You make decisions that affect your business every day. It pays to step back every so often and gain a little perspective. Even though you’re making business decisions with the best intentions, some of them may undermine your business.
When you run into a wall, think, or you will do it again.
Everyday Decisions That Can Undermine Your Business
Do any of these 15 decisions sound familiar? If so, consider how they may be damaging your business.
- Your client likes you so much they request something beyond your capability or expertise — You satisfy their request, hoping that any misstep won’t diminish trust. Remember… Trust takes a long time to develop, but it can be destroyed by a single action.
- You let your salespeople discount products rather than justify the sale based on the value provided. — You hope salespeople don’t make discounting a habit. Remember… Negative habits produce negative results. Sell value, not price.
- You rush a product or service to market even though it’s not ready for prime time — You hope you can work out the bugs before customers notice. Remember… If you think you can bluff your way through life, you’re kidding yourself.
- You accept orders even though you don’t have enough product to satisfy demand — Rather than being upfront with customers, you pray no one gets upset with the delay. Remember… Half the truth is often a whole lie. Always tell the truth, or the truth will tell on you.
- You begin to sell your luxury products in mass-market retail stores to boost sales. — You hope this won’t tarnish the exclusive brand. Remember… The future you get depends on the choices you make. Trying to be all things to all people is a guaranteed recipe for mediocrity.
- You slash prices to combat a temporary downturn. — You hope customers won’t expect you to offer those prices forever. Remember… An impression is as difficult to undo as your past.
- You build a reputation based on being readily available to your customers. But with sales booming, you substitute inexperienced colleagues for experienced ones. — Rather than investing in their training beforehand, you expect novice employees to learn on the job. Remember… Your reputation matters. You can’t run from your shadow.
- Even though you’ve never accommodated large groups, you make an exception because an opportunity becomes available. — You think, if we can serve parties of 30, we can easily adjust to accommodate parties of 300. Remember… When you think you’re fooling the world, you’re only kidding yourself.
- You focus solely on sales rather than investing in your brand as well. — You expect sales to bear fruit today, while a brand takes time to yield results. Remember… There are simply no shortcuts in the long run. Do things for the right reasons and the money will follow.
- You decide to cut costs even though it’ll tarnish the customer experience. — You assume that you may lose a few customers, but you’ll be able to replace them. Remember… The best way to attract new customers is to keep existing ones happy.
- Even though you’ve reached maximum capacity, you squeeze in a few more people to boost revenue. — You ignore the fact that a crowded venue may negatively impact your existing customers. Remember… Appreciate what you have, while you have it, or you’ll learn what it meant to you after you lose it.
- You discount your service and cut corners to compensate for the low price. — You assume customers will expect less and cut you some slack. Remember… Cheaper isn’t always less expensive. You can’t cut your way to excellence.
- You make policy changes that benefit your business rather than customer convenience. — You spend more time filling out internal paperwork than adding customer value. Remember… Without customers, you have no business.
- You slash the price of your product to compensate for its poor reception in the marketplace. — You assume customers will like the product more because it’s cheaper. Remember… It’s better to address the real problem rather than putting a band-aid on it. Problems don’t get better with age.
- Your customer asks you to do something unethical that makes you feel uncomfortable. — You agree to their request, thinking that it’s just one time and no one will find out. Remember… Knowing what’s right isn’t as important as doing what’s right. One of the true tests of integrity is your refusal to compromise your honor at any price.
Are You Making Costly Business Mistakes?
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