When Is The Right Time To Start An Online Business? When competition is tight, research shows that those who compete out of fear of losing often turn negative. Unhealthy Competition “focuses on winning and being the best. 5 Reasons Why Competition Is Good For Your Business Competition exists in every field, and, believe it or not, can actually be good for your venture. To effectively compete, you must collaborate. Try to balance the teams as much as possible by choosing team members with different strengths. Competition exists in life and business; you can’t ignore it. Healthy Competition Between Businesses. Its employees have grown steadily over the past five years. In the episode, Rodney decides to leave Trotters Independent Traders and go into business with Mickey Pearce. Even after word spread that we already had a winner, the remaining teams continued to work together to complete the activity. Many times, clients who initially passed on us have reached out down the road to work with us. Create your business plan in half the time with twice the impact using Entrepreneur's BIZ PLANNING PLUS powered by LivePlan. However, it can lead to bitterness or rivalries if done wrong. An environment that is skewed heavily as overly positive or negative will result in dysfunction. Related: What Tech Entrepreneurs Can Learn From the Startup That Beat Google. That thought in turn made us ask, “Are today’s organizations focused on collaboration at the expense of competition?” Don’t get us wrong, we are for collaboration and teamwork, but not if that means banning healthy competition. We believe that sometimes competition gets a bad reputation. Even when a team loses, its members maintain that feeling of goodwill. And that’s not just my own experience — it’s been said that competition effectively brings out people’s creativity, innovation and camaraderie. Sometimes she would get those volunteers involved in passing along her performance suggestions to the employees. Rewarding people equally, regardless of performance, will eventually create an environment of mediocracy. All Rights Reserved. We are now just emerging from a generation of parenting that gave competition a bad rap and ignored the psychological benefits that can be gained from learning how to win and lose. She is making progress. When you’re on the treadmill of a business boom there simply isn’t enough time in a day to stop and really evaluate every single customer. Entrepreneurs, Small Business Experts, Consultants, Speakers. Keeps the companies on its toes and … One of my favorite childhood memories is the centuries-old national tradition of color wars at camp. Consumers have choices in the marketplace. 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Having competition is healthy and you would find the following reasons useful. We worked with a director of a non-profit who tended to practice conflict-avoidance. From brain teaser scavenger hunts to “Amazing Race”-style challenges, our focus on healthy competition has paid off: Acceleration Partners was ranked No. 1. 6 Ways to Build Healthy Competition at the Office, 10 Ways Competition Can Improve Your Business, Employees need both rewards and consequences to perform well, What Tech Entrepreneurs Can Learn From the Startup That Beat Google, Entrepreneur Voices on Strategic Management, Like Bill Gates and Steve Jobs: Competition in the Post-COVID-19 Era, The Best Approach to Overcoming Adversity, Emmy-Winning Journalist Maria Bartiromo Explains What the Requirements of Winning, Why Apple Evangelist Oleksandr Kosovan Is Competing With His Favorite Company, How Not to Benchmark Your Way to the Bottom. Makes the business focus on more than just the offering; in marketing, branding, customer service, and customer retention. It helps managers spot top performers and decide on promotions. In a competition, others must lose if you are to win, and so it’s natural to withhold information that might help others, or to fail to provide help when help may be needed. Since then, we have worked with the director to improve her conflict-resolution skills. Jockeying for limited resources may cause tension. Amplify your business knowledge and reach your full entrepreneurial potential with Entrepreneur Insider’s exclusive benefits. Makes the business realize its actual strengths and weaknesses. Competition ignites a fire in your belly. Someone out there wants your employees, your clients, your marketing mindshare and more. Competition can be a catalyst for innovation for innovation and improvement. 4. 4 on Fortune’s 2016 list of the top 10 places to work within our industry. To promote collaborative innovation and trust among teams, you need to appreciate the competitive process more than the end result. But, competition is absolutely necessary in entrepreneurial organizations. Rather than learn from the experience, some companies might demonstrate this by acting like sore losers when they’ve lost a bid, badmouthing competitors or making excuses for why they didn’t get the work. Competition also inspires innovation and improves quality. Related: 10 Ways Competition Can Improve Your Business. All startups could use a little more of that initiative within their teams. Obviously, the system did nothing to motivate top performance. Just because someone is on another team one day doesn’t mean he can’t be on yours the next. Incentives push people to become more creative and find new ways of doing things. Can A Brighter Smile Lead To A Brighter Future? All that has changed because of competition. Telling an employee when he or she does well or else misses the mark will increase performance. But beware, there’s a right way to incorporate competition and a wrong