The Bottom Line | Extraordinary Business
Despite our best (or worst) intentions, it is the results that matter
There have been a lot of conversations around the country about sustainability, business practices, ethics and a lot of what some might call “secondary stakeholder” concerns. Interestingly, there have been a number of companies that have gotten stellar reviews for excellent customer service, environmentally friendliness and other “secondary stakeholder” concerns that appear to be less visible or have less market share.
Take T-Mobile, for example. This was the mobile phone company that multiple JD Power & Associates awards for great customer service. Despite the accolades, they are the smallest of the giants and have to constantly change market positions in order to maintain or even gain any market share. Shouldn’t a company that puts that much energy into providing a great product and great service be at the top of the market? They have great intention, don’t they?
As a business leader, when we talk about building an extraordinary business, we are talking about more than “doing the right thing,” but rather a combination of activities that include having a great, marketable, profitable product and/or service, establishing systems and processes that allow the company to operate as efficiently as possible and thinking about the impact the business makes on all stakeholders – customers, employees, the community, investors, vendors, etc.. Part of the reason for this is that a business that makes investments in these “bank accounts” tends to be one that reaches a level of long-term sustainability.
Take a look at Chick-Fil-A – a fast food restaurant whose staple is a fried chicken sandwich that is only open six days per week! How does a company command top-dollar for a fried chicken sandwich? Chick-Fil-A invests heavily in its stakeholders. Just looking at its website, you can begin to see its commitment that goes far beyond the food. Financially, the $4.5 Billion company is doing just fine. And growing. They have a great product, great service, clean stores, a strong brand, operating efficiencies and they continue to innovate in all directions to improve the way they do business.
Think about it like this: it will cost you more to get a new customer or client than to set and meet the expectations of your existing clients. Despite treating them well, going above and beyond in areas that don’t matter, if you don’t deliver what you say to the level they expect, don’t expect to keep them as clients. Regardless of intentions, it is the results that matter.
Aepiphanni Business Consulting: The Business Strategy People is an Atlanta, Georgia based Operations Management and Business Strategy Consulting Firm dedicated to serving the needs of small to medium sized business leaders. We help business leaders DESIGN | CREATE | BUILD extraordinary businesses. We support our clients with financial management, product and service production and delivery, outsourced services management, sales & marketing and business growth. We provide them with a number of flexible solutions to help them reach their goals.
Join us for a Coffee & a Consult, to learn more about Aepiphanni and how we might help you move your company from existing to extraordinary.