Does company search encourage competition?

The question of competition is one that is absolutely critical in the business world. This is particularly important for startup businesses. It’s what makes it possible for a business to come through the ranks, from a startup to a larger company, in their sector.

Company searches from Company Search MadeSimple make access to competitor information much simpler. This fosters competition amongst small businesses, as a company can use this information to make business decisions.

It’s accurate and easily available, meaning fewer resources are required to obtain the same information that a larger, better resourced, competitor would have. So if you’re ready to make a search, whether you’d like to do a UK company search or an international company search, you can get started straight away.

Let’s explore how company search encourages competition in a bit more detail.

Do All Businesses Compete?

You might think that it’s easier to compete with a completely new or niche product, and that joining a busy market with a new business will mean you are squeezed out and struggle to find your footing. But this is not necessarily the case…

Chairman of the Start-Up Loans Company James Caan wrote for The Guardian in 2014 that “Competition in a business context is either direct or indirect for any startup or established company. Even if you have a product or business service that is completely niche or unique, it is impossible not to face some competition”.

So, no business is immune from competition in this free market of ours, and that’s why startups succeed – so how do we foster this sense of competition?

Encouraging competition

We need to keep an emphasis on competition, from the very top to the very bottom. In fact the EU has recently announced ‘action’ on tech giant Google – with the competition commissioner Margrethe Vestager saying “At the core must be the fundamental principle that Google must not abuse its power in general online search to give preferential treatment to its own separate services”.

There is a place for governmental bodies, but how else do we encourage competition? A business can encourage competition within itself – by fostering better practices they can make themselves more able to compete. Better products and better services force competitors to step up.

Of course there also needs to be some encouragement that spans the entire business sector, for a top-down approach.

With this in mind, other ways of encouraging competition in business include:

1. Funding – By offering startup funding, accelerator programs and other methods of raising capital young businesses have a better chance of being competitive, especially in a busy market.
2. Regulation – The regulation of certain business practices, led by government or other industry bodies, like market dominance or restrictions on mergers and acquisitions encourages competition and makes the market more level.
3. Transparency – By allowing the free flow of information and transparency amongst businesses, big and small, there is a level playing field – enabling businesses to remain competitive. This is where company search can play a role – by facilitating access to information.

There are a range of practices that help foster a healthy sense of competition. The fact is that growth is limited without competition, and it encourages innovation.

How does company search encourage competition?

Company search may seem like the domain of those with enough resources to carry it out – something a startup might not be able to do. Thankfully, with the advent of digital technologies, any company can now take advantage of it – whether it’s a quick credit check or a detailed examination of company accounts – it’s all readily achievable.

There can be a problem in certain business sectors, a struggle for diverse competition – however a good range of company search services can effectively make the landscape more level.

In what ways do company searches foster competition amongst businesses.

• Online Company Accounts & Credit – Knowing in great detail how much a company has turned over can get you an accurate idea of market share, and credit information can give you a sense of how well a company is doing financially – this is a great way to size up new competitors.
• CCJ’s – The reputation of a company is an indicator of where they are going wrong. By utilising two of our report packages you can find information on County Court Judgments. A business can use this competitor information to determine whether they may be likely to receive a CCJ – and therefore avoid it and compete more effectively.
• Directors – Information on company directors can yield valuable insight into who is running and operating a business. This is then useful for networking, with competitors being able to build relationships and compete on this level.
• International Search – Competing at home is one thing, abroad is quite another. By providing international search options businesses are able to compete with companies abroad – and establish whether markets are stronger abroad or at home. This is particularly useful for digital and tech companies, as many work solely on the web and therefore compete worldwide

Company search encourages competition through transparency and openness, giving companies even access to each other’s information.

Encouraging Competition With Company Searches

The accuracy and completeness of company search options from Company Search MadeSimple means that information is reliable – synced with Companies House. It is also delivered instantly, so a business can make quick decisions based on that information.

So, contribute to your business’ competitive edge and undertake a company search today. Just enter the company name into the search box and choose a package to instantly retrieve all the details you might need.

Did you find this useful? Please feel free to comment and share your thoughts. If you have anything to add, or you think we’ve missed anything – please let us know. Also check out the wealth of resources that we have on our blog – especially the section on ‘Company Search’.

By Alex Novakovic at MadeSimple – Find Alex on Google+

http://www.entrepreneur.com/article/223340
https://hbr.org/2013/03/how-competition-strengthens-start-ups
http://www.theguardian.com/small-business-network/2014/feb/19/startups-competition-james-caan