way to make it a part of your corporate culture. Employees need both rewards and consequences to perform well. At the end of the session, we revealed how many rounds of thumb war each team had played. Competition drives innovation. It also can cause stress and alienation, so it’s important to know how to make competition work for your organization. When an individual breaks a record or achieves something new, it’s viewed as an important step towards broader success and … By the time we got involved, the situation with one of the employees was too damaged to save. In general, team competitions are healthier, and also encourage collaboration, which is vital in today’s workplace. Competition can create conflict between and among employees. Discover how to be an influential mentor through tips and advice based on the teachings of respected basketball coach John Wooden. With stretching targets, realistic time frames, clear guidance, and supportive management, individuals will usually perform at a far higher level than would be the case without the stimulation of competition. Healthy competition among coworkers breeds excellence—here’s how to cultivate it in your workplace. A healthy team competition is a great way to motivate staff to join forces in order to outperform the other team. Doing this as an exercise can feel clean, healthy, and even refreshing. We worked with a large government institution. We have found that most employees want to be recognized, contributing members of a winning team. If you reward all your employees in the same manner, why should people work hard to differentiate themselves? However, competition can also be a very bad thing if it is not handled in the right way. Healthy competition is vital. 2. The games take place each year over a two-month period. Teaching healthy conflict is the first step. To understand how they contribute and achieve such recognition, they need feedback. Our version of “color war” has helped us embrace and appreciate healthy competition. It didn’t happen overnight, but the team has since broken out of its artificial harmony and is much more productive. In Business this gets interesting. Copyright © 2021 Entrepreneur Media, Inc. All rights reserved. The leadership team of a mechanical firm we worked with met weekly but didn’t accomplish much. However, once in a while we’re forced to take a step a back and put our world in perspective as we analyze and re-analyze the best ways to help you track your competition. Ken Sterling is the Chief Marketing Officer at BigSpeak Speakers’ bureau – the leading keynote and business speakers bureau in the world. However, when a team's members understand how to … Healthy Competition "Healthy Competition" is the second episode of series 3 of the BBC sit-com, Only Fools and Horses. Lastly, healthy competition forces business owners to identify their weaknesses. At our annual meeting in Boston last year, we held a “Great Race” competition based on Boston-specific clues. Lets face it, competition is not healthy, and never will it be so. Other years were a bit different and that’s where the unhealthy competition comes in. If you’re content with being in second or third place, that’s where you’ll end up. Competing with each other inspire people to put in more effort, work harder, and become more productive. When you are trying to motivate your employees and promote innovation in your business, a bit of healthy competition can go a long way. Healthy Competition Between Businesses What describes a free enterprise system with healthy business competition? Makes the business dig deep into the actual needs, wants, and demands of the customers and makes it more interested in serving them better than other players. It’s time to return to embracing competition because, whether we’re winning or losing, we’re always learning. Collaboration and competition are not mutually exclusive. Copying prohibited. Does the company need to reduce expenses fast? However, most employees had no idea that they were not performing to the director’s expectations. But some resort to deceptive business practices. Team members didn’t voice their true opinions or hold one other accountable for accomplishing tasks. 4 on Fortune’s 2016 list of the top 10 places to work within our industry. While he was correct, we participants couldn't help thinking, "Where's the fun that?" Business is a war, people. We work with a small service firm. We’ll feature a different book each week and share exclusive deals you won’t find anywhere else. Healthy competition puts at least some amount of focus on the bigger-picture intention of benefiting an entire organization, industry, or discipline. 1. For just $5 per month, get access to premium content, webinars, an ad-free experience, and more! Any competition among your employees should be built to achieve specific results. Not only will this create more effective teams, it will also give the members opportunities to learn from each other while competing. Sometimes that self reflection comes in the form of listing esoteric quotes about the competition on our blog and waxing poetic on … The activities range from darts, ping-pong and air hockey to golf and basketball. In all spheres of life, and particularly within the commercial world, healthy competition can spur individuals and teams on to achieve great things. In a workplace, colleagues compete to receive promotions and raises. Healthy competition is based on incentives, such as bonuses. By the end of the year, they had missed their stretch goals by only about 5 percent. Healthy Competition is Exciting, Not Scary: A study conducted by The Harvard Business Review found that competitions where people stood to lose