Nothing can do you so much harm as a lousy competitor. Be thankful for a good competitor.
It will not suffice to have customers that are merely satisfied. An unhappy customer will switch. Unfortunately, a satisfied customer may also switch, on the theory that he could not lose much, and might gain.
No defects, no jobs. Absence of defects does not necessarily build business… Something more is required.
A company could put a top man at every position and be swallowed by a competitor with people only half as good, but who are working together.