Why would you buy a successful business and then run it into the ground?
Well, no sane person would. Or so you’d think.
This rather instructive story was related by a friend the other day. We’ll call him N.
N has 2 cafes within 10 metres of his office. For years he’s crossed the road to the packed further one run by a couple because of the quality of food and consistency of coffee. He invites his visitors there and I can vouch for the food quality.
Recently he realised he hadn’t seen the owners and asked where they were.
“Oh, they’ve sold the business to…” one of the staff.
So far so good. But N immediately noticed the coffee wasn’t as good as usual. Same Barista. And certain staple menu items had disappeared.
He enquired and sure enough, the coffee blend had changed to cheaper quality beans. The more expensive ingredients in their food had given way.
Customers had begun to drop off.
N told us he’d thought about telling the new owner his thoughts. He knew him. But decided he couldn’t be bothered. Felt the chap wasn’t interested in knowing his clients’ opinions.
So he’s slowly, but surely taken his custom away.
There are some lessons to be learned from all this.
If you’re on a winning horse, stay on it!
Know your customers, what they want and why they keep coming back. If in doubt, ask them.
The worst thing you can do is be indifferent to your customers’ needs. Indifference is considered to be one of the top reasons people leave a business. Often silently.
What would your customers say about your business? Are you potentially flying blind?
Our clients regularly ask us to interview their high value customers to find out. This accomplishes two things. Their clients feel listened to and valued, and the business gets invaluable feedback as to where they’re doing well and where they can improve.
If you’d like us to conduct an in-depth interview with your clients give us a call on 0414-913-334.
