Competition, On Steroids
One of my favorite aspects of NYC is how much competition pushes businesses to get better and be better. It's competition, on steroids. If you, as a business, don't find some form of excellence, there are a half dozen businesses that do the exact same thing within a 3-minute walk. It's the ultimate equalizer, forcing everyone to pursue excellence, or else.
Combine that with the fact that rent and overhead expenses are so high, business owners must set the bar very, very high. In all my years of visiting NYC, it's a dynamic I've watched play out in long-form time-lapse. If I go into a business that clearly doesn't practice excellence, I know they will be gone the next time I visit. On the flip side, when I see businesses demonstrate excellence, there's a chance they will be around during subsequent visits. I took my kids to businesses that I first checked out nearly 20 years ago. In one of the most competitive environments in the world, that's quite the achievement! Excellence always wins!
At Northern Vessel, we've long talked about the need for excellent coffee shops to open in our city. We NEED other businesses to be excellent, as it will force us to maintain our focus on the pursuit of excellence. In just the past few weeks, three separate shops have opened in our city, each presenting itself as competition. We don't view them as enemies; we view them as the bar. Will these shops practice excellence? Will they put their foot on the gas and pull business away from us? Only time will tell. Regardless, it will require us to lean harder and harder on excellence, making us better every step of the way. We view that as a win, not a loss.
Competition isn't bad; it makes us better......if we're up for the challenge. I think customers and businesses would be better served if we had an environment that more closely resembled NYC: forced excellence. Get awesome, or get dying. Competition is a beautiful thing, so long as we're up for the challenge. As customers, we should cheer for this sort of environment, mandating that businesses serve us better and better. As business owners, we should embrace the opportunity to serve people better. Everyone wins when competition heats up.
____
Did someone forward you this post? We're glad you're here! If you'd like to subscribe to The Daily Meaning to receive these posts directly in your inbox (for free!), just CLICK THIS LINK. It only takes 10 seconds.