History is littered with examples where businesses have missed golden opportunities. So how can you ensure you don’t make the same mistake?
Whether it’s an unopened email or a lack of communication with an existing customer, many companies are too busy to identify and then act upon the chance to do more business. Of course, structures and business systems can only go so far, you also need to be open to new possibilities.
Which brings us on to some of the greatest missed opportunities…
History’s Biggest Business Mistakes
Back in the early 1960s, Decca Records turned down the chance to sign The Beatles as they felt “guitar groups are on their way out”. The fab four were soon snapped up by EMI Records and went on to shift 178 million records.
Then there was Ross Perot, founder of Electronic Data Systems (EDS), which was worth around $1 billion. Back in 1979, he rejected the chance to buy a small firm called Microsoft for less than $60 million. Microsoft has since been valued at more than $1 trillion.
Believe it or not, J.K. Rowling struggled to get her work published. The first agent she approached turned her down. The second approached 12 publishers before Bloomsbury decided to take a gamble on the first Harry Potter book. It was the best decision the company ever made, and Rowling is now the world’s highest-paid author.
Fortunately, there are several steps that today’s business owners can take to avoid opportunities slipping through their fingers.
Invest in Business Systems
“One of the simplest steps is to adopt a customer relationship management (CRM) system to keep track of all your interactions with current and potential customers,” says Donna Smith of Thystle, who helps SMEs to find cost-effective solutions to tackle inefficiency.
“A CRM will show you how a customer first found you, how often they return and if they’ve had any problems along the way. Tracking communications and then ensuring actions are followed up can be vital to securing follow-up business.”
“Businesses should also make the most of marketing by tracking inbound calls, recording how callers found them and whether they are a new or returning client. When it comes to website traffic, analytics software can tell you the habit of your website visitors.”
“I get great satisfaction from flushing out businesses’ major problems”
Donna Smith, Thystle
“For example, one company had four systems tracking contacts, when they could have had one system which prompted follow-up tasks,” says Donna.
“It saved time and ensured that they didn’t miss out on opportunities for follow-up business.”
Customer Service Tips
Having the right business systems and procedures in place can transform your customer service, leading to fewer complaints and more efficient response times to calls and emails.
“Typically, I ask businesses to think about their customer service journey and how they track progress from the initial query through to the quote, work, invoicing and follow-ups,” says Donna.
“It’s about promoting efficient service and customer retention by using a CRM system to its full potential — it’s not just a sales tool.”
“The key thing to remember is that simply choosing the latest technology is the not the answer,” concludes Donna. “You need the right tool for the job, so ask yourself how it will make things easier and whether you can integrate it with your existing systems and procedures.
Want to Know More?
To ensure that your business systems do not contribute to missed opportunities, please contact Thystle by: