Wednesday, March 21, 2012

Avoiding cut-throat competition

Competing to be No.1
Competition between companies operating in the same market is normal and healthy provided the different players play by the rules. 

There is a tendency for some business organizations to engage in industrial espionage and outright undermining of their competitors. Most of these organizations engage in unethical and sometimes illegal activities to achieve their goals which may give them some short term advantage but may have serious repercussions in the future.

It is important for managers to ensure that in a bid to outdo the competition they do not fall short of the law. This principle should be adhered to by the top level management down to the front-end staff.

The advantage of this principle is that in the long term, the business will develop strategies that are based on ethical values and will always be certain that it will grow its market in a sustainable manner.

In the long term, businesses that insist on cutting corners will be caught by the law and will eventually make way for those that have complied with it. Companies that are found to have engaged in unfair competition are often subjected to heavy fines and penalties which tend to affect their public image and perception while putting a strain on their finances.

It is only right and fair that those who follow the law will enjoy the benefits while those who break the law will get punished for it. Hence, it is in your best interest to compete within the confines of the law. 

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