Are you thinking about how to outperform your startup‘s competition? How can you ensure your startup is the top performer in your space and can stay out ahead of the competition?
It’s competitive out there. Even if you think you are stepping out and creating a whole new industry and market, if you are successful many others will want in on it. Leaner new startups and big corporations with much bigger teams and more funds will want your piece of the pie.
This is an ongoing competition. Much more a decathlon or obstacle race than a sprint or even a marathon. Sometimes they’ll pull every trick in the book to put you out of business. Other times startups just completely fail to set themselves up to perform well.
Here’s how you can make sure your startup outshines the competitors and lasts…
Get A Good Legal Team
The competition can pull some pretty dirty tricks to put you out of business. They can try to sue you out, tie you up in court, steal your IP and poach your staff, or throw new regulations your way. If they see you don’t have a good legal defense you are automatically an easy target. It can be much easier to sue you out of business than to acquire you. Flip this in your favor by putting the best law firm you can find on a retainer.
Monitor Your Online Reputation
No matter how great your intentions, and how well you are actually delivering on customer happiness, unscrupulous competitors may try to use the internet against you. This often shows up in fake negative reviews and complaints from people who may never have actually been customers.
Use automated alerts and regular audits to track your online reputation and act quickly when these issues arise. This is key when addressing how to outperform your startup‘s competition.
Raise More Money
How you use the money you’ve got is way more important than how much you have to work with. Yet, running out of it is the number one reason for business failure. Raising more can help in many ways, from credibility to more visibility and being able to weather crises. Raise more startup capital for marketing and drown them out with tailored ads targeted to your ideal customers.
Keep in mind that in fundraising storytelling is everything. In this regard for a winning pitch deck to help you here, take a look at the template created by Silicon Valley legend, Peter Thiel (see it here) that I recently covered. Thiel was the first angel investor in Facebook with a $500K check that turned into more than $1 billion in cash.
Remember to unlock the pitch deck template that is being used by founders around the world to raise millions below.
Focus On The One Thing You Can Excel At
The truth is that the entrepreneurs and business owners who become obsessed with their competition often neglect to do good with their own ventures. Their eyes aren’t on the right ball.
People will try to copy you, bash you, and more if you are doing well. The best thing you can do to keep performing and to win and keep market share is to focus on your own business.
Don’t get distracted. What is the one thing that you can excel at over the competition, and keep excelling at if you keep focusing on improving in that area?
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