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Businesses aim for dominance in a market, but much like trying to strive for perfection, all of the top companies know that it’s not possible. It’s an infeasible goal because healthy competition can be productive for your business. To help you out, below are the main signs of complacency that you should be aware of in your own business.
This is a partnered post.
You’ve stopped staying up-to-date in your field
Becoming a trendsetter in your industry is a huge advantage, but you need to be careful of neglecting your responsibilities in staying up-to-date in your industry.
You no longer care about business networking
Networking is important if you want to stay in touch with influencers and other businesses that could help you grow your business. If you neglect to network, then your competitors could overwhelm you with their connections.
You’re not seeking new business opportunities
Businesses must continue to seek new opportunities to grow. If you feel like you’ve hit a limit for how much you can progress, then you might find yourself struggling in the near future.
Your staff are becoming arrogant
If you notice your staff mocking other companies, then they might be less productive and even lazy because they’ve grown complacent. This can be disastrous for your business.
Below, is a helpful infographic that details some of the benefits of competition. If you’re dominating a crowded industry and feel yourself growing complacent, then remember some of the advantages of having a rival in your industry. It can offer you a different perspective on the industry and also encourage you to stay active and continue pushing new products and innovative services.
Infographic: University of Alabama Birmingham