Do you know who your competitors are?
How do you feel about them?
Traditionally we view our competitors from a defensive position as they are often chasing the same deals as you.
However at the very least you should learn from them. If you don’t know them, try to introduce yourself. Be brave. Learn what makes them tick and what their challenges are.
At times I have collaborated with my competitors. For example a couple of years ago I worked with one competitor to help clean up the industry of mercenary contractors that were bringing our industry down.
In the future you might seek to acquire these competitor or visa versa. So it helps to know them beforehand!
Keep an open mind and you may find more benefits of collaboration than competing!