How often do you compare yourself and your business to others? And how does doing so impact your overall mental state? Comparing ourselves to others is an interesting action. Sometimes comparison is seen as something unhelpful and negative, while other times, it clearly plays a role in highly competitive industries. When it comes to your mortgage business, is comparison positive or negative, helpful or detrimental? For me, the answer isn’t black and white. Let’s take a look at the different functions comparison can have in a business:

Distraction

When comparison becomes habitual or obsessive, it can quickly turn into a distraction. Professionals who are constantly comparing themselves to their perceived competition waste valuable time and energy that could be invested in their own work. This is a result of comparison to look out for. We have plenty of distractions as it is, we certainly don’t need to be adding another one to the mix. When comparison grabs your focus from your own work, it’s not helping your business to thrive.

Negativity

Comparison can also breed negative mindsets that slow progress and sabotage success. Many professionals engage in comparison looking for where they’re lacking. What is someone doing better? Where are they falling behind? Wanting to understand the competitive landscape is valuable, but when it becomes self deprecating, it can start to take a real toll. You may start to feel less motivated, less inspired, less confident, and less engaged in your work as a result of the negativity too much comparison can create. It’s important to pay attention to this and notice when you’re engaging in comparison and how you feel afterward.

Inspiration

As I said above, it’s not a black-and-white issue. While it can be detrimental, comparison can also play a useful role in your business when done appropriately. It can be a source of inspiration. Seeing the progress and success others have achieved can spark you to set the bar higher for yourself. Maybe it inspires more ambitious goals or an expanded belief in what’s possible for your business.

Motivation

The right amount of comparison can also be a source of motivation. We don’t want it to be the main thing driving us, but seeing the success of our competition can remind us that we need to stay committed and strive to be at our best. When we compare ourselves to another professional or business that has reached higher levels of achievement, it can serve as a nudge for us to get re-energized about the work we’re doing.

The impact of comparison on your business really comes down to how you engage in it. When it’s a regular occurrence that gets too much of your time, it can have serious consequences. On the other hand, when it’s used intentionally and in moderation, it can be a spark that pushes you forward. What’s your experience with comparison in your work? Has it been a positive, a negative, or have you experienced both sides of the coin? I’d love to hear what you think!