Business Principles That Still Matter
Virtually every business owner, leader or key principal understands that clients are necessary for their business, division or department to be successful. Whether those clients are internal or external does not matter. Fulfilling the client need is critical for success. The better the need is fulfilled; the greater the value and relationship the business entity can create in the mind and heart of the client. That simple reality is somewhat elusive due to a number of reasons; but, there are key principles that will enable even the most challenged business entity to gain a stronger foothold with their client base.
Recently, I came across the following list of proven business principles that I feel are still vital in today’s fast-paced economy. Follow these principles and elevate your business to greater heights in the eyes of your clients and also in the eyes of those who will be drawn to your operation. Make your client number one and they will make you number one!
Foremost in your mind, actions and your words remember that clients are:
1. The most important people in any business.
2. Not dependent on you, you are dependent on them.
3. Not interruptions of your work—they are the purpose of it.
4. Doing you a favor when they call—you are not not doing them favors by serving them.
5. Part of your business—not outsiders.
6. Not cold statistics—they are flesh-and-blood human beings with feelings and emotions like you have.
7. Not someone with whom to match wits.
8. People who bring you their wants—it is your job to fill those wants.
9. Deserving of the most courteous and attentive treatment you can give them.
10. The lifeblood of yours and every other business.
Is this all that important? Well, take a look at the following client statistics and see if they correspond:
1. The average business will hear nothing from 96% of unhappy clients who receive rude or discourteous treatment.
2. 90% who are dissatisfied with the service they receive will not come back or buy again.
3. Each of the unhappy clients will tell his or her story to at least 9 other people. 13% of those unhappy former clients relate their story to more than 20 people.
4. Research shows that for every complaint received, the average business has 26 clients with problems, 6 of which are “serious” problems.
5. Only 4% of unhappy clients bother to complain. For every complaint heard, 24 others go uncommunicated to the business—but not to other potential clients.
6. Of the clients who register a complaint, between 54% and 70% will do business again with the business if their complaint is resolved. That figure increases to 95% if the client feels that the complaint was resolved quickly.
7. 68% of clients who quit doing business with a business do so because of indifference. It takes 12 positive incidents to make up for 1 negative incident in the eyes of the client.
So, what do you think? Are there some correlations? What pains are you taking to insure that your clients are receiving the treatment they should so that you may develop the loyal client your business needs to have long-term success? Are you winning or are you falling short? You know, you do hold the key. Put these simple business principles to work for you today and grow the success you deserve.
