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Why Cash Is NOT King!

You’ve probably heard the old saying that Cash Is King…right? What if it’s not?

As business owners and leaders, the odds can feel like they’re stacked against us. With more than 90% of new businesses not making it through the first five years, and their demise often attributed to inadequate funding (wrong, but that’s for another day) it’s easy to understand why so many businesses chase the money. But there’s another currency you should be chasing instead.

https://www.youtube.com/watch?v=1AKmcH4fADo

Harold Geneen once said, “In business, everyone is paid in two coins: cash and experience. Take the experience first; the cash will come later.”

Chasing the cash turns every customer interaction into a transaction. The truth is, this is very transparent to the customer, and many times they are fine with that. But there it also prevents the development of a relationship and any semblance of customer loyalty.

Now, I’m not saying you should do the work for free, but do consider what you are gaining from every interaction. There is something you can learn…and that might be worth much more than cash!

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Make a Buck or Make a Difference?

What do you think about this quote from Tom Brokaw? Is it easier to make a buck than a difference?

I look at this and think “Transactional versus Relational”… and relationships are hard, thus, making a difference is hard. Okay…how about an example.

Here in the south, we have the Publix grocery store chain. They do lots of “little things” right but one of the most visible is that they offer to take your groceries to the car for you. Nah, it’s more than that…they assume they are going to unless you tell them no…and they don’t allow tipping!

So why is that important? Because any one of the millions of grocers in the US will execute a transaction with you, Publix wants to make a difference!

In my business coaching practice, I often talk with business owners and leaders who are too focused on making a buck and they miss the opportunity to make a difference! Frequently this is rooted in a cash flow problem but more often than not, they just aren’t thinking about it. Why should they worry about it? Why should YOU worry about it?

Publix is far from the cheapest option. Their location closest to our house, in fact, two of their locations here are across the street from a WalMart…and yet they are always hoppin’! Why? Because they make a difference!

Spend some time today thinking about how to put your customer first, what that will look like for you, and how you can make a difference in THEIR day! Leave a comment below and let us know how you’re going to do it!

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How to Create Happy Customers – Start With Yes

Have you ever had a request from a customer that was just completely ridiculous? Did you do it anyway?

The only thing that makes any request ridiculous is our perception of the request. If you run an ice cream food truck and someone comes up looking for coffee…you might think that’s ridiculous. For whatever reason, that lost customer didn’t think it was ridiculous… hhmmm. So adding a coffee pot, that’s pretty simple. Adding an espresso machine, not so simple.

Since our job is to solve problems for other people, it stands to reason that the more problems we can solve the more customers we will have. Now, we have to balance cost/benefit for sure, but the more times you say YES, the more happy customers you create…and the more happy customers you create, the better your bottom line will be.

Don’t get hung up on “that’s not what we do here, man” kind of thinking. Make your business about solving problems rather than ___. And if that scares you, good! Real growth only occurs outside your comfort zone! So get out there, say yes, and enjoy the benefits!

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How To Deliver World Class Customer Service

When was the last time you experienced bad customer service?

See how easy it was to remember that time? I recently read some stats that said 1 in 3 BAD customer experiences get shared with friends and/or social media but only 1 in 14 GOOD experiences. So it stands to reason that we have to create many more positive experiences to get the same “credit” from our customers.

https://www.youtube.com/watch?v=RQedV5WcdIQ

Piggybacking on yesterday’s topic, it’s the little things, done over and over, day after day, that create positive customer experiences. You might buy hundreds of things off eBay…then you get that one thing that doesn’t live up to its pictures…

And tying in the concept that you can really only have one priority at a time, the only real, long-term priority any business can have is making customers happy! Because without customers, there’s no need for anything else, right?

When everyone on the team is focused on how they can serve the customer, how THEY can solve problems for other people…that’s when it all just works. Now, YOU as the business owner/leader owe the team something as well…but we’ll save that for another day! (Be sure to like & follow if you don’t want to miss the answer!)

when everybody takes care of the customer every day, it just works. focus on your customer and everything else works out.

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How to Make Happy Customers

Are your customers happy? Are you sure?

When you are running a business, it’s easy to slip into a way of thinking that your customers should be happy…just, well, because they are your customer. “I mean, they wouldn’t be my customer if they didn’t like my product, right?” Well, not necessarily.

Customer satisfaction is not a thing or a department… it is something everybody does every day.

https://www.youtube.com/watch?v=qybrhngJrcU

So how do you make customers happy? Solve their problems! Bonus points if you can make them feel special as you do it!

If you can find a way to set your own pride and need for confirmation aside and put instead put your customer first…you will win!