I ONCE attended a webinar run by a successful entrepreneur who was an excellent marketer. He stated that customers will always want to buy things that are quicker, cheaper and simpler. It stuck in my memory because, of course, it is true.
One of the greatest examples of this strategy is Amazon, which has grown into the world’s largest retailer in just 25 years. Of course, we cannot all be like Amazon. Nonetheless, this is a business that can teach us how to run our own successful business.
Whenever I shop either online or in person, it never ceases to amaze me just how slow many businesses are to serve you. Restaurants are a great example. So often you turn up, they make you wait for 15-20 minutes then seat you. They come back to take your drinks order ten minutes later, your food order another 15-20 minutes later and then you cannot get the waiter’s/waitress’ attention throughout the meal to order extra food or drinks.
Then they keep you waiting for ages at the end to pay your bill.
It’s so annoying. These restaurants are not usually busy nor are they understaffed. Usually we just walk out before ordering the drinks.
On the other hand, restaurants where the staff are attentive, quick and build rapport with their customers win hands down. Sometimes they even offer extras such as belly dancing, free birthday cakes, waiters singing ‘Happy Birthday’, for example. Usually, these restaurants are busy yet the staff pack in far more entertainment and service. Often they aren’t the most expensive restaurants either – just better organised with better staff.
They have the quicker, cheaper, simpler recipe for success.
The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount invested. The tax implications of advice will be based on your individual circumstances, tax legislation and case law as well as regulations which are subject to change. You should always seek tax advice from a taxation specialist in order to understand your options. This article is based on my own observations and opinions.
Chartered and Certified Financial Planner
Managing Director of Wealth and Tax Management
If you are interested in making your business a rip-roaring success contact Wealth and Tax Management on 01908 523740 or email email@example.com