Tuesday, September 11, 2018

Am I My Competitor's Keeper?

I have a hard time walking into a business and just being a customer and enjoying myself. It's something in my nature. After 15 years in the hotel business, I still walk into a room I'm supposed to be sleeping in as if I'm a housekeeping manager performing a room inspection. Some things become part of your DNA, I guess.

As a business owner, I often check out my competition. I want to visit their websites or walk into their place and wee what's going on. I act on the impulse to snoop. I check them out and unless they're idiots, they're checking me out, too.

I don't do this to copy them, though I am not above learning from a competitor. I do it because I need to know where my industry is headed. I need real time intelligence to determine if I am keeping up, left behind, ahead of the pack, or just plain clueless. Not knowing is not an option.

Now, this is not to say you should emulate your competition. Chances are, they're screwing something up. Think of any company you deal with on a regular basis or any company you've worked for. I bet you can think of lots of things you'd change. You're not wrong about those tweaks. Them not noticing doesn't mean there's something wrong with them or that they don't care. They're just too close to see their own warts.

You may be missing opportunities in your business for the same reason.

Don't be shy about getting an outside opinion. Whether it's for your business or your life, there is always room for improvement. Find a coach, a mentor, or a consultant who will be brutally honest with you. Your mom and your best friend will be too nice. Or they'll tear you down. Either way, their advice may come from a good place, but it will likely lead you to a bad one.

When my son was in college in New York and working in theater, he asked me if I would represent him, like an agent. I was flattered, and I said no. I would have too much invested in his feelings to be confident in the decisions I was making regarding his success. I told him I would help him find someone who would represent him as well as, and probably better than, I ever could.

It turns out he enjoyed the behind-the-scenes part of the business better so it worked itself out. Maybe I should still hit him up for the 10% commission.

If you're stuck and need an honest opinion and guidance, don't go to family or friends. This is one case where you're better off in the company of strangers.


Adolfo Jimenez is an executive coach, entrepreneur, consultant, book club nerd, and family man living in Hollywood, FL. He is the owner of Le Velo Macaron and other businesses.

You can find him on Instagram and LinkedIn

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