The phrase implies someone acted quickly to do something before others had the chance. Everyone wanted the job, but Sally beat everyone to the punch by applying first.
Pro Tip 2/3
Taking Initiative
It suggests taking control of a situation by acting first, often unexpectedly. Tom beat his colleagues to the punch by proposing a new project plan at the meeting.
Pro Tip 3/3
Friendly Competition
It is often used in situations where there is a playful or light-hearted rivalry. My sister and I both bake, but she beat me to the punch with her delicious cupcakes.