Business Competitors: Enemies or Allies? 

Written by Grace Conrey

When you think about businesses in the same industry, it is easy to think only one of you can win. Since you are sharing the same target audience, it may feel like you can only succeed if the other fails. But that is simply not true! In reality, being friendly with your competitors and working together can help both parties succeed.

Competitors as an Asset

A common misconception is that companies in the same industry are fighting for the same clients, ideas, trends, etc. However, you may focus more on one aspect of your business, while they specialize in another. Working together and complementing each other’s strengths can help both businesses thrive.

Competitors also understand the industry and struggles of owning a business more than anyone. Having someone to relate to and inspire you can help push you to improve your brand and strategies. 

Ways to Work Together

So now you may be wondering where to start? Here are a few simple ways to work with your competitors:

• Share new ideas, tips, and feedback: You don’t have to spill the important secrets, but sharing simple tips and tricks can change the game.
• Send referrals: Not every client is going to be a right fit for you, and that is okay! There’s plenty of business to go around and chances are, they’ll send some referrals your way as well.
• Collaborations: Cross-promote services, give each other a shout out on social media, host an event— there are many ways to creatively collaborate. 

Gain More Through Teamwork

Many people think that helping your competitors out every once in a while would be bad for your business. However, having positive relationships with your peers will help you grow more than you realize. You’ll gain friendships, opportunities, and ideas that would not be possible without working together. Supporting each other in every aspect of life is important, and business should not be any different. Your biggest source of inspiration may just come from someone you used to consider competition. 

What are your thoughts on this business approach? Do you have a business bestie that you can share advice with? Let us know in the comments or send us a DM to tell us what you think!