What’s the most important factor in your business? Now that’s a question. Is it…
I bet you’re wondering what the right answer is aren’t you? Well, you’ll be pleased to know, that it’s all of them. If you want your business to be as successful as it can be, you need to treat every aspect of your business with the same degree of care and attention.
I guess Tesco didn’t get the memo: http://www.bbc.co.uk/news/business-30881267
According to Sir Terry Leahy, the former Chief Executive, they have “eroded” customers’ trust.
When I first glanced at this story, I had to read it twice before it sunk in. Tesco – eroding customers’ trust… what? The supermarket giant? Now, they’ve been through their fair bit of criticism in the past, but their customers still love them, right? Well, Sir Terry, who was ‘credited with building Tesco into one of the World’s largest and most successful retailers’, has ‘finally broken his silence’, on the ‘crisis’. He blames the failure of leadership on his successor, Phillip Clarke (who was sacked last summer). According to Sir Terry, they have lost their reputation for low prices.
The publishing of this story is likely to damage Tesco’s reputation even further; with shoppers having to search around for low prices, they will be, and are, turning to competitors such as Asda and Lidl. How will Tesco react to another crisis? I think the more important question here is ‘how will their customers react’ to yet another blow.
All business owners need to take note of what’s happening to Tesco – one of the largest and most successful retailers. They have to remember that their customers are the reason why they’ve become so successful in the first place.
We all have to remember that without customers, we’re nothing. So in order to prosper, we need to keep them happy – always.