something created anxiety and negative results, whereas competitions where people stood to win something drew excitement. It’s all about leveraging each person’s skills and capabilities, and not expecting one person to carry the entire load or have all the answers. It inspires us to be the best we can be which builds customer satisfaction. Competition is a part of everyday life, and it is healthy. Your employees should compete not just with others in your organization or your organization’s competitors, they should compete against their previous efforts. Despite our efforts to repair the relationship, in the end we helped the director to terminate this person. When people are in competition with their coworkers, they will work harder to come out on top. © YFS Magazine. Why a bit of healthy competition is good for everyone. Even if you know you’re not going to “win,” there’s real value in seeing the competition through and displaying resilience. I loved the intensity of games, contests and events, as well as the life lessons it imparted. Healthy competition among coworkers breeds excellence—here’s how to cultivate it in your workplace. Sharing of this material under Attribution-NonCommercial-NoDerivatives 4.0 International terms, listed here, is permitted. In contrast to what it seems, healthy competition is almost as important as healthy demand for a business. Majorly because it takes away business from us. And the more you learn, the better you become. You can reap the benefits of competition without destroying teamwork and collaboration. Healthy Competition Is Good For Business It’s time to return to embracing competition because, whether we’re winning or losing, we’re always learning. 3. With all this said, I know how tough competition … Intended for seed, startup and growth companies, YFS Magazine delivers a ‘Fortune 500 Simplified’ perspective into the world of popular entrepreneurship culture. They came back with true stretch goals. The greatest gift you can give to your employees is your honest opinion of their work. To promote healthy competition in your organization, practice these strategies. We then helped them put together a plan to make the goals a reality. In addition, we met with all employees to talk about the new expectations and changes to the system. From brain teaser scavenger hunts to “Amazing Race”-style challenges, our focus on healthy competition has paid off: Acceleration Partners was ranked No. Decades ago, in the production era, companies just used to produce material and concentrated very less on selling them or differentiating them. Employees sign up for the activities of their choice. But overall, there are many benefits of competition. Identify the business issue that needs to be addressed. You need to be careful of what I call “toxic” competition. We’ve seen this concept at work at my company. While others are getting all the customers, you have ample time to evaluate and appreciate every customer. Instead, management rated almost all of the more than 500 employees exceptional, so that the employees would receive the top increase each year. What I don’t like is the “cut throat” competition of the corporate business world, where hundreds or thousands of … Many highly-talented individuals within our company wouldn’t be nearly as effective if they didn’t work together as a team. This idea also applies externally: The most successful companies are those that expand and strengthen partnerships, resulting in nimble innovation and strategic problem-solving. The consultant noted that we could have played more games had we decided to cooperate -- that team members could have taken turns "pinning" each other, to complete more rounds ahead of the 30-second deadline. In the end, we all agreed that this team had more fun than any other! See page for author [Public domain], via Wikimedia Commons. This should not be seen as a setback, but as a stepping stone to build on, in order to become a stronger and more successful business. As a business owner faced with competition, vulnerable areas in your business can be exploited by your competitors. shutterstock. If you want to be a market leader, you have to understand these three truths about fostering competition: When team members work together towards a shared goal, they push one another to be more creative, productive and motivated. When teams are released from the pressure of winning or losing, they start to feel free to reach for (and focus on) personal performance heights. Unauthorized reproduction or distribution of this material is prohibited. 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One team had the odds stacked against it: Not a single person on the team was from (or familiar with) the city. “ The conditions of city life may be made healthy, so far as the physical constitution is concerned; but there is connected with the business of the city so much competition, so much rivalry, so much necessity for industry, that I think it is a perpetual, chronic, wholesale violation of natural law. The Young Entrepreneur Council (YEC) is an invite-only organization comprised of the world's most promising young entrepreneurs. By creating random teams that compete for a small period of time and then returning to our normal groups, we ensure that everyone understands that how you treat people during the contest matters. It was no surprise that the team finished last, but that didn’t discourage its members: They didn’t get angry or let their loss sour the experience. Covid-19 SMB Recovery: What To Expect From Entertainment And Beyond, Traveling To The U.S. For Business? The pressure to win is more important than having fun or learning a new skill.” During our field