Business Education

My Customers are Cancelling Orders Over Rising Prices and Long Delivery Times — What Steps can I Take?

Small business owners are always looking for ways to keep their customers happy. When prices go up and delivery times get longer, some customers may choose to cancel their orders. This can be a major problem for small businesses, as it can lead to lost revenue and decreased customer loyalty. In this article, we will discuss some solutions that small business owners can use when customers cancel orders over rising prices and long delivery times.

Biggest Small Business Advantages

One of the first things you can do is to gain some reasonable perspective. Put another way, think about the innate benefits small businesses have compared to large, corporate chains. You’re able to make independent decisions. Plus, having a small organization means being more nimble. What’s more, you can not only have but use personal relationships with your customers to your advantage.

No one wants to lose customers. You work so hard to acquire each and every one. After they sign up for your product or service, you pour your energy into meeting and exceeding their expectations. So when you get that call or email, it can be devastating — both financially and emotionally. A recent study by the Harvard Business Review states that a five percent reduction in customer defection has the potential to double profits. How could such a small decrease in cancellations result in a doubling of profits? Those customers that stay with you make more purchases, take less of your time, and refer other new customers. —Invoiced.com

The very fact that you have one-on-one relationships is a huge deal. This, not to mention the fact that you’re part of a shared community. So, you also share many of the same experiences. Basically, your small business might not have the monetary resources big companies do, but still have other means that can help you get through such challenging times. In other words, you do have some advantages and it’s very helpful to stay in a positive mindset.

Steps Small Businesses can Take to Deal with Customer Order Cancellations

When customers cancel orders due to rising prices and/or over long wait times, it can be frustrating (and of course, bad for the bottom line). Fortunately, there are steps you can take to either minimize or regain customers for your small business:

Offer discounts. One solution that small business owners can use is offering discounts. This can help to offset the increased prices and make it more affordable for customers to continue doing business with your company.
Offer VIP upgrades. Another solution is upgrading customers to VIP status. This can give them access to exclusive deals and discounts that they would not otherwise be able to get. They can pay a small fee for priority treatment, such as being the first when deliveries ship.
Offer referral rewards. Finally, small businesses can offer referral customer rewards bonuses. This can encourage customers to refer their friends and family to your business, which can help to increase your customer base.

Implementing one or more of these solutions can help small businesses keep their customers happy, even when prices are rising and delivery times are getting longer. By taking steps to address these concerns, small businesses can stay afloat during tough economic times. While no one solution is perfect for every small business, each of these solutions can help to address the issue of customers canceling orders due to rising prices and long delivery times. By taking action and implementing some of these strategies, small businesses can keep their customers happy and loyal, even during tough economic times. Do you have any other tips for small business owners who are facing increased prices and longer delivery times leading to customer cancellations? Let us know by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

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My Biggest, Most Important Client is #!@_&% — How can I Keep Them and Not Go Crazy

February 10, 2022 No Comments

Fill in the blank. Angry, anxious, cheapskate, short-tempered, impatient, annoying, hard-to-please. No one enjoys dealing with difficult business clients, but sometimes we have to. These clients can be demanding, angry, and anxious. They can sap our energy and make us feel like we’re going crazy. But don’t worry – there are strategies for how to deal with them. Running a Business Means Dealing with Challenges No one ever said that running a business would be easy. In fact, it can often be downright difficult to deal with the various challenges and situations that come up. Whether you’re struggling to keep afloat or trying to figure out how to take your company to the next level, there are some effective ways to deal with difficult business situations. Many small business owners have ‘em—you know, the clients who make you cringe when you see that they’re calling. The ones who drain your energy, criticize everything, and are slow to pay. Difficult customers exist in every business, for every company, and even though you may want to kick them to the curb some days, you know that it’s better to keep them if you can. So, how might you keep your difficult clients and your sanity? —American Express The key attributes are persistence and patience. Entrepreneurs who stay the course but don’t rush into things tend to be the most successful over the long term. They push when necessary and recognize futility for what it is. In other words, they act appropriately to the circumstances they experience and do not try to bend reality. Best Strategies for Managing Impossible Clients Dealing with difficult business clients can be a nightmare. They can be demanding, angry, and anxious, and they can really put a damper on your day. However, with the right strategies in place, you can manage them effectively and keep them from ruining your business relationships, like the following: Keep your cool. One of the most important things to remember when dealing with difficult clients is to stay calm and collected. If you start getting angry or frustrated, it will only make the situation worse. Take a few deep breaths and try to relax. This will help you think more clearly and come up with a plan of action. Put on their shoes. Another thing to keep in mind is that these clients are just people. They have their own problems, and they’re probably stressed out too. Try to put yourself in their shoes and see things from their point of view. This will help you understand where they’re coming from so you can better address the problem at hand. Don’t retaliate in anger. If possible, avoid getting into arguments with these clients. You might think this is impossible, but it can be done. Stay calm and collected — even if they’re yelling at you or cussing you out. If necessary, take a break from the situation. Politely end the phone call or meeting and go for walk outside. This will give both parties time to cool down and reset. Walk the walk, talk the talk. Finally, always try to stay professional. These clients are probably already angry and frustrated, so don’t add to the problem by being rude or unprofessional. Address the issue at hand in a polite and respectful manner. You’ll be surprised how much this can help diffuse the situation. What other strategies would you use to deal with difficult customers? Please, take a moment to share your thoughts and experiences so others can benefit from your perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.

