Make friends – not war – to get ahead in business

We all know a bit of healthy competition is good for business, but should you go a step further and actually lend your rivals a helping hand?

It is tempting to view competitors as the enemy and spend your time trying to beat and undermine them. But supporting other businesses in your industry can actually benefit both of you.

Here are our reasons why teaming up with your competitors is actually a good business move:

1. You are working towards common goals

Helping your competitors can boost the industry you are working in, which is good for business growth. Working together to nurture an environment in which everyone can flourish will help expand your customer base. This could be anything from promoting each other’s businesses through social media to working out ways in which a partnership could raise both your profiles.

2. Referring customers can keep everyone happy

Creating close links with a similar business, which serves a slightly different market to you, is a smart move. That way if your products or services are not quite right for a customer, you can refer them to one of your more suitable competitors, who will hopefully return the favour in the future. You’re happy, they’re happy and the customer is happy, so everyone wins.

3. You can push each other to do as well as you can

Getting to know your competition will help you identify areas where you could make improvements. Complacency is bad for business and can lead to things becoming stagnant, while challenging each other will make you both aim to be the best. There are always plenty of lessons you can learn from other entrepreneurs, whether they run a start-up company or an established firm, and by talking to each other, you can both become stronger.

4. Insulting each other creates bad business karma

Publicly criticising a rival when times are tough is never a good idea. You never know when a crisis might hit and, if the worst happens, the last thing you need is a competitor rubbing salt in the wound. Being positive, nice and helpful to other companies during difficult periods is likely to bring you benefits further down the line and at the very least you’ll be able to run your business with a completely clear conscience.