Good day My fellow blurters, Today we have a special post in place. I have decided to write based on something I've been noticing in so many businesses and I'm definitely sure alot of you would be able to relate with what I have to say and I'm also sure some of us would learn something new. Some people are the cause of the losses they make in their business and I'm going to be demonstrating how this is possible. Sit back and have a good read.
If there is one thing I have learnt about businesses, it's the fact that they are risks on their own. When partaking in a business activity, one has to be wary of each and everything they do because it could make or mar the business either in the future or in the long-run. I spent the whole of my day in the market place and I happened to observe alot of things since I wasn't particularly busy. There are some little details which store owners and retailers overlook in the business environment that might drive customers away. Let's have a look at some of these wrong attitudes that spoils our businesses and the reputation of the business. I would be using alot of examples to make it easier for those who might not understand.
Treat Your Customers right
Some shop owners treat their customers with little or no respect because of the way they look or dress (They are quick to judge a book by its cover). You can enter an iphone store dressed casually and they might not take you seriously because you look poor to them. I experienced something similar when I went to the market today to buy a box of chocolates, the shop owner didn't even act like I was there because I wore a plain top with shorts and a pair of slippers. Attimes the fault comes from the workers or apprentice and not even the manager or boss. This behavior is very bad as customers that are treated badly would stop coming to your store and even spread the word of how they were treated.
Offering customer service goes a really long way in boosting sales as they would spread the word and recommend their interested friends to your store. Let's say you sell CCTV cameras, you can offer your customers free installation and even give them a warranty incase there is a problem with it.
Don't consume your stock of goods/capital anyhow
Some businesses have little gain per sale and hence the business owners end up using all the profit to restock. Upon all this, some store owners tend to live a lavish lifestyle and end up squandering both the little profit and their stock of capital. Also when you own a business try to reduce consuming goods from your store. For example a retailer who sells provisions that feeds from his/her goods whenever they feels like. This is a bad habit as it makes the business run on a loss or even at zero profit. Try to manage spending and keep it to the barest minimum especially if your business is a small scale one with little profits.
Try Your Best To Regulate Credit Facilities
We are in a world where lending money is easy but when it's time to pay back the money they borrowed they would never want to pay back. People can make so many reasons why they need goods or money and even kneel down to beg for them on credit but when it's time to pay back they would never want to pay back. They would start ending your calls and hiding whenever you want to come collect the money. This is part of human nature (not everyone though) so as an entrepreneur you have to regulate the level of goods sold on credit, if it's something that would affect the business if it goes unpaid don't give credit facilities. Be it a friend or even a family member, know when to turn them down because even family members attimes might not pay back. If you are too loose in a business you would eventually make serious loses. I've come across businesses that were ruined by excess credit sales so let's avoid this.
Always Try Your Best To Be Original
Some business owners might want to dupe the public by selling substandard products because they happen to be cheap. This might work for a while but when you are caught or exposed by even a few customers, they themselves would start to spread the word and gradually and eventually your customers keep getting less until your store eventually closes down. Many countries have agencies that regulate and punish those selling illegal products so if you are caught, not only would your fake products be confiscated but your store would be closed down and you might even earn yourself some jail time/community service. From this alone we can observe that the demerits are far worse than the merits.
These my fellow Entrepreneurs are some of the important necessary business behaviours which I've observed to be lacking in most novice entrepreneurs. No one is above mistake and no one can make it on his/her own. We need each other to reach even greater heights. I am merely sharing my opinion and experiences and I'm sure most of you can relate to most of the things I've said in this post. Let's endeavor to share our experiences and opinions too so we can learn and avoid such mistakes. I believe with this we would be greater entrepreneurs. Thanks for reading.