"It pays to know the enemy - not least because at some time you may have the opportunity to turn him into a friend."
Margaret Thatcher was of course referring to politics here, but in business it's a vastly underrated skill.
It's not only knowing the statistics of our competitors, or what they're planning to do next ... that's simply part of due diligence of any competitor we have.
The idea turning a competitor into a friend, while still remaining competitors, is a tremendous skill and strategy to embrace. It's becoming an increasing important part of the business world, and a big part of success.
What I like about what Thatcher said, was she definitely knew the strengths and weaknesses of her opponents, but always knew how far to go in dealing with them. And no matter the stakes in the game, she always left the door open for potential deals if her opponents were willing to work with her.
It's the keeping of doors open that's important to me and in business today. Many business leaders can make decisions based on past losses or problems with competitors, because they hold grudges and don't understand them as well as they should.
If we truly understand our competitors as good or better than they understand themselves, and look for opportunities to work together in specific occasions, there are huge win/win deals and initiatives that can emerge.
Even if it is for a very specific situation, in a very specific time, it's really worth keeping our eyes and doors open. It may be more important to look for things we can work together with, than simply knowing their data and overall strategies that compete with us. They are important, but we miss a lot be knowing the other side of their needs and wants as well.
Margaret Thatcher proved that she was always looking for opportunities, by knowing her enemy thoroughly and completely. She knew her friends in the same way.
Margaret Thatcher Resources:
The Best Quotes From Margaret Thatcher's 'Statecraft'
Margaret Thatcher & the Revival of the West
Interview with Margaret Thatcher
Magaret Thatcher's Life in the Shadows
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