You established your business some time ago, and it’s been relatively successful so far. You knew you had to be ruthless at times to get ahead, but you also played by the rules.
A rival firm has become envious of your success, and unfortunately it seems like they no longer want to follow the rules. They’re using unfair business practices to try to get ahead of you. Let’s look at two common examples of unfair business practices and what you can do about them.
Stealing your intellectual property
Your business is so successful because you do things a little differently. You’ve put a lot of time and effort into coming up with your branding. You also utilize technology that nobody else has access to. Rather than coming up with their own strategies and techniques, it seems like your rival wants to copy you. They’ve launched a new marketing campaign, and the colors, designs, and logos of their company are almost exactly the same as yours.
Trademark infringement and other forms of stealing intellectual property are common examples of unfair business practices. You can take action through the courts to request that your rival cease these activities promptly.
Defaming your company
Another way that a rival may try to harm your firm is by spreading false and malicious rumors. For instance, if you run a restaurant, they may claim that you have given customers food poisoning. If this is objectively untrue, then it could be considered defamation. Your reputation is something that is worth protecting, and there are legal processes to follow after defamatory statements have been made.
You’re always going to have competition. However, your rivals have to abide by regulations. If you feel that you have been subjected to unfair business practices, make sure you look into your legal options.