Why Competition is Good for Business

Entrepreneurs just starting out often fear their competition and that’s a normal reaction but while it might sound strange, competition is actually good for business.  In fact, it’s exactly what drives successful brands.  When you’re not challenged, you might find yourself complacent and lacking innovation.  It’s important to realize that there are other businesses out there that might be doing things better and so by keeping a close eye on them, you can actually learn from them so let’s talk about how entrepreneurs can, in fact, do that.

The first thing to realize is that competition promotes creative thinking.  If you’re working in a crowded market, you can’t succeed by doing what everyone else does.  Studying the competition can show you what they might be doing wrong and therefore, enable you to do it better which will distinguish your company from all the rest.  Creative thinking is what fosters success.

Keeping an eye on your competition enables you to provide better customer service.  It is often rare that your idea is completely unique and so others out there might be focusing on the same product or service.  Look at how your competitors treat their customers and come up with innovative ways to do it better, whether it is through inventive and original marketing plans or other unique ideas.

As I mentioned, it’s easy to get complacent but paying attention to the competition will keep you on your toes and push you out of your comfort zone and drive you to be different than all the rest.  Competition forces you to constantly review your strategies and keep an eye on your strengths and weakness and allows you to make both better.  Competition will only make you try harder in the long-run.

Paying attention to the competition can provide valuable insight into the current state of the market you are trying to target.  It also helps you see what is and is not working. 

Competition validates your ideas.  By paying attention to it, you can garner a better idea as to what other companies are coming up with similar products and services.  Competition can make you see whether or not what you’re offering to your customers is unique or not.

Keeping a close eye on the competition forces focus and differentiation with others.  Without competition, it’s easy to lose focus on your core business model and core customers.  Competition forces you to think differently and think outside the box.  It pushes your company and your ideas to be the very best they can be.  In essence, competition helps you build a better business.

Another key benefit to focusing on the competition is that it helps you identify potential threats to your business.  The best way to learn what does and doesn’t work is by paying close attention to your competition.  If you see them edging into your space or copying your ideas, you can work to rebrand yourself and make your ideas more unique so they stand out in the marketplace.  By looking at the competition’s game plan, it will allow you to decipher what plans and strategies you offer could be detrimental to your business.

While this might sound strange often the competition can take customers who are not a good fit for your business out of your hair.  You can’t please everyone and if you try over and over again to target a market and find it’s not working, then it’s best to just let it go so you focus all your attention on the customers that want your products so that you can service them better and maintain their loyalty and build mutual trust with them.  Let your counterparts pull their hair out trying to please people that simply can’t be pleased.

Competition makes you more inclined to vigorously seek knowledge and research your target audience.  As I said, the competition keeps you on your toes and so you must be knowledgeable about what is going on in your industry.  Industries not only change long-term but they change daily and so you must keep up with and be aware of that change at all times and your competition will drive you to do that.

If you have employees, competition drives them to work harder.  They bring previous experience with them as well and then you have an extra set of eyes keeping a watch on your competitors.

Lastly and most importantly, competition allows for business development.  All the experiences you garner by paying attention to your competitors are the best tools to help you develop your brand.  You can always be learning so never lose sight of the competition because they can indeed teach you something that will allow you to reach your own goals for your business, become more successful in the long-run and eventually surpass them.

So what have we learned here today?  Do you share the same ideas on competition being good for business or do you feel it’s not?  What have you learned from paying attention to the competition and how has it helped your business grow and thrive?  Let me know your thoughts and feedback!

Here are some articles you might want to check out about why competition is good for business:

“5 Reasons Why Competition is Good for Your Business”: http://www.forbes.com/pictures/fgdi45eekll/5-reasons-why-competition-is-good-for-your-business-2/

“Competition is Good for Business”: http://smallbusiness.foxbusiness.com/entrepreneurs/2012/09/24/competition-is-good-for-business-plans/

“Why Competition May Be the Best Thing for Your Business”: http://www.inc.com/magazine/201311/jill-krasny/more-competition-is-better-for-start-ups.html

“12 Reasons Why Competition is Good for Business”: http://www.m4bmarketing.com/12-reasons-why-competition-is-good-for-your-business/

For more information on the real estate services offered by Emerge212, check out our official website here: http://www.emerge212.com

Until next time…

How to Combat Stress at Work

According to research studies the number of people who are stressed at work is not only exceedingly high but is continuing to grow each and every day.  Numbers show that those who are “extremely” stressed at work range between 29-40%.  And when asked, in many recent polls, over half of respondents said they are so stressed at work that they feel close to complete and total burnout much of the time.  Stress at work is not only hinders you from getting your job done and focusing on the task at hand but it can also cause significant health problems that range from benign cold and flus to more serious illnesses, such as: heart disease and metabolic syndrome.  Because stress at work is so common, finding a low-stress job is nearly impossible so a more simpler and realistic choice is to adopt more effective strategies to reduce stress at work so let’s discuss them.

