July 16, 2024
Competition in Business

5 Benefits of Competition in Business

The benefits of competition in doing business make a bad view of business risk that is, competition becomes a little faded. Given that many people think that business competition in any form is definitely related to negative things and it is tiring when facing it. However, this is not the case. In doing business, competition has many positive aspects that can be learned and will provide many benefits for both business people and the business being run. It can even be said that without competition, business will find it difficult to advance. From this statement it can also be concluded that competition in doing business provides many positive changes on the condition that competition is treated wisely. This is because it does not rule out the unwise attitude of business people who face competition in a way that is not good or fraudulent, which of course will not provide meaningful positive changes. For this reason, as a wise business actor who wants his business to run smoothly, it is better to face competition wisely, by continuing to give maximum effort to develop his business. Given the benefits of competition in doing business, it is very influential on the development of the business that is being carried out.

The following are some descriptions regarding the benefits of competition in doing business:

  1. Encourage innovative thinking

When business actors face competition, it will indirectly enable business people to think more innovatively. So that some new creations will arise. Especially when faced with difficulties related to business competition, business people will be encouraged to get new and fresher ideas so that the business performance being run can run more successfully than their business competitors.

  1. Encourage to improve services

Business competition can occur because many people run businesses in the same field, such as the culinary business, which has a lot of enthusiasts who want to also try to run the business. For this reason, the benefits of competition in doing business are present in order to encourage business people to further improve services. Whether it’s improving service quality in things such as being kind and friendly to consumers, or by improving services in the form of maintaining quality or even improving the quality of the products or services provided. In addition, business actors can also improve services by providing additional features or facilities that are not available to other competitors.

  1. Provide high motivation

The benefits of competition in other businesses that have an effect on business are being able to provide high motivation for related parties, both business people. The existence of competition caused by many factors encourages business people to maintain their business with various appropriate business strategies. So that business people who have the motivation to survive and develop their business will find it easier to find solutions to face business competition. For example, looking for and developing a positive side or advantage that characterizes and differs from other products or services. This is certainly a separate consideration for consumers who intend to turn away and use other products or services. In addition, high motivation will be able to improve performance in running the business.

  1. Get loyal customers

Getting loyal customers is something that should be fought for and maintained. By facing business competition, business actors will be motivated to improve the quality of the products or services offered, to the quality of service to consumers. In addition to improving quality, business people can seek information about the needs or tastes of target consumers. This will be motivated to get loyal customers so that consumers are less likely to turn to business competitors. So that if this is done, customer loyalty will automatically be obtained and of course it will make it difficult for competitors to try to compete.

  1. Provide learning and experiences

The benefits of competition in other businesses that are no less important are being able to provide learning and experience. When business people make the success achieved by competitors an experience and learning, it will have an impact on business people to learn more. In addition, it can be used as experience and learning in the future to be more precise in acting. Given that failure does not always make you fail, failure is success that is delayed. Especially in doing business the ups and downs will happen. For that, when facing any problems or difficulties, it should be used as learning and experience such as the benefits of competition in doing business.

Those are some information regarding the benefits of competition in doing business. It should be remembered that, looking so creepy does not mean that it always presents negative things only but also presents positive things for those who face it wisely, such as competition in business.

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