On behalf of Kadish & Associates Law Group posted in Closely Held Businesses on Saturday, May 16, 2015.
To be successful in your business, regardless of what industry you are in, it is imperative that you avoid mistakes. Whether it is a lapse in judgment or a decision made in ignorance a business mistake could be costly, not only for your bottom line but also for your customer base. Because of this, business owners (especially those just starting out) should strive to avoid making some fatal business mistakes.
This post will highlight a couple that most businesses struggle with.
Missing customer experience opportunities – Improving on customer experience is arguably the easiest and most lucrative way to increase one’s customer base. Despite the latest in web analytics and prediction software, word of mouth still holds significant traction in the marketplace. So if a person has a great experience with your company, chances are that he or she will continue to use your service. However, if you fail to maximize the opportunities that come with customer experience, you are selling yourself short.
Not being an expert – Remember the old adage “fake it till you make it?” That also applies in business. No, you should not actively deceive people, but it should not be so much of a problem to hold yourself out as an expert of sorts because of your knowledge of the marketplace. After all, consumers want to know that they are working with someone who knows what they are doing and what is in their best interests.
Indeed, these mistakes may not immediately lead to a lawsuit, but protecting business relationships is helpful in avoiding lawsuits.