Wisely

If unfair practices cross legal boundaries, don’t hesitate to seek professional advice. Regulatory agencies and legal experts can guide you on how to address competitors who break the rules.

Document everything. Keep detailed records of any unethical behavior you encounter. This documentation can support your case if you need to file a complaint or pursue legal action.
Advocate for fairness. Consider joining industry organizations or coalitions that promote fair competition and ethical standards.

6. Focus on Your Resilience

Unfair competition can feel daunting, but your attitude and mindset are powerful tools.

Stay persistent. Success often comes to those who refuse to give up, even in the face of adversity.
Learn and adapt. View challenges as opportunities for growth. Adapting to adversity will make your business stronger in the long run.

7. Let Your Customers Be Your Advocates

Happy customers are your greatest allies. Focus on building strong relationships with your clients so they become loyal advocates for your brand.

Encourage reviews and testimonials. Positive word-of-mouth can help counteract any negative influence from competitors.
Engage authentically. Foster open communication with your customers. Transparency and genuine care go a long way in building lasting trust.

What We’ve Learned

Facing unfair competition is undoubtedly challenging, but it’s not insurmountable. Remember, every great company started as the underdog—and with the right strategies, so can yours. Take a stand, stay true to your values, and build a business that not only competes but inspires.

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You can call us for your free appointment at 480-636-1720, or, if you prefer, send us an email. You can also visit us at Waters Business Consulting Group to learn more about us and the services we offer.

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How You’re Sabotaging Your Own Business

May 16, 2017 No Comments

You put a lot into your business and have a commitment to make it grow. It’s likely that you want to do more than provide for your family, you probably would like to leave a legacy, and, feel the satisfaction of accomplishment. However, what’s holding your company back from its potential isn’t necessarily sinister, uncontrollable, outside forces–it’s you who is the culprit. That might sound strange, but it’s a reality that plagues many organizations, from the mom and pop brick and mortar, to software as a service, to large community companies. While you’re busy being busy and worrying about this and that, you’re likely missing some behaviors and practices you personally do to sabotage your own business. Sure, you know about your propensity to push yourself and try to keep a sound balance between work and home life, but, there are other ways you could be causing harm. How You’re Sabotaging Your Own Business Entrepreneurs have a dedication to an idea, and ironically, it’s that commitment which can cloud judgment, or, cause myopia–not seeing the bigger picture. There’s more to building a business than recruiting the right people, networking, and delivering a good level of service, along with the products or a services you offer or provide. Success begins with you, and, while you might have the drive to make it a worthwhile venture, you might also be impeding growth. Most entrepreneurs have the drive and desire to succeed. It’s what we grow up learning and what we want from an early age. But many of us have also been adversely wired by negative experiences in ways that sabotage or hinder our chances of personal and business success. The good news is that we can rewire ourselves in ways that not only neutralize our negative programming, but also put us on an even stronger path to success. —Forbes Most business owners understand that the right pricing, marketing, and brand building are crucial factors for success. What goes largely unnoticed is certain behaviors and practices that can inflict real damage, some of which can be long lasting. So, if you’re doing one of these things, identify them, and settle on a fix. Over-promising. It’s easy to give-in to pleasing your customers, and, doing so is laudable. However, when you over-promise, you run the very real risk of coming-up short. That’s a bad place to be and finding a way out of such a situation won’t be simple. Micromanaging. When you have every member of your organization under your thumb, you are sending a message that says you believe them to be incompetent. What’s more, you’re indirectly telling them they are only a tool, not an asset to your company. Not delegating. It’s one thing to micromanage, but it’s not the same as not delegating. You can be hands-off and not delegate, which can create chaos and decrease efficiency, as well as output. You ought to delegate to streamline your organization and make it work better. Keeping dead weight on staff. When you keep toxic team members on-board, you are sending a bad signal to others. What’s more, that particular person can project a negative image to your customers and to the outside world. Not setting achievable goals. You’ve probably heard the Zig Ziglar quote, “If you aim at nothing, you will hit it every time.” That’s certainly true, and, it’s just as true of setting goals that aren’t realistic. Set workable goals, reach them, and then repeat. Another way you can easily sabotage your own business is to take things personally. There will be setbacks, even outright failures, and, you’ll lose good people along the way. Don’t take things personally because you’ll make emotional decisions, not sound ones. [shareaholic app=”follow_buttons” id=”26833294″]