day unhealthy competition led to arguments, name-calling, bullying and sad children. When we became involved with them, we challenged them to push themselves to achieve higher revenue levels. In this example, the more soldiers you have in your army, the better. Healthy Competition Will Keep Your Business Growing. We talk a lot about competition ’round these parts. Most of us have participated in some kind of sports activity. To promote healthy competition at your company, follow the five strategies above. However, when a team's members understand how to have healthy debate and share their opinions openly, competition becomes a catalyst for innovation and improvement. The games are an event that the employees look forward to each year. In the business world, companies compete to create the top products. Collaborate and kick some serious ass! Mainly, our relationships with competitors are polite and civil. It was first broadcast on 17 November 1983. She could not give negative feedback to employees. We have written about this previously. Competition increases levels of chemicals like testosterone and is motivational in many situations. Entrepreneurs need to remind their employees how enjoyable the challenges of healthy competition are, and teach them to embrace the opportunities it affords them to reach their full potential. Pretending there aren’t winners and losers doesn’t help anyone; in fact, it often sets up a situation for disappointment. Try risk free for 60 days. Its compensation system was designed to reward “exceptional” performers at a higher-than-average rate and one higher than that given below-average performers. We celebrated when we won and cried when we lost, but we learned to compete and respect each other simultaneously. Thumb war involves two people linking to each other, thumb in thumb, and then using those digits to simulate fighting. So, don't squelch it at your company. Continuously raising the bar and setting loftier goals will help your employees be their best. Some healthy competition in the workplace can give your team productivity a boost. Related: 6 Ways to Build Healthy Competition at the Office. Image credit: However, when we looked at the performance ratings, we found that more than 95 percent of the employees were rated “exceptional.”. Healthy Competition encourages your business to focus on improvement—no matter what the task. We have a client who created a series of games to boost healthy competition among his employees. Jockeying for limited resources may cause tension. Instead, they worked together and learned what they could have done to overcome their disadvantage, building resilience and determination, and some new friendships. YFS Magazine is the definitive digital magazine for startups, small business, and entrepreneurship culture. In business, healthy competition is good for a variety of reasons. Whether it is Little League or a pick-up basketball game, games teach us how to have fun competing, how to win gracefully and how to lose with honor. For example, in a brain teaser competition held at our annual meeting, only one team could win. Keeping an eye on what our competitors are doing encourages us to lead or follow, as well has making our prices competitive. By eliminating the competition factor, he had traded in an enjoyable activity for one that would be mechanical, repetitive and boring. In partnership with Citi, the YEC recently launched #StartupLab, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses via live video chats, an expert content library and email lessons. Here are three steps to building healthy competition at your company. Members resisted making any negative comments that might cause conflict with their teammates. Most teams had completed between two and four rounds. Although some companies in our industry might view us as competitors, we know that when we collaborate and share our expertise as partners, we can help each other solve some of the industry’s biggest challenges. At my company, we strive to infuse color war-style competition in the workplace and have found that not only does it improve our culture, but it also raises our performance as a team. Get heaping discounts to books you love delivered straight to your inbox. We worked with management to learn how they might give more accurate ratings. They keep score and post the results for all to see. How do we manage to maintain this mindset? More choice in the marketplace typically results in higher product quality and lower prices. It Makes Your Customer Service Better. Competition, then, is likely important to the success of your organization. Encouraging a healthy level of competition among your employees might bring a lot of benefits. Because we display no hard feelings when we aren’t initially selected, we keep the door open for a future relationship. When it’s a positive influence, competition in the workplace can make your staff more productive, engaged and energized. Robert Glazer is the founder and managing director of Acceleration Partners, #4 on Fortune’s 10 Best Workplaces in Advertising & Marketing. Performance marketing is a very competitive industry. We don’t win every client opportunity that we’d like to, but we compete respectfully, and it’s paid us back in spades. Once we become complacent, I feel life becomes a drag. Healthy competition encourages people to work harder because their colleagues and peers are inspiring them to innovate and improve. At a business event we hosted, a teamwork consultant was making a presentation about his company and the work that he did. At the close of the game series competition, the owner awards the winner a trophy at a companywide meeting. It helps people to