24 Nov I’ve been running my business for a while and want to know what’s the threat that a new company will suddenly appear to compete with me?
The threat of new entrants is a constant and consistent one. You have the advantage in that your business is established, but that’s no guarantee that a serious threat will not rise up to compete with you. In fact, it’s pretty much assured that eventually somebody will either improve on your product, or they will find some new product that will supersede yours.
There are two ways to combat this threat. The first is to keep innovating. Don’t sit on your laurels, no matter how good your business is doing. Continue to search out new ideas and new talent and take risks, or risk your business.
Secondly, establish a customer base. Keeping customer loyalty will be your best protection against the threat of new competitors. Always act in the interests of providing a quality product or service and you’ll have a good, solid base when somebody eventually tries to woo them away from you.