Start-up Business

How Your Business Can Benefit from Competition

Competition can be fierce in many industries, and there may be times when you wish your competition would ease up so that you can gain an edge in the marketplace. However, competition is actually beneficial to businesses. After all, in order to survive and to thrive, you must constantly be improving your business activities in different ways. Without competition, you may be more inclined to sit back on your haunches and operate with business as usual. These are some of the more significant and specific ways that competition helps your business to improve.

A Push to Find a Niche

You may be aware that successful startups usually concentrate on one thing initially. They find the product or service that they excel in, and they focus on carving out a niche in this area. When you are faced with heavy competition in various niche areas, you understandably may be more inclined to find what you do best and to refine that service or product to perfection before you think about branching out. Through this effort, you may find ways to save money on production, find the right pricing strategy and more.

Motivation to Innovate

Innovation is essential for a startup’s success. Many entrepreneurs, however, may have the inclination to get stuck in a rut without motivation to innovate. For example, they may eventually turn a small profit, and they may be timid to make changes that may ultimately promote growth and increased profits. When strong competition is present, however, entrepreneurs may not have the luxury to sit back and maintain the status quo. Without constantly innovating new and better ways to get things done or to improve products and services, they may fall behind.

Willingness to Adopt New Technologies and Strategies

Some entrepreneurs have a natural tendency to scrutinize and even to shy away from new technologies and strategies. After all, if something works fine now, why would they try to change it? The competition is regularly taking advantage of new technologies and business strategies. They may be using these technologies and strategies to reduce the cost of doing business, to improve production so that they can lower the cost of their goods, to improve customer service and more. Competition encourages and even requires successful entrepreneurs to be more willing to look at and to adopt improved ways of doing things.

A Focus on Customer Service

Even if you have an amazing product or service, poor customer service can lead to the demise of your business. Without competition, some customers may feel inclined to muddle through and accept the low level of service that a company provides. However, when they are provided with an option of seemingly equivalent products or services, they may be inclined to choose the company that offers better service. In some cases, they may even be willing to pay slightly more for products or services if they know that they will be treated fairly and respectfully.

Competition in the business world may initially seem like a negative force that you must constantly combat. When competition is too fierce, it could even lead to your company’s downfall. However, when you embrace competition as a motivating factor to innovate and to improve in different ways, you can turn what is seemingly a negative force into a positive, driving force. Rather than constantly chasing the competition, it may be better to strive to be at the forefront of change and innovation by leading the pack. With this in mind, make a regular effort to explore new ways of doing things, and take bold steps forward to improve your business in different ways.

Can A Malpractice Suit Prevent A New Business Venture?

In the United States, 42 percent of physicians and surgeons are sued at least once during their medical career. While many lawsuits are dismissed or settled out of court, being sued is often a life-changing experience for most medical professionals. Along with the resulting anger and frustration, a doctor’s staff and family are often dealing with these same feelings. And of course, there is always the question of how to proceed from a professional standpoint. If you are dealing with a malpractice suit, here are some points to consider if you are considering a new business venture.

Starting a New Practice

While in most cases a malpractice suit won’t keep you from starting a new business venture, it may change how you approach your new business. For physicians, this refers to “guarded defensiveness.” By this, a doctor still practices, but does so tentatively, always wondering if another patient will bring a lawsuit against them. In many cases, these physicians often burn out and abandon their dream of starting anew.

Retirement

For physicians who have been in practice many years and are then hit with a lawsuit, retirement is always an option. However, for those who choose to retire, they often find that starting a new business venture is much easier, since they tend to feel less pressure and can essentially pick and choose their patients. Along with this, these physicians also tend to engage with their patients in a more personal way, leading to better doctor-patient relationships.

Your License and Reputation

If you’ve kept your license and your professional reputation after being sued for malpractice, chances are you will have little if any difficulty starting a new business venture. In fact, many physicians who have been hit with malpractice lawsuits say the lawsuits actually helped them become better doctors, since the situation led them to re-examine why they became doctors and gave them a sense of breathing new life into their post-malpractice ventures.

Hiring a Good Attorney

By hiring an experienced malpractice attorney, it will be much easier to navigate through the complexities of the lawsuit and come out fine on the other side. By being able to get a case dismissed or settled for a much smaller amount of money, you’ll have enough financial resources left to begin a new practice.

By approaching a new business opportunity with an open mind following a malpractice suit, chances are you and your patients will reap many rewards in the years ahead.