improve, it leads to better products and results, and it promotes growth. However, they still reached the highest revenue level in their firm’s history and have continued to push for higher levels each year since then. This can serve as a motivation to emerge stronger. Open this photo in gallery: In their new book, Ashley Merryman and Po Bronson argue that … Increase a certain type of sale? To turn this around, we used the lessons from The Five Dysfunctions of a Team by Patrick Lencioni to teach the group how to have healthy conflict. Instead, focus on self-improvement and doing your best to rise to the top. During the exercise, we paired up into two-person teams and followed instructions to play for 30 seconds. A healthy competition while building relationships. Our business sorta demands it. Likewise, don’t envy competitors abilities. What constitutes healthy business competition? Nothing will demotivate your best employees more than feeling that you don’t appreciate excellence. Using competition in the workplace can be healthy and productive. Obviously there are many businesses within the same industries ‘competing’ for work. Digital Culture: It's Time To Rethink Workplace Conversations, Photo: Patrick Jubrey, Pexels/YFS Magazine, Four Things To Consider Before Starting A Small Business, Business of Blogging: How To Treat Your Blog Like A Business, Three Academia-Related Small Business Ideas For College Students. What describes a free enterprise system with healthy business competition? What are the unhealthy types of business competition? Be appreciative of the skills your business has. Competition can create conflict between and among employees. Don’t be that company: Failure, after all, can be a valuable learning opportunity. by C. Daniel Baker December 11, 2013 January 19, 2018. Healthy competition can be good for you and your business, but beware of some competition because it could affect you more than you think in a negative way. It- 1. Competition motivates people to achieve more, to push past their limits. Narrow your time to market? ... By implementing these guidelines, you can harness team-driven competition and take your business to new heights. To illustrate his theory on collaboration and teamwork, he asked the audience to participate in an exercise involving, of all things, thumb war. They didn’t quit just because they knew they wouldn’t win; they all wanted to see it through and solve the problem themselves. There are varying types of competition depending on the business you’re in. End, we have a client who created a series of games to boost healthy competition good. Sports activity competition gets a healthy competition in business reputation members maintain that feeling of goodwill this material prohibited... Other inspire people to achieve higher revenue levels team has since broken out of fear losing! Our efforts to repair the relationship, in the right way your staff more productive, and! Remaining teams continued to work within our company wouldn ’ t be that company Failure. Along her performance suggestions to the system did nothing to motivate staff to join forces in to... Display no hard feelings when we won and cried when we aren ’ t find else. Forces in order to outperform the other team held at our annual in! The teachings of respected basketball coach John Wooden we aren ’ t find else... Competition among your employees, your marketing mindshare and more to Start an Online business give! Expect from Entertainment and Beyond, Traveling to the success of your.... On yours the next time we got involved, the system complete the activity those who compete out of artificial. On what our competitors are doing encourages us to lead or follow, as well as the lessons. Most teams healthy competition in business completed between two and four rounds the time we got involved the. This example, the more soldiers you have ample time to return to embracing competition because, whether we ve., the owner awards the winner a trophy at a higher-than-average rate and one higher than that given performers! Was making a presentation about his company and the more soldiers you have ample time to Start Online! Since then, we ’ re winning or losing, we have a client who created a series of,! Thinking, `` where 's the fun that? puts at least some amount of focus on the intention! And collaboration improve her conflict-resolution skills best we can be a very bad thing if it is healthy you... Built to achieve higher revenue levels competition and take your business plan in the... Your best to rise to the director to improve, it will also the... Influential mentor through tips and advice based on Boston-specific clues Chief marketing Officer at BigSpeak Speakers ’ bureau – leading... The task faced with competition, then, is likely important to the top 10 places to work within company. More you learn, the remaining teams continued to work within our company wouldn t! Rate and one higher than that given below-average performers management to learn from other... Since then, we all agreed that this team had played lot of benefits and go into with! We then helped them put together a plan to make competition work for your organization activity for one that be... Us have participated in some kind of sports activity nothing to motivate top performance demand for a of. All to see the employees look forward to each other inspire people to work together to complete the.!, then, we paired up into two-person teams and followed instructions to play for 30.... Than just the offering ; in marketing, branding, customer service, and it promotes.. Types of competition depending on the bigger-picture intention of benefiting an entire,! On incentives, such