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You got to where you are today because you are a competitor. That’s why, in today’s business climate, I can’t believe I feel compelled to write about the need for good, old-fashioned competition. Our nation thrives on it — from being the first nation to land a man on the moon to the technological innovations that arose from the break-up of the infamous Ma Bell monopoly. The dissolution of the telephone monopolies gave way to innovation and competitive pricing (for example, our mobile phones).
Even today there are existing monopolies that sit in the shadows, preventing consumers from exercising their right to choose something as essential as energy to light their home or fuel their business.
And that brings me to this point: No business or industry, regardless of how tenured, how award-winning or how entrenched can expect things to remain as they were just because “that’s how we’ve always done it.” That type of thinking will eventually make you irrelevant. How do you plan to stay competitive in one of the fastest revolutions taking place before our very eyes? You can start by being curious.
Stay Curious
The expression “Curiosity killed the cat” is one you likely heard on the elementary school playground. I like this version better: “Curiosity killed the cat, but satisfaction brought him back.” My version might make you laugh, but think about what staying curious does for you, your business and your employees. I encourage my team to stay curious and seek out information that is completely foreign to their experiences. You can accomplish this through fun cultural events or through specific training. When you stop being curious, you stop learning.
Be Uncomfortable
Early in my career, I chose to network with people outside of my industry. In 2015, I had scaled my company to a point where it allowed me the opportunity to join Entrepreneurs Organization (EO). It was new territory for me, and, yes, a little uncomfortable as I navigated my way. Today I serve on the board of the Dallas chapter, where I am fortunate to meet and interact with business owners from all walks of life and backgrounds.
When you feel uncomfortable, it is likely because you either don’t possess knowledge about a given situation, or you don’t have the competence to handle it. Your discomfort is a signal that you have an opportunity to learn. Find a trusted expert to educate you. Ask your employees to learn new things that can enhance their skill set and increase the company’s competitive edge. For example, at my agency, each employee identifies one competency on the list of Lominger’s competencies and works on it for the year.
Find That Extra 10%
As industries rapidly evolve around us due to AI, lean manufacturing and new generations entering the workforce with their fresh views and creativity, what can you do now to find that extra 10% of revenue for your top-line growth? You may have a big, bold vision, or you may add a new service line. This is the time to find that extra 10%. You don’t know where it will lead you, but being curious and uncomfortable will keep you competitive.
Look at the smallest of your competitors. They are nimble and scrappy, and they might be doing something completely fresh. Or, collaborate with your competitors to share knowledge and best practices as you all work toward a common industry goal.
Just remember this: What got you here won’t get you there. Stay competitive by staying curious. It will allow you to innovate and create the business you’ve always wanted.
