Fear of Competition

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Many of us fear competition and in the past on pages such as LinkedIn I have hidden testimonials, reference etc., as have been concerned about my competitors, who I can see view my page regularly, seeing who recommends or endorses me, and therefore can potentially approach those companies to try and poach business from me.

I now realise that competition is here to stay, and if I am providing the right level of service to my clients, then no matter who approaches them, they will stay loyal to me.

I realise that some competitors will attempt to drastically undercut our fees to gain business, but this is an area that I will not be drawn into, so I will maintain that the service we offer, such as 12 month guarantees, should be worth any additional cost a company would incur by using our services and should a client go to a competitor based purely on cut price fees, but reduced level of service, then that is something I cannot control.

There is a well-known expression, along the lines of if while you spend time watching your competitors, they are spending time pinching your clients.

So, I make the decision to not fear competition. Let competitors see who my clients are if they want to, I will stick by the quality of service and the benefits we offer rather than a battle based purely on price. I will make my recommendations and endorsements public.

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