Sports analogies are often used for comparisons to dealing with real life and for winning in your business. Basketball and football teams adjust their game plan at halftime or risk losing. The leading team that makes no adjustments often will see their lead diminish in the second half and will often lose the game. Just as in the game, you must look for adjustments for your business to counter your competition otherwise you will see your sales and profits decrease.
Game 4 of the 2017 NBA Finals saw the Cleveland Cavaliers make some huge adjustments to overcome a powerful Golden State Warriors team. The Cavaliers three-point shooting was, in fact, miraculous, but, overall, they adapted in several key areas: utilizing their big man, attacking the ball, and making the Warriors players very uncomfortable on offense and defense. Additionally, the Warriors may have started the game in a complacent state leading to a much easier win for Cleveland. Becoming complacent will kill your business.
Sometimes in sports, just plain luck can alter the end of the game. Most often, it is a coach or an on-the-field leader who identifies something critical the other team is doing wrong that will provide a key advantage. Being complacent about your competition often results in lower sales, margins and profits over time. Don’t be overconfident that your current sales figures will remain the same or even grow without you making changes to marketing, innovation, or analyzing what your customer is doing differently.
Winning in your business requires a different mindset:
- Your competition will continually improve. Assume your competitors will be studying the market and learning how to make a better offer to your customers. Their goal is to take market share from you plus any additional growth. If they are focused on growth and you are not, then what happens to your business?
- Don’t believe the status quo. Your version of the status quo is in your mind only. Changes will happen and if you are not ready to make the right adjustment, then your competition will. You will lag and lose sales.
- Look for new opportunities. Just as the competition is looking at you, you need to look for new ways to innovate your offerings or invest in a different product line. What can you offer that is different?
- Find a new competitive advantage. How can you adjust your strategy to remain competitive? How can you set yourself apart from your competition?
If your competition continues to improve and adjust its product line, business model and strategy while you do not, you will put your business at risk for losing customers and sales. Avoid complacency by having a mindset of growth and innovation. Look for opportunities to improve your business and review your strategy for necessary changes. Most importantly is to deliver the impossible every day to your customers.
What adjustments do you need to make to counter your competition?
The biggest surprise has been making the adjustment after losing a game. In the NBA, you could lose tonight and you have to put that game behind you because you have another game the next night. –Dwyane Wade
Please comment or email me at comment@stephenmclain.com.
Click here for email updates and to receive a free checklist on Improving Your Financial Tracking.
Copyright 2017 – Stephen McLain