Collaborate with my fiercest competitor? What? The very suggestion might sound absurd at first. Yet unless your competitor is truly the devil incarnate, it’s an idea worth serious consideration.
I’ve had the unique opportunity to witness how collaboration between rivals can transform communities. Back in 1994, when I moved to Charlotte, there was an intense rivalry between two banking giants that are now Fortune 50 companies: Nations Bank and First Union. Having worked under both organizations, I saw this competition from both sides.
What struck me most was something I heard repeatedly from Hugh McCall, the CEO of Nations Bank (later Bank of America): “I want Charlotte to be a world-class city that’s a great place to raise a family and grow a business.” This wasn’t just corporate talk. McCall and Ed Crutchfield of First Union, despite their fierce banking rivalry, shared this vision for Charlotte.
When Competitors Share a Higher Purpose
These banking leaders demonstrated something remarkable – they could put their competitive differences aside for a greater cause. They understood that some goals transcend business rivalries. The result? Charlotte has indeed become that world-class city they envisioned, benefiting millions of people.
This doesn’t mean they stopped competing vigorously in the marketplace. Rather, they recognized areas where collaboration served a higher purpose than competition. Their impact went far beyond building Fortune 100 companies – they helped build a thriving community.
Those two men, along with other leaders in the city, cared more about growing the city to where it was a world-class city that was a great place to raise a family and grow a business. And they were able to put their competitive differences aside for something greater.
Finding Your Collaborative Opportunity
We all face this same opportunity in our businesses and lives. The question is whether we’ll recognize and seize it. Working with competitors doesn’t mean abandoning your business goals or competitive edge. It means identifying where your shared interests align with a greater purpose.
Here’s what this kind of collaboration might look like:
- Joining forces on industry standards that benefit all customers
- Collaborating on community initiatives that lift up your shared market
- Working together on sustainability efforts that benefit everyone
- Partnering on educational programs that develop future talent
These collaborative efforts can create value that no single company could achieve alone, while still allowing healthy competition in the marketplace.
Healthy Competition Without Vilification
I firmly believe in healthy competition. It drives innovation, improves products and services, and benefits customers. But competition doesn’t require vilifying your rivals or creating an “us versus them” narrative.
When we frame competitors as evil or wrong, we close ourselves off to potential partnerships that could create remarkable outcomes. We limit our thinking and our impact.
The most successful business leaders I’ve known can vigorously compete with rivals Monday through Friday while collaborating with them on Saturday to build something meaningful for their community.
Will your collaboration with competitors change an entire city? Maybe not. But it might change your industry. It might change lives. It might even change the world in ways you can’t yet imagine.
This week, I challenge you to think differently about your competitors. Who among them might share your vision for something greater? What might you accomplish together that neither of you could achieve alone? The answers might surprise you – and lead to impact that extends far beyond the bottom line.