How to Get Business Referrals in Secretive Industries

May 16, 2017 No Comments

Referrals are one the most important parts of a successful business. When these come in and you deliver, more are likely on the way. In addition, these are a surefire sign that those you serve are more than satisfied and want to show support and appreciation. Unfortunately, there are industries which operate under a significant amount of discretion (read: secrecy). Examples are sports agents, investment bankers, ghostwriters, healthcare providers, and even business development professionals. Because of this, it’s a lot more difficult to get referrals. You can’t necessarily ask your clients to spread the word since they don’t want others to know what you’ve done for them. To the outside world each client is successful on his or her own and not because you provided advice, action plans, and of course work product. Although you feel a sense of accomplishment and pride, you can’t just use these experiences freely. How to Get Business Referrals in Secretive Industries Referrals are a cornerstone of doing business, and it’s what entire entities are based upon — examples include Angie’s List, Yelp, Healthgrades, and Home Advisor. These services provide consumers with real customer reviews and that relatable trust is what gets people to pickup the phone. In some industries, like those listed above, the provider might not be able to tap into the same resources. Your best source of new business is referrals from happy customers or clients. You cannot receive a better lead than one that has been sent your way with a strong referral. You cannot have a more motivated prospect arrive in your store or restaurant than someone sent there by a raving fan. —Forbes If you want to get referral business, but are in a business that’s subject to secrecy, you can still do so you just need to be a little more creative. This is especially true if it’s not just based on discretion but also guaranteed with non-disclosure agreements. Here are some ways to get business referrals in secretive industries: Use a “degrees of separation” approach. One way to get referrals when you’re subject to secrecy is through former industry insiders. Connect with individuals who use to be in the business and speak with each about being a brand advocate. The friend-of-a-friend approach is also worth giving a try to get more referrals. Ask a willing client to speak on your behalf. You might have a current or former client or two that are willing to speak with others about doing business with you and their experiences. Take advantage of this and show your appreciation with a gift, discount, or another way of saying, “Thank you.” Give potential customers more control. One thing that scares new prospects is the fear of making a big and/or long-term commitment. To overcome this objection give potential customers flexible and short terms. Openly demonstrate your plans. Possible customers might also be unsure of what you’ll be able to deliver — because of this, the secretiveness balloons into a larger problem. To combat issue openly demonstrate your plans and let him or her evaluate and ask questions. Another thing you can do is to give away a little to entice potential clients to doing business with you. By doing so you’re demonstrating your confidence in your abilities and willingness to do what it takes to earn his or her business. Want to find out about what a business coach can do for you? [shareaholic app=”follow_buttons” id=”26833294″]

Tips for Transforming a Companys Culture

May 17, 2017 No Comments

Transforming a company’s culture isn’t for the faint of heart. It takes a lot of courage, dedication, and plenty of humility. While that’s sounds contradictory or confusing, it’s actually the case. You’re going to need to lead in a new direction and be able to take things in stride (at least, to a point). Because changing an organization’s culture will feel much like trying to push a boulder up a steep hill. At any moment, it can roll right over you. But, if you know a few ways to deal with this change, you’ll have a much better shot at success. Tips for Transforming a Company’s Culture It’s very common for a company’s culture to reflect the prevailing management style. Let’s face it, most individuals tend to hire people who reflect their own style, so this isn’t a surprise. That means if a hiring manager or another leader has certain bad habits, chances are excellent others on team will likewise possess those same or like behaviors. It’s also true that culture doesn’t form overnight. It takes time for a company culture to develop. As a [business owner] or as a manager, you may have the power to change your organization’s policies with the stroke of a pen. And you may have the ability to hire, fire, promote and demote people with relatively little effort. But changing an entrenched culture is the toughest task you will face. To do so, you must win the hearts and minds of the people you work with, and that takes both cunning and persuasion. —The Wall Street Journal Once that culture forms, it’s very difficult to change. People become complacent and it takes a significant event to shake that off. It could be a big change in the industry for the worse, losing a lot of money, a sudden shrink in customers, or something else. Great cultures drive productivity and profits. Poor cultures slow productivity and profits. Culture starts with Leadership. So, it’s very important to realize when the culture is toxic and/or when crazy has infiltrated the business. It’s at this juncture you need to take immediate action. Here are some helpful tips for transforming a company’s culture: Team-up with an insider. If you are new to the business, team-up with an insider — someone who can give you the details of what’s happened is a very valuable person. Or, if you’re part of a company that’s just gone awry, you still need someone you can trust. A person who gives you confidence you’re getting the straight story. You’ll learn a lot and probably discover different ways to get back on-track. Get feedback from team members. Aside from your go-to person, you still need to solicit feedback from the entire team. Encourage people to communicate their experiences and expectations. This is a great way to identify who is and isn’t working out. You’ll know by each person’s input and reactions who is an asset and who is a liability. Then, you can work with individuals to help them improve. Define the limits and be extra clear. While getting in-the-loop will provide a lot of valuable information, it’s not going to be a magic bullet. You’ll still need to define boundaries and be very clear on your expectations. Remember the old saying, “To be unclear is to be unkind.” It’s true and will certainly prove as much if you do not define your goals. Be bold and take the lead when necessary. What all of this means is, you’ll have to lead by example. You must set the tone day in and day out so everyone has a chance to adjust. Eventually, a new normal, a better culture, will evolve. Have you taken over an organization and changed its culture? How did you approach the situation? What other tips and tricks do you suggest to change a company’s culture. Please share your thoughts and experiences by leaving a comment. Interested in learning more about business? Then just visit Waters Business Consulting Group. [shareaholic app=”follow_buttons” id=”26833294″]