In my business and entrepreneurial endeavors, I see time and again that that there is an amazing connection between excellent customer service and successful entrepreneurship. There will never be any entrepreneurship without customers in the equation. Sustainable entrepreneurship should be predicated on the understanding that customers turn the wheels of commerce and business. Many of our friends and fellows have businesses that they run. What worries is that they think registering a company and putting goods on the shelves is what’s needed to succeed in business. Entrepreneurship by nature is a very challenging domain of life.
You get failures along the way, you accrue debts along the way, you may close some ventures along the way, you get jealousy people come into your way, you get customers not buying your products, and you get competitors copying your products. You experience all sorts of things! With all the frustrations and disappointments that go with entrepreneurship, you have to remain with the understanding that your customers are your source of power. Thus you need to take care of them in best possible ways. Great customer service creates brand loyalty which will give you future revenue, profitability and cashflow.
An entrepreneur can have all the products and the money, but without good customer service, all those assets will get depleted as time moves.
The balance sheet shrinks when assets are constantly being chewed by liabilities. Your equity position will progressively be lowered as fewer customers choose you. Equity is the residual interest in your assets after deducting all your liabilities.
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