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Business Lessons From The Olympics - Work With The Competition

by Yvonne Russell on August 14th, 2008

I’ve been enjoying watching the Olympics. Of course, each individual athlete wants to win, but outside the sports arena, the athletes are often good friends with some of their competitors. They even help each other as long as it doesn’t jeopardize their own chances.

The cycling is a good example of this. Cyclists on long road races often take turns to sit in each other’s slipstream to give them a rest. Athletes train with coaches from other countries or play sport for them in non Olympic times.

How can you collaborate with your competition or partner with complementary businesses to benefit both your businesses?

Two restaurants using a double sided business card, (one side for each business) is just one example. Any others?

Tags: , business lessons olympics, , , partnering with other businesses,

POSTED IN: Seasonal

4 opinions for Business Lessons From The Olympics - Work With The Competition

  • Lindsay
    Aug 15, 2008 at 2:23 am

    Yeah, it amazing how little “good sportsmanship” you see in the business world.

    But generosity and collaboration can certainly be beneficial to two competing businesses.

    Develop a good relationship with your competitor, and you might be able to talk him into promoting your product on his list (for a cut, of course). Just because you’re targeting the same audience, doesn’t mean there isn’t room for both of you to make sales. :)

  • Mary Emma Allen
    Aug 15, 2008 at 10:02 am

    Hi Lindsay,
    Thank you for stopping by Home Biz Notes and sharing your thoughts. And here are some more thoughts about working together.

    There may be times when your competitor and you can do some collaborative promotion and advertising. You probably have slightly different products. Perhaps you can do giveaways that include both products. Have a punch card. When someone has shopped at at both places for specific dollar amounts, they get their choice of prizes put up by both businesses.

    Does anyone have any other ideas?

  • Elizabeth Gordon
    Aug 15, 2008 at 10:05 am

    The Olympics is also a great forum to observe the balance between teamwork and competition which I find especially relevant during this current business crisis Sometimes in times of crisis people come together. When people are freezing to death, they huddle together to share their warmth. When one person experiences a personal tragedy, the community comes together to give them support. However, times of crisis also can pit people against one another. Think of the looting that happens in riots and the every man for himself mentality that strikes when resources are perceived to be limited or there is a widespread danger or attack.
    So do you embrace your fellow business owner and huddle together or do you fight them to the death? During this current economic downturn, a little bit of both will likely serve you well.

  • Readers Talk - More Business Lessons From The Olympics - Working With Competitors
    Aug 16, 2008 at 6:49 am

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