Top 5 Entrepreneurship Myths You Probably Believe but Shouldn’t

March 12, 2018 No Comments

Entrepreneurship myths are everywhere. They populate the minds of anyone who dreams of striking out on their own. Heck, even successful entrepreneurs believe some of them. (At least at some point in their journey.) The reason entrepreneurial myths are so widely believed is because they involve risk. And, everyone is risk-averse (to one degree or another). Therefore, these misconceptions live on and keep good people from following their passions. But, you don’t have to believe them. Two Common Entrepreneurship Myths Let’s start with two common entrepreneurship myths; then, we’ll get on to the big three. First is the old nagging feeling that money is the single biggest obstacle. Nonsense. You can start a business in about 10 minutes using social media and a little imagination. Now, you’ve got to know how to use social media to effectively promote your business. But, the point is, you can find a ton of free and really cheap ways to get things going in a short amount of time. As people are trying to navigate away from the “corporate jungle” towards the land of supposed “entrepreneurial utopia,” a lot of misconceptions arise. Perhaps this has to do with the media, advice they have received or what is heard through the grapevine but often these insights can derail a person from taking the plunge in the startup world. Or cause them to jump on the entrepreneurial bandwagon, when they have no business doing so. —Entrepreneur.com Another common entrepreneurial myth is that making more money is the best motivation. This simply isn’t true. And, it’s actually somewhat dangerous. If you’re only motivated by money, your heart and mind are in the wrong place. Of course, there’s nothing wrong with earning a better living but it’s foundation can’t be greed. 3 Biggest Entrepreneurship Myths The fact of the matter is money isn’t an obstacle and it’s a bad motivator. But, this isn’t the only challenge people let get in their way of realizing their dreams. Now, let’s get into the three biggest entrepreneurship myths people believe: The more customers, the better. At the bottom of the top three is the notion that more customers means more success. Which in turn means, the better. Two words about that: Not. True. Quality will always trump quality. What’s more, it’s a risky situation — especially early on. You’ll spread yourself too thin and that will only hurt you in the long run. Focus on the ones who make it a pleasure and let go of those who waste your time or have unrealistic expectations. You need an inherent entrepreneur trait. Some people actually subscribe to the notion there are “born entrepreneurs.” Of course, there are individuals who have a knack for it but that doesn’t mean everyone else is shut out. It just takes work, self-confidence, and most of all, persistence. Those who go forward and don’t give up have a much higher success rate than those who don’t. It just takes one great idea to make it work. Now, we’re at the biggest of all entrepreneurial myths. And, that’s believing you only need one great idea. While this is a key element, it won’t work as a magic bullet. Lots of people have great ideas. The trick is to define it and market it effectively by testing the market and remaining persistent with discipline and consistency when things get difficult. What other entrepreneur myths do you think people believe? What suggestions do you have to get past them? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

How Business Owners Can Effectively Deal with Loud Quitting

December 1, 2023 No Comments

How Business Owners Can Effectively Deal with Loud Quitting In the extremely fast-paced world of small business, a unique and often frustrating trend has emerged that’s a disturbing sequel to Quiet Quitting known as “Loud Quitting.” This phenomenon refers to employees who depart from their positions in a manner that disrupts the workplace, creating tension and negatively impacting team morale. As a small business owner, dealing with loud quitting can be challenging, but it’s crucial to address the issue head-on to maintain a healthy work environment. Understanding Loud Quitting Loud quitting can manifest in various ways, from confrontational resignations and public outbursts to passive-aggressive behavior during the notice period. It often stems from dissatisfaction, stress, or a lack of communication within the workplace. Identifying the root causes is the first step in effectively dealing with this disruptive trend. The trend began to gain traction earlier this year and reached a peak during mid to late summer. Since then, it’s not particularly been as widespread but with the end of the year fast approaching and 2024 right around the corner, the lasting impressions of The Great Resignation could very well spark another robust round of bold employee departures. So, it’s best to be prepared rather than just hope it won’t happen again. The Impact on Business Loud quitting can have far-reaching consequences for a small business. It not only disrupts the daily workflow but also has the potential to harm the company’s reputation both internally and externally. A toxic work environment resulting from loud quitting can contribute to decreased employee morale, increased turnover, and difficulties in attracting new talent. Tips for Dealing with Loud Quitting Fortunately, there are ways companies of all sizes can prepare and deal with this behavior – either to prevent it from manifesting or to minimize its impact when it does occur. Here are some effective strategies for dealing with loud quitting you can use: 1. Foster Open Communication Encourage a culture of open communication within your workplace. Regularly check in with employees to understand their concerns and address any issues promptly. Providing channels for feedback can help employees feel heard and prevent dissatisfaction from escalating to the point of a loud departure. 2. Implement Exit Interviews Conducting exit interviews can provide valuable insights into the reasons behind an employee’s departure. This process allows departing employees to express their thoughts, helping you identify patterns or areas for improvement within the organization. 3. Set Clear Expectations Clearly communicate expectations regarding behavior, performance, and workplace conduct from the outset. Having a comprehensive employee handbook and conducting orientation sessions can ensure that all team members are on the same page, reducing the likelihood of disruptive exits. 4. Provide Adequate Support Ensure that employees feel supported in their roles. This includes offering professional development opportunities, recognizing achievements, and addressing concerns promptly. A well-supported team is less likely to resort to loud quitting as a means of expressing dissatisfaction. 5. Create a Positive Workplace Culture Foster a positive workplace culture that values teamwork, respect, and collaboration. Recognize and celebrate achievements, and promote a healthy work-life balance. Employees who feel valued and connected to the workplace are less likely to engage in disruptive behavior upon leaving. 6. Develop a Comprehensive Offboarding Process Implementing a thoughtful offboarding process can help manage the departure of employees more smoothly. Provide clear guidelines for the notice period, ensure a thorough handover of responsibilities, and maintain professionalism throughout the transition. 7. Address Issues Proactively If you notice signs of dissatisfaction or tension among employees, address these issues proactively. Ignoring or downplaying concerns can contribute to an environment where loud quitting becomes more prevalent. Summing All of It Up Dealing with loud quitting requires a proactive and strategic approach from business owners. By understanding the root causes, fostering open communication, and implementing supportive practices, you can curb this obnoxious trend and create a healthier, more positive work environment. Small business success hinges on the strength of its team and maintaining a cohesive and productive workplace. Remember, a happy and engaged team is more likely to contribute to the long-term success of your business. If you want to grow your company in 2024 but you are not sure what is required to make that growth happen? Attend our “Planning for Growth” half-day workshop where you will get amazing details specific to your business for what’s needed from your marketing, your sales team, your production team, and your financial performance to enter 2024 with confidence you can indeed grow as planned. You will have the clarity you’ve always wanted but didn’t know how to create. Contact us for dates and times. We GUARANTEE that you will leave this workshop knowing exactly what to do to grow, profit and cash flow your company like you always dreamed you could. Contact us by phone or email! By phone 602-435-5474 By email: SteveM@WatersBusinessConsulting.com Don’t wait! This is a great opportunity to propel your business into 2024!