There are two common approaches to viewing marketplace competition: You can become negatively focused on others in your sector, which may detract from achieving success, or you can focus on improving your own company. The latter approach involves self-discipline and can help enhance business operations, facilitate effective changes and yield positive outcomes.

Consistently focusing time and energy on another company’s activities and feeling negative about their achievements can limit your own progress. This mindset should be replaced with a more constructive way of thinking.

Over the course of my career as a business coach and consultant, I have encountered business owners who struggled due to adopting a negative attitude toward competitors, especially when those businesses were outperforming them or gaining market share. Some business owners even felt resentment toward former customers who chose competitors perceived as offering better value. Such negativity is neither necessary nor helpful and could lead to losing more customers, market share, team members and possibly the business itself.

Businesses in a given market sector compete for the loyalty and patronage of a limited number of customers. Instead of becoming resentful of others in the same sector, it is beneficial to focus on controlling what you can – how you, your team and your company operate daily – and let the rest go. It is wise to strive for continuous improvement in your business operations and ways to set yourself apart from others in your sector.

Being aware of what the competition is doing is prudent, but maintaining a focus on your own business operations is crucial. Evaluate the effectiveness of your leadership, analyze the performance of managers and the entire team, review the quality of the products or services offered, and identify areas for improvement. By taking this constructive approach, progress can be fueled to the next level by focusing on how you can excel in the marketplace.

This self-focused approach is particularly important during challenging economic times. Customers are increasingly attentive to the service and products they receive, seeking value for their money. As a business owner, this could be an opportunity to stand out and gain market share. Working with a qualified professional business coach or consultant might be beneficial to identify and implement improvements.

Once areas for improvement are identified, it is essential for the team to work together to implement agreed-upon solutions. Necessary changes must be made and followed through to completion for customer satisfaction, loyalty and growth.

Business owners who adopt this self-focused and self-accountable approach often find it effective and liberating. They discover empowerment, success and satisfaction through undistracted attention on their operations and efforts to create an excellent company.

Focusing on your own business operations can lead to accomplishing more with the resources previously directed toward competition. Implementing changes that enhance products and services can result in increased customer satisfaction and success.

Moreover, adopting this approach can also foster a culture of innovation within your organization. When team members see the focus shift from external competition to internal growth and excellence, they are more likely to engage in creative problem-solving and take ownership of their work. This mindset encourages a proactive rather than reactive attitude, enabling the company to anticipate changes in the market and adapt swiftly.

Another significant benefit of concentrating on self-improvement is the ability to build a strong, cohesive team. Employees thrive in environments where their contributions are valued, and a positive mindset radiates from the leadership. By emphasizing collaboration and shared goals, the team can align its effort toward achieving greater customer satisfaction, improving operational efficiency and driving overall business success.

Finally, this philosophy not only benefits the business internally, it enhances its reputation externally. Customers and partners are drawn to companies that project confidence, consistency and a commitment to excellence.

By focusing on what you can control and continuously striving for improvement, you can build a brand that stands out in the marketplace, not by tearing others down, but by lifting your own standards to new heights.