Handling the Not-So-Stealthy Competition

Collaboration within an industry is not new. Studies show that businesses can be strengthened by alliances…allowing them to gain greater access to a target market and at the same time provide their customers with a wider range of services. But these alliances are nearly always “complementary” arrangements based on mutual agreements. Whereas, providing information to companies that are in direct competition with no prior relationship is a little trickier. I’m less clear on the protocol and am wondering if you would help me with a recent dilemma.

Recently, a local competitor sent me an email asking me about my rates and whether my prospects and customers have been receptive to them…in other words, what are my current rates and have they been successful with my target market? The question caught me by surprise. If I shared this information, would I be revealing my own business strategies to the benefit of a competitor? If I didn’t share this information, would I be seen as harboring information that could be helpful to the industry as a whole? Or could I be jeopardizing a potential alliance that I may need in the future?

Yes, I believe in transparency. Yes, I believe in partnerships and collaboration within an industry. Yet I found myself hesitating to share this information with someone I do not know or have never met. At the end of the day, my business philosophy and values are unique.  There’s a great INC article  that states customers are choosing to buy from a company not just because it offers a product with a fair price, but also because that company has good values.

How would you handle this situation? What has been your experience? Or what are your thoughts about sharing business strategies with peers in your industry? I’m trying to figure out:

1.       How much information to share, and

2.       How to frame an appropriate response.

Many thanks in advance to your response!! Your feedback is valuable to me!!

Why have an accountability buddy?

What is an accountability buddy? I'd describe an accountability buddy as a trusted ally. They help to motivate and  keep you on target with your personal and professional goals.   An accountability buddy is someone who has your best interest at heart and helps you achieve your goals, by keeping you accountable and committed. They energize you when you need it and high five you when you reach your milestones. A true accountability buddy will be honest with you, offers advice and is always, always supportive; this encouragement keeps you moving forward.  

One other important detail in having an accountability buddy is consistently scheduling meetings in person or by phone. These meetings allow you an opportunity to:

• review past actions
• vent frustrations
• combat challenges
• set goals with timelines
• brainstorm new ideas
• applaud victories

These meetings are also used to  identify forward-moving actions and track progress which are critical to the accountability partnership. 

I have an accountability buddy and, after each meeting, I feel confident and excited. Its also a great feeling to know I've got someone watching my back and keeping me on track. So, I challenge you to find an accountability buddy and put these practices into action! What's your experience with an accountability buddy?