Tuesday, December 02, 2008

In Times of Recession

It is amazing that when times get tough in our businesses we seem to create the very behaviors that bring our businesses further down even to the point of closing the doors.

The "Glooms" come out to play, we loose focus of our primary goals, and we spend all our time in trying to find the magic key to deliver us from the Doom Gods. Worst of all we turn away from the two greatest factors in any business or economic turn around, our employees and our customers. It's amazing how businesses in developed countries panic and loose control of their instincts and their self control.

I often travel to underdeveloped countries and what I find are people who thrive in adversity and economies that are in constant flux, and that's mostly in a recessionary down turn. But what I also find are people, who in spite of it all, pay attention to detail and never ever forget the importance of focusing on the customer. The businesses in these countries and communities, whether large or small, know that their very existence is tied to the customers or potential customers perception of their products, service and how the customer is treated as an individual. Perhaps we should learn from this.

The customer's needs will always be there no matter what the economy may be doing, and they will always be looking for ways to meet their needs and solve their problems either in a business to business environment, or as individual consumers. What sets a successful business apart from the rest in an adverse business environment isn't government bailouts, or uncle John's bank account, but the way they recognize and deal with their customers and employees everyday.

In a time when everyone is looking for answers maybe if we learn to use the answers we already have we just may find that success is not just a term for economic upturns. If you want to survive the tough times pay attention to your best friends, your customers and they will always be there to take care of you.


Kristina Evey said...

So many companies disregard the lifetime value of their customers. Customers are usually seen as a one time "someone." But let's say that a customer brings in $100 of revenue to your business every week, over a year, that is $5,000. If they live in your area for 20 years and you have been able to exceed their expectations and keep them as a customer, they will have generated $100,000 revenue to your company. So, knowing that, why do so many companies disregard the concept of providing excellent service? Your points are true, Tim, returning customers will not only increase their purchases over time, but they will also be a lifetime referral source.

Australian Footy Club said...

Hi Tim. I like your mention of undeveloped countries because it is such a good example of the power of attitude.

I'm currently noticing the difference in my industry - many people focus on and talk about recession and it becomes self-fulfilling prophecy in their results. Others focus on and talk about challenge and opportunity and they inevitably get better results.

Anonymous said...

customers are the lifeblood to any business. It always pains me to see how some companies view the customer as a problem they wish would go away...Now that these business are struggling and the phones are no longer ringing, they wish they had those customers back.

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Robert Walakira-Uganda said...

Interesting mention of Under-developed world.
I am currently in Uganda and every time I enter a resturant I appreciate more my Experince in the US.
I believe the biggest problem in Telecom companies in Uganda so far is the un-cordinated departments of Engineering and Customer Care. Engineers are some of the most higly paid people in Uganda and some how it gets to their heads and then they become a cost center for the organization because they can nolonger support the customer service department honestly.

ankara dekorasyon said...

Thanks very nice share. I worked a lot of work