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Can your competitors strengthen your business?

You have worked hard to build your brand by leveraging your competencies and effectively marketing your product. Consumers are noticing and your business is growing and thriving in Kentucky. One of your constant concerns in maintaining a competitive position in the market is to regularly analyze your competition and watch what they are doing. However, have you ever considered that forming worthwhile relationships with your competitors could actually benefit your organization?

When you spend time observing the way your competitors do things, you can gain insight into how you can better strategize to continue to grow your company. More often than not, businesses discover best practices because of the willingness of others, usually competitors, who are excited to share their accomplishments and discoveries. Information-sharing does not have to mean you need to disclose sensitive information about your company. According to Entrepreneur, there are several important reasons why you should be friendly with your competition including the following:

  • There could potentially be an opportunity for your business to be bought out by your competition. 
  • If you take the chance to teach your competition about some of the things you have learned, you can benefit the industry and potentially realize other things that can help your company.
  • Your competitors may be some of your most cherished mentors.
  • Sharing information within your industry may help competitors to continually better their products or services which will ultimately strengthen your company's reputation.

The information in this article is intended for educational purposes only and should not be taken as legal advice. 

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Gatlin Voelker,PLLC

Gatlin Voelker, PLLC
2500 Chamber Center Dr. Ste. 203
Fort Mitchell, KY 41017

Phone: 859-781-9100
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