Competition is good and so is the re-evaluation of values

This is the message from Joanna Swash who believes organisations need to frequently re-examine the reasons for their existence

Competition is good and so is the re-evaluation of values

Competition is a vital ingredient for life. It stretches us, challenges us, and encourages us to grow. Sometimes it can feel overwhelming but the key is to remain on top of things at all times. At moments when competition is at its fiercest, you must harness the power of your secret sauce.

In times of change, uncertainty and new horizons, it is always worth a little reflection. It’s time to go back to basics. Returning to your purpose, values and what you stand for. And this applies to both you as a person, as well as your organisation.

What if, after examining your life and work, you suddenly discover that you have lost sight of your secret sauce? How can you remind yourself of the recipe and then re-apply it – for a second or even third time? If you’re unsure where to begin, make a start with your customers. Those who choose to do business with you. 

As I’ve mentioned many times before, it’s so important to put people at the core of your business. And this occasion is no different. There is a wealth of knowledge and insight within your current, loyal customer base. You should investigate their opinions and thoughts to accumulate quality data. 

By building long-lasting relationships, you are also building trust. It’s a two-way alliance, a symbiotic one even. So ask them why they do business with you? ‘Customer experience’ should be a regular point of communication. Therefore, seek out their knowledge and feelings on a regular basis. 

There is always room for a well-structured questionnaire or simple survey. Are you and your business living up to expectations? Authentic feedback is always invaluable, good or bad. Revisit your purpose: What is the reason for your company’s existence? What is the foundation upon which you have built the business?

It is important not only to provide context for your strategy and decision-making, but also in connecting your people. Why did you start the business? What are your greatest strengths? What are your core values? What is your passion and your goal? How do you want to be remembered? And what is unique about what you are offering? Do you offer a unique proposition?

Often, there is a gap between what the leadership team believes and what is actually happening in the organisation. It’s a tough one. But it’s one that you must determine yourself. 

Yet, the value of insights, feedback and in-depth soul-searching – however hard this may be – will allow you to identify and reinvigorate your purpose. It will help you and your company to prepare for a sustainable future.

Our purpose at Moneypenny is to be a trusted partner for businesses, delivering brilliant customer interactions. This is how we see ourselves. This is what drives every decision.

What do you stand for? By getting back to basics, and revisiting who you are, your point of difference may not necessarily be in what you offer. It may be the manner and nature of how you do business. 

Our brand values are to deliver real partnerships with our clients; Adapt to their unique requirements and pay attention to the details. And behind all of this are the people in the organisation. Our culture is what we do differently. It’s those million little things that determine the Moneypenny way. It is the sum of our attitudes, values and characteristics.

It is a living, breathing organisation that is not easily defined. It will mean different things to everyone. It is a complex beast that is completely unique: From our handwritten notes saying ‘well done’, to our Moneypenny socks, not to mention our outdoor activity cupboard or the legendary parties.

Now go ahead and embrace the difference. Once you’ve rediscovered your secret sauce, you’re well on the way to defining it. You’ve asked the questions. Now is the time to own it, share it and breathe it. You now need to tell the world about it, so it ceases to be a secret anymore.

There is no guaranteed single recipe for success. You have to define your own secret sauce, then add a cup of competence, a pinch of passion, some purpose and mix it all together. That is your unique recipe. Your not-so-secret sauce makes you stand out from the crowd. This difference gives you a competitive edge and creates value for your customers and your people.

Joanna Swash
Joanna Swash

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