Title: WHY Is Competition Important In Business | by Ipovi John Gitonga | Tunapanda Institute | Medium
Headings: WHY Is Competition Important In Business
WHY Is Competition Important In Business
Brings About Innovation
Engineers Optimum Decision Making
Leads to Proper Utilization of Available Resources

Content: It brings about new ideas and sees them getting effectively tested in a relatively short amount of time. If things were going well for any business, it probably would take the businesses longer to brainstorm and implement new ideas. Competition reduces the length at which the ideas are generated and put to use. This is due to the endless need of staying ahead of others which in turn forces people to act fast. Engineers Optimum Decision Making
With challenges so high, most businesses are left without a choice other than to make optimum decisions. This is essential for the business to thrive in the market. It involves analyzing the competitors, market needs, trends etc and using the generated reports to make optimal decisions that work for both the business and service/product consumers. Leads to Proper Utilization of Available Resources
To achieve a reliable financial management, one must design a strategy that ensures proper utilization of available resources. We all know that resources are scarce and, therefore, should be utilized properly. Proper utilization of resources covers a wide area e.g. modifying the work structure of your workforce, recycling waste materials, engineering services to make them repeatable etc.