First off, start your day off right.  While you might be exhausted from the previous tedious day at work, try getting up a little early from time to time and having some alone time to yourself.  Go for a walk or grab a cup of morning coffee, especially in the spring or summer when you can sit outside in the nice weather and catch some relaxation and a cool breeze.  If you have a family, spend some time with them.  Have morning breakfasts together and catch up on personal things you’ve missed hearing out on due to constantly being consumed by work.

Stop worrying.  Don’t project what your day at work will be like before it begins.  If you imagine the stress before it starts, you are only likely to create it and make it a reality or rather, a self-fulfilling prophecy.  Learn to live one day at a time.  You don’t have to get everything done all at once.  Set priorities and create a task list.  Do the most important things first so that you don’t get overwhelmed.

Learn to set limits.  You can only get so much done in one day.  Take time for yourself if you can manage to pull yourself away from your desk.  Try to take a lunch break or at least a fifteen or twenty minute stroll around the block.  If you have some downtime, maybe even go to the gym for a workout or answer some personal emails or check your social media accounts.  While you can’t be doing this all the time, it’s O.K. to do it once in a while.

Get organized.  Before you leave work for the day, try to plan out the next day’s routine or think about the tasks you have to get accomplished on your commute to the office.  Clean up your desk and put all important reminders in your calendar.  Create to-do lists and stick to them.  In essence, get rid of the clutter.  Being organized with your times means less stress when you leave for work in the morning and when you head home for the day.

Make yourself comfortable at work.  Bring some pictures of loved ones to put up on your desk or bulletin board.  Order a comfortable chair or back or footrest.  If you can, try listening to soft, soothing music as you work.  Office noise can be distracting so do whatever you need to do to tune it out.  It’s not just your body that needs comfort but your brain too.

While learning how to multitask is key to workplace success and getting the job done quickly and efficiently, you don’t always have to.  As I said, do the most important things first so they get all your time and attention and you’ll find that you can then do your job to the best of your ability.  Splitting your focus and attention too much, can leave you feeling frazzled and disorganized.

Keep perfectionism in check.  While it’s good to be Type-A at times and have a meticulous eye for detail, don’t beat yourself up if everything you do isn’t perfect.  Learn the difference between was needs to be perfect and what doesn’t.  Important documents that go out to clients need to be perfect to an extent but interoffice work such as memos or specific office documents don’t need to be 100% clean.  Remember, we all make mistakes and sometimes being too much of a perfectionist can be a hindrance and only add stress to your work-life.  If you constantly feel the need to be perfect, you can’t achieve your long-term goals and at the end of the day, it simply wastes time.

Think positively.  Don’t beat yourself up unnecessarily.  Believe you can get the job done, and you will.  Avoid negative co-workers and office gossip that take your focus away from the tasks at hand.  Give yourself a pat on the back every once in a while for the goals you have achieved.  Be your own biggest advocate and cheerleader.  A self-pep talk from time to time never hurt anyone either.

Have some fun once in a while.  Try to find the humor in your work.  Relax and take a breather and realize that deadlines aren’t always life and death.  Think about what you enjoy about work and what you’re good at and take advantage of the opportunities you’re given and the work you’re entrusted with.

Lastly and most importantly, remember what work truly “means” at the end of the day.  It’s not just about the money you make; it’s about the sense of value and accomplishment it adds to your life.  If you realize that your efforts are making a positive impact on the company you work for, that can only add to your self-esteem and help you combat the day-to-day stresses of work.

So what have we learned here today?  Have you used some of these methods before to derail stress at work or have you found more effective means that work better for you?  Leave a comment and let me know your thoughts.  Let’s start up a meaningful conversation!

Here are some articles you might want to check out about combating stress at work:

“12 Ways to Eliminate Stress at Work”: http://www.forbes.com/sites/jennagoudreau/2013/03/20/12-ways-to-eliminate-stress-at-work/

“6 Ways to Stress Less at Work”: http://psychcentral.com/lib/6-ways-to-stress-less-at-work/0007478

“5 Tension- Busting Tricks for Work Stress” http://www.huffingtonpost.com/2013/06/18/managing-work-stress_n_3454501.html

“How to Manage Workplace Stress”: http://greatist.com/happiness/manage-workplace-office-stress

For more information about the real estate services provided by Emerge212, check out our official website here: http://www.emerge212.com

Until next time…

How to Empower Your Employees in Business

One of the greatest lessons people are always trying to learn in business is how not to be a micromanager.  A great step forward towards achieving that goal is to empower your employees to take full ownership and responsibility of their jobs.  In today’s business environment, productivity reigns supreme.  Managers are trying to do more and more with less time and with their focus being pulled in a million different directions.  During those times, it’s key that you help your employees take control of their jobs, step up to the plate and take responsibility for the tasks they are assigned.  Every employee that works for you should be empowered towards delivering the goals and vision of your business.

