For large businesses there is a heightened risk of complacency, inertia and a failure to anticipate or respond to new challenges. No-one is too big to fail.
Keep up with change
The business world is littered with the stories of huge companies that underestimated the competition and failed to anticipate new developments. In the retail sector in particular, large businesses such as Comet and Woolworths failed to acknowledge and respond to online competition.
Large businesses have to appreciate that even the most loyal of customer bases will be susceptible to new innovations and better products. For a business to survive, it can’t take either its customers or its competition for granted.
Embrace the competition
Wherever there’s a market there’s competition and there will always be potential customers who decide to go elsewhere. This is an inevitable part of business and it’s best to understand it, rather than to fight it. You may, therefore, choose to ‘embrace’ the competition.
With all competitors, you should assess their strengths and weaknesses. Look for gaps in the market that you can exploit and know how to capitalize on a competitor’s failings. There will always be new customers to win.