Why Is Competition Important For SMEs?

In this episode of the Ndalama Insights Business Show, we discuss why competition is important for small or medium enterprises. The presence of competition gives the customer the option to choose whether to acquire a product or service from your business or the other.  For many entrepreneurs, competition is considered as a tool to improve and grow their business while on the other hand, for others, it is considered a killer for their businesses.

In this episode, Mr. Keith Chilufya, Managing Director at Necroford Enterprise Ltd provides insights into why competition is important for SMEs.

If you are a new listener to the Ndalama Insights Business Show, we would love to hear from you.  Please visit our Contact Page and let us know how we can help you today!

In this episode, you will hear about:

• What competition is and what it means to a business owner.
• The effects of having competitors to a business.
• Importance of knowing who your competitors are.
• Chilufya shares his experience with regard to supporting each other as competitors in business.
• How competition among small business owners adds value to the economy.

“Don’t hate your competition and don’t stop being curious, it’s out of curiosity that you will get the drive to be creative and better with your product or service delivery.”                                                                                                                                                                Keith Chilufya