As a business owner, a large part of your strategy is to outshine competitors but savvy entrepreneurs know that it is also smart to create and maintain relationships with them.
For those wondering how to approach competitors, here are a few tips.
Make the first move. Don’t be anxious about blindly reaching out to competitors. Remember that you have each started or run a company in the same industry. Therefore you both likely have a shared passion for the service you provide, product you sell or problem you solve. You will probably find that you have a lot in more in common than you thought.
Be prepared to say no. Before you pick up the phone, prepare for the tough questions. There is a line between the information you can and can’t share with a competitor, such as the direction of your company. A competitor may — intentionally or otherwise — ask a question that you don’t want to answer. The last thing you want to be is flustered when put on the spot so be ready for this in advance.
Continue the relationship. If you are unsure of how to continue the relationship, find topics that won’t put either of you in a vulnerable position or make them feel threatened. Try discussing outside dangers to your business that are on a macro level. Since you are in the same industry, both of you are facing similar threats and by talking to each other about it you can find a common ground.
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