Daily Money Minute


Fotolia_54867638_XS_7“We live by the Golden Rule. Those who have the gold make the rules.” ~Buzzie Bavasi

When you have a business of your own it’s easy to think that you answer to no one. The truth is that the customer is your master. The customer has the gold you seek and the customer makes the rules. If you don’t provide the customer with what he or she wants then that customer will simply take their gold to someone else’s business and spend it there. And without customers you will go out of business very quickly. So you need to know your customers and build a strong relationship with them. You must ensure that you provide your customers with great products and great customer service. Having great products is a given but where most companies fall down is in their customer service offering. As a customer I want to know that you will value my business and that you will treat me with respect. I want simplicity and I want to know that should I have a problem with one of your products then your customer service levels are so good that it won’t be a problem at all. Yes, there is a need to strike a balance between the overheads you bear and the customer service levels you deliver. However differentiating your business from the competition is important, obviously, and providing good customer service is a powerful way of doing it. You will please existing customers that way and it will help you to attract new ones as well. And if you can do that consistently then you will have a successful business. Never forget that it is the customer who is in control. That’s the real nature of business.

© Roy Sutton and Mann Island Media Limited 2013. All Rights Reserved.


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