The Simple Reasons Why Most People Fail in Business

Why Do Most People fail in Business?

Mark Cuban, American businessman, investor, owner of the Dallas Mavericks says that companies fail because they don’t prepare, they fail to put themselves in their customer’s shoes. Companies fail to understand what their customer wants, they fail to take care of their customers better than the competition, and he is so right!

This week I had an experience that confirmed what Mark is stating.

I had to rent a car for a couple of days to take my son who has Multiple Sclerosis to a couple of appointments.  For his comfort, it was essential to book a car that was spacious and could fit a wheelchair.

Nowadays everything is done through the internet, so  I found a car rental company. I chose the car, paid an extra amount to suit our needs and as soon as I booked it, the company took my money.

When I received the booking confirmation, I noticed that the description of the car was different than the one I chose. I needed to make sure that I got the car I booked. The confirmation gave a different company name but it had the address where I had to collect the car, so I gave them a call.

The person who answered the phone could not see my booking, not even with the reference number. After a while, he finally found me and said that I made the reservation through a third party and that was the reason why he couldn’t locate me.  When I told him that it was vital that I got the car I originally booked he said that the agency had a large selection and that I could choose something that suited my needs.

The day came to collect the car. The receptionist could not find my reservation either. I had to show her the original email, and after a while, she retrieved my booking.  Then she said that I booked a small car.

I told her that I paid extra and gave her the description of the car I originally booked. I even showed her my phone to confirm that I made the call to make sure I got the car I needed. But that didn’t make any difference; she talked to her manager only to come back saying:

“Sorry, but that is what you booked, and if you want a larger vehicle, you have to pay more. We only have two cars available, and you can choose the small or a slightly larger car, but you have pay extra.”

As you can imagine, I was not a happy person. The third party company took my money straight away. The customer’s service at the agency didn’t care nor did anything to satisfy my needs, and I had to pay extra for a car that was not even the best option for us. It is for sure that I will not return to that agency nor recommend it to anyone else.

Most people want to do well in business, but they centre their attention on what they can get out of their clients. And they wonder why their customers go to the competition.

Managing an online business is no exception. It is essential to offer a service without expecting anything in return. When your customers are satisfied with what they need, they will be happy to do business with you.

Two people shaking hands in a friendly manner

These four vital elements can take your business to a much higher level:

1. ATTITUDE

Cultivating a positive attitude will reflect on everyone you interact with. You will feel at ease, assertive and in control. When you have complete awareness of your thoughts, and you go through difficult times and challenges, they will only be learning experiences.

2. GIVE TO RECEIVE

Showing authentic interest in the needs of their customers and providing continuing value is an essential tool in attracting and maintaining quality loyal customers. As value means different things to different people, it is necessary to present a solution to the problem our customers are experiencing.

3. PERSONALITY

Having a friendly, accessible, and trustworthy personality will inspire confidence, credibility as well as building a healthy personal relationship with others.

4. COMMUNICATION SKILLS

It is an essential skill to communicate effectively. Showing how our product or service can make their lives better, the benefits your clients will get when they understand our offer by expressing them adequately.

When these four elements are all combined, and you can apply them effectively, you will gain their trust.  It is all about serving others and helping them to achieve success.

We all have had great experiences with conventional and online businesses and those that do what Mark Cuban and other marketing experts suggest,  leave us with an enormous satisfaction and very happy to do business with them again.

Once again, we hope this article has been of benefit to you.  In my next article, I will cover the Unique Selling Point (USP) and its importance.

In another post, I talked about what knowledge we can share when we are new in online business. Please click this link for full article.

I am curious to know; what other steps do you take to improve your business? And, how do you deal with a situation where you are facing challenges in business and life in general?

With much appreciation

Luci

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