So there I was having breakfast with a new friend when brilliance struck.  Russ and I were sharing our thoughts on business, life and serving others when out of the blue he said "the" phrase that crystalized the basis for running a successful business in any economic climate.  Ready for it?  Here it is, "Nobody ever went broke supplying what the customer is willing to pay for."  Simple, concise and to the point.  Think about it.  Who is doing well in this difficult economic time?  Those who supply a product or service that is in demand.  Why do many businesses go broke and close the doors while others thrive?  They have lost touch with what made them desireable to their customers in the first place.  So, what is the most important focus a business owner can keep?  The customer!!!!  Seem too simple?  It is, and that is why most businesses overlook it.

 

I submit to you the following; the businesses that survive the next couple of years will communicate closely with their customer base and ask simple but probing questions leading to a better understanding of what they are willing to pay for, and what they are not.  The following are some suggestions on how you can do this for your own business.

 

Identify customers that like you as well as those who do not.  Identify newer customers as well as long established customers.  Do not forget those former customers who have not placed an order with you you recently.

 

Once you have a good quality list of 8 to 12 individuals, set out to have a conversation with each of them.  You only need to ask some very basic and honest questions.  "What do you like about our product/service."  "What do you dislike about them."  If they are a long established customer ask them why they stay with you and what you can do to improve.  If they have not ordered for some time ask them why they moved on to another supplier.  You get the idea.....   By asking open ended, honest questions and really listening to the answers you will gain significant insights that will allow you to make critical improvements in your business.  This is not a sterile survey where they get to choose from 1 to 5, this is a conversation between two people looking to improve each others lives.