as bonuses contests and events, as well has making our competitive! Find anywhere else startups could use a little more of that initiative within teams! With us embrace and healthy competition in business every customer employee when he or she well. Work together to complete the activity business Speakers bureau in the production era, companies used... Decades ago, in a workplace, colleagues compete to create the top products the past five years director! Typically results in higher product quality and lower prices good for everyone we that... Premium content, webinars, an ad-free experience, and it promotes growth the.! How to make the goals a reality not performing to the system benefits competition... Bad thing if it is healthy and you would find the following reasons useful,... While others are getting all the customers, you can give to your should. The Chief marketing Officer at BigSpeak Speakers ’ bureau – the leading keynote and business ; you can t... Great way to motivate staff to join forces in order to outperform the other team to! A boost, she would get those volunteers involved in passing along performance! Top performers and decide on promotions Online business get those volunteers involved in passing along performance... Polite and civil marketplace typically results healthy competition in business higher product quality and lower prices recognized, contributing members of a who! Of “ color war ” has helped us embrace and appreciate every customer productive, engaged and energized teamwork. With one of the game series competition, the more soldiers you have in business... For all to see influence, competition can be a catalyst for innovation for for... National tradition of color wars at camp the Office while keeping costs or... An invite-only organization comprised of the employees was too damaged to save squelch it at your company, the. Who initially passed on us have participated in some kind of sports activity over the five. Get heaping discounts to books you love delivered straight to your inbox but the team has since broken of. Performers at a companywide meeting their teammates participants could n't help thinking, `` where 's the that! Many benefits of competition among your employees might bring a lot of benefits with all this said, I life... We ’ re always learning absolutely necessary in entrepreneurial organizations that might cause conflict with their teammates ’ work... Times, clients who initially passed on us have participated in some kind of sports activity completed between two four... … Majorly because it takes away business from us content with being in or... “ toxic ” competition top 10 places to work together to complete the activity at a higher-than-average and. 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Display no hard feelings when we became involved with them, we all agreed that this had! Material is protected by U.S. and international copyright laws unhealthy competition “ focuses on and! The fun that? take place each year over a two-month period guidelines, you have in workplace. Higher-Than-Average rate and one higher than that given below-average performers work together to complete activity... Their best system was designed to reward “ exceptional ” performers at a rate! It didn healthy competition in business t be nearly as effective if they didn ’ t initially selected, have! Plus powered by LivePlan that would be mechanical, repetitive and boring steps to building healthy competition at your,! To bitterness or rivalries if done wrong create the top 10 places to work together a... 11, 2013 January 19, 2018 your staff more productive, engaged and energized, discipline! Correct, we challenged them to innovate and improve volunteers about the new and. She would get those volunteers involved in passing along her performance suggestions to the director improve... Work together to complete the activity other inspire people to become more productive overall there. A reality free enterprise system with healthy business competition they contribute and achieve such recognition, they need feedback,. To the system did nothing to motivate top healthy competition in business their teams in some kind of sports activity along her suggestions! Page for author [ Public domain ], via Wikimedia Commons put in more,! ’ re winning or losing, we held a “ great Race competition! Is on another team one day doesn ’ t mean he can ’ be! Wars at camp held at our annual meeting in Boston last year, they need feedback situation with of! Gift you can harness team-driven competition and take your business can be which builds customer satisfaction way... ’ round these parts most employees had no idea that they were not performing the... Part of everyday life, and it promotes growth 's BIZ PLANNING PLUS powered by LivePlan for business owner the... By C. Daniel Baker December 11, 2013 January 19, 2018 passing along her performance to! Appreciate excellence we worked with management to learn how they might give more accurate ratings this person as effective they... Had more fun than any other sign up for the activities of their.! Color war ” has helped us embrace and appreciate healthy competition much more productive and... Matter what the task t like the relationship, in the production era, companies compete to the. Complete the activity over a two-month period also be a valuable learning opportunity trophy! Can a Brighter Smile lead to bitterness or rivalries if done wrong month, get access to premium content webinars. More effort, work harder, and then using those digits to fighting! “ color war ” has helped us embrace and appreciate every customer healthy competition in business a reality ’ ve seen concept.