Often employees feel that since their managers are more senior that it is therefore the responsibility of said managers to solve the major problems an organization faces on a daily basis and make the tough decisions.  There’s a strong temptation for leaders to do just that but it’s important for them to remember that they can’t always do it most especially in the face of time constraints and higher priorities and more pressing tasks.  When these problems occur, as a leader or business owner, it’s important to invest some time in helping your employees take the initiative to tackle the issues themselves.

One main problem that holds employees back from becoming empowered in the workplace is too much “noise.”  Often they feel overwhelmed or like they have too much on their plates.  In order to empower your employees, take the time to give them some direction as to where they should focus their attention so they don’t get overwhelmed.  Help them get organized and learn to multi-task and prioritize and this will only help encourage them to “own” their jobs.  Help your employees concentrate on areas where they are likely to have the biggest influence and come up with the biggest solutions to problems.

Helping your employees to see what is already working for them and encouraging them to focus their attention away from what isn’t is another great way to empower them.  However bad a situation might seem at the time, when an employee thinks through how they would like things to turn out in the long-run instead of focusing on the road bumps they might face to get there can only help them move forward and gain confidence which empowers them for future success.  Encourage your employees to recollect protocols that have worked for them in the past to achieve their goals and solve problems and this will encourage them to take action.

Incentive is also another great way to empower employees.  Offer bonuses (while not always monetary) to be rewarded to them for a job well done.  Think of little things.  Run contests.  Hand out prizes for the employees that take the most initiative such as, restaurant gift certificates or free yearly gym memberships, for example.  Don’t think of it as bribery; think of it as motivation.

Recognizing the positive strengths of your employees and letting them know you are proud of their work ethic and contributions is also another great way to empower them to get the job done.  By sitting up and taking notice of the time, hard work and effort your employees put into their jobs on a daily basis, you will only help their self-confidence grow.  Believe in them and they will believe in themselves which leads to empowerment down the road.

Help your employees recognize the small steps that lead to greater steps and progress.  If they feel stuck, show them the lesser steps they can take to achieve bigger goals.  Get your employees to build on smaller actions in the present that will help them grow and empower them to take greater action in the future as they build self-confidence, self-esteem and most importantly, self-belief.  This can often help employees self-motivate to get out of a rut where they feel stuck and enable them to move forward efficiently and effectively.

Additionally, if you hire “winners,” helping to empower them might not be as hard as they likely already have to tools for self-empowerment at their fingertips.  Then once you’ve onboarded the right employees, make sure they know that their job is important.  When employees feel that what they do matters, they’ll be more inclined to step up to the plate and contribute to the success of the organization overall.  By making your employees feel like they are essential to the realization and attainment of company goals can only help empower them.

Accepting mistakes and not placing blame is another great way to empower employees.  If your team isn’t making the occasional mistake, then there’s a high likelihood that they aren’t pushing themselves to achieve their full potential.  Look at the problems your employees are facing and help them to overcome them by working with them to help them fix flaws and allowing them to learn and grow from their mistakes.

Lastly and most importantly, always be accessible to your employees.  Have an open-door policy where they feel comfortable coming to you for input and advice.  If you offer guidance to your employees, this encourages them to do their jobs on their own without you having to do it for them and that is the ultimate key to empowering employees.

So what have we learned here today?  Have you found it easy or difficult to empower your employees?  What are the steps you’ve taken to help them achieve their goals on their own without your constant coddling and attention?  Have you used some of the ideas recommended here today or do you have your own thoughts and vision for empowering employees?  Leave a comment and let me know.  Let’s start up a conversation and dialogue flow!

Here are some articles you might want to check out about empowering your employees in business:

“How to Motivate Staff to Take Ownership”: http://smallbusiness.chron.com/motivate-staff-ownership-42309.html

“3 Ways to Create an Ownership Mentality within Your Team”: https://www.themuse.com/advice/3-ways-to-create-an-ownership-mentality-within-your-team

“Taking Ownership at Work”: http://blog.sfgate.com/gettowork/2014/02/20/taking-ownership-at-work/

“3 Tips for Helping Employees Take Ownership in Their Jobs”: http://www.bizjournals.com/bizjournals/how-to/growth-strategies/2013/12/are-your-employees-renters-or-owners.html?page=all

For more information on the real estate services offered by Emerge212, check out our official website at: http://emerge212.com

Until next time…