What is the best business strategy of all?
WOW... how has it been over a year since we last posted a blog, and where has that time gone?? Since 2016 many things have happened professionally and personally.
Professionally, business is heaving, with great clients and exciting opportunities . In 2017 with a couple of colleagues we purchased the Mud, Sweat & Tears Challenge in Dunedin, growing participation by over 300%. Over the coming year we are involved with a number of new exciting initiatives that will hit the ground and provide fun experiences for the public and exciting activation platforms for partners.
However it was not all shits and giggles in 2017. As some of you will be aware, in late August Mum died from lung cancer. It was quick (3 weeks) and generally pain-free (for her) however the impact of this will endure forever.
Recently I have seen a number of 'motivational' or 'business' posts on social media like this:
Up until late last year I truly believed this. I tried as hard as possible to live this belief.... be available and present for customers, go over and beyond what is required, compromise other projects to satisfy their needs and would burn the midnight candle to get jobs completed.
So where did this get us?
After learning of Mum's illness August and September were a bit of a blur... spending time with Mum, managing family expectations and trying to keep a small fledging business going.
At the end of September we lost 3 clients. A range of excuses were given, you know the ones...
- It's not you, it's me
- We are taking the business in a new direction
- Cash is tight currently, we are going to do it ourselves
The reality is, the root cause of all this is that I/we were unable to keep these customers satisfied. Expectations had been created that were unsustainable. Being unreachable was unacceptable and it only took a stone on the road to tip it all over.
So... what do I think the best business strategy is of all? I do not believe there is one business strategy that out strips the others. The sum of the parts is great than the individual and all that jazz.
The one that I do hold close and run all our potential customers through is do they share common values that we do... clearly family is one that means alot to us, but here are some others
So what do you think? Do you subscribe to the satisfied customer strategy, the sum of the parts ideal, or something else? It would be good to know.