Competition is tough, but it can also benefit you if you know how to make the most of it.
No one has cornered the market on great ideas, so watch your competitors closely, and when you see them doing something you can legally do as well, go for it.
I had been working with a service company that had been struggling for four years. They were barely making enough profit to draw a small salary. Before I came to help, the owners had been constantly searching for ways to improve their profitability, and I tried everything I knew, from setting up budgets to raising their prices.
But even with all this effort and diligence, they were stymied at every turn. They were just not able to improve profitability by any meaningful amount, and it was affecting their pocketbook as well as their confidence. They refused to give up, however, and they kept on working to improve their operation.