No matter how successful you already are in your business endeavors, you should never stop looking for new ideas, new ways to conduct business and more ways to grow. In business there is always a next, higher level, whether it is new products, more revenue, increased profit margin or altogether new markets. Not only is it important for the health of your business but also a way to protect your business from competitors.
The best competitors will look to grow in areas you don’t already have market share in, increasing their revenue to the point where they can easily compete with you in your own markets. A lack of capital is the mother of invention for entrepreneurs; the competition may be willing to take more risks, service markets you feel you shouldn’t have to and compete with you by not competing directly with you in order to overtake you.
Constantly looking out for new ideas makes sure that not only do you not miss any opportunities that arise in the market, but that while searching you are able to identify any gaps in coverage or areas where the competition might be able to take share away from you.
On the other hand, if you the competition and are looking to take market share from the big guys on the block, remember this; larger entities move slower, implement changes slower and overall are less likely to risk new markets etc. Look for ways to not have to compete with bigger businesses dollar for dollar and instead look for areas where you can use your smaller size and the fact that you can be nimble where they cannot.