For entrepreneurs, cash flow is the end-all and be-all. The ultimate goal is to maximize profit by increasing sales and decreasing expenses, and everything is done in pursuit of that. But is that always the right strategy? While numbers are very important, oftentimes it’s a good idea to make other things a priority, knowing that the cash will follow. Read on to see why you should be focusing on customer satisfaction as your end game.
Word of Mouth
If a customer has a great experience at your business – whether it’s a restaurant, retail shop, or IT firm – he or she will likely share that experience with other people. Word of mouth is very useful because it’s like free advertising! Know that this can work to your disadvantage, too. If a customer has a bad experience with you, he or she will tell others to avoid your business, which can hurt you. So keep the customers happy, and they’ll tell others how great your business is.
It can be hard for some business owners to step back and take a look at the company from a customer’s perspective. After all, the company is something they created from the ground up, and people can be blind to flaws in their own creations. That’s why it’s so important to listen to what your customers are saying. Read Yelp reviews, talk to people who visit your store, and leave comment cards for customers. Your patrons just might point some flaw or weak link that you didn’t think of. Fix it, and you’ll strengthen your business.
Make your customers happy, and they’ll keep coming back. Some businesses never get to a level where they’re bursting at the seams with cash and have endless lines out the door. For many entrepreneurs, that’s okay. If you maintain a consistently solid reputation in your area, the same people will return again and again. You’ll have consistent cash flow and a nice business that will support your family. And that’s more than many entrepreneurs can ask for.
As an entrepreneur, you should remember that your business is not just about making money. You can use your name and your reputation to support non-profit organizations or meaningful causes. Yes, there is also the added benefit of getting your name out there and making your company known, but it’s also the right thing to do when you’re a person of influence.
Many entrepreneurs get stuck in a rut where the only things that matter are numbers and dollars. Getting stuck there can be dangerous because you’ll fail to see the bigger picture. Sometimes, when you focus instead on the customer and pleasing your patrons, the money will follow. Keep your eye not always on the prize, but on the journey, too.
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