Why Are You In Business
Why Are You In Business
By far the most common - and unfortunately, the less successful - reason is to make a profit. Sure, there are many ways to phrase or look at it, but the majority of these owners have told me they are in business to make money. They market a product or service in the hopes of beating the competition, attracting customers, making sales and creating a profit.
In the process, they create jobs, expand the national economy and achieve a level of satisfaction, personal reward and profits.
There is nothing wrong with that! That is the essence of capitalism and our free-market system!
What I notice, however, is that the focus on profits often leads to a kind of myopia, or short-sightedness. They make sales, but not repeat sales. Their costs of advertising, marketing, and customer-creation are extremely high.
The second reason is fundamentally different and leads to different results.
These people tell me they are in business to SERVE A SATISFIED CUSTOMER and that is a HUGE distinction!
A well-managed business that is focused on serving a satisfied customer generates profits, but they also have the benefit of repeat business and LOYAL customers. They have the advantage of customers who become their (volunteer) R&D team. They have the advantage of lower marketing and sales costs and that advantage typically falls straight to the bottom line and into the owner's pocket.
So, why are you in business? What's the "real" reason? What do you think about first, last and all day long?
My advice: Think about serving satisfied customers. If you do, innovation, production costs, marketing costs, and profits, will tend to take care of themselves in a very satisfying way.
Why Are You In Business - To learn more about this author, visit Rodger Blaker's Website.
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Over the past five years I've worked with dozens of small and mid-size businesses, and have talked with the owners of most of them. I've noticed that while every situation is different, there seem to be two basic reasons why these people are in business.
By far the most common - and unfortunately, the less successful - reason is to make a profit. Sure, there are many ways to phrase or look at it, but the majority of these owners have told me they are in business to make money. They market a product or service in the hopes of beating the competition, attracting customers, making sales and creating a profit.
In the process, they create jobs, expand the national economy and achieve a level of satisfaction, personal reward and profits.
There is nothing wrong with that! That is the essence of capitalism and our free-market system!
What I notice, however, is that the focus on profits often leads to a kind of myopia, or short-sightedness. They make sales, but not repeat sales. Their costs of advertising, marketing, and customer-creation are extremely high.
The second reason is fundamentally different and leads to different results.
These people tell me they are in business to SERVE A SATISFIED CUSTOMER and that is a HUGE distinction!
A well-managed business that is focused on serving a satisfied customer generates profits, but they also have the benefit of repeat business and LOYAL customers. They have the advantage of customers who become their (volunteer) R&D team. They have the advantage of lower marketing and sales costs and that advantage typically falls straight to the bottom line and into the owner's pocket.
So, why are you in business? What's the "real" reason? What do you think about first, last and all day long?
My advice: Think about serving satisfied customers. If you do, innovation, production costs, marketing costs, and profits, will tend to take care of themselves in a very satisfying way.
Why Are You In Business - To learn more about this author, visit Rodger Blaker's Website.
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