The Best Type Of Business

Ask any corporate trained business man or woman about what the best type of business out there is, and they’ll surely blurt out something along the lines of:

‘A business where you can buy low and sell high’.

‘A business that doesn’t need much handling and can be automated’.

‘A business that guarantees monthly revenue’.

‘A business that can offer premium prices for its services’.

These are all valid answers, but here’s the problem. We often tend to forget that one hundred percent of our customers are human beings. Human beings with dreams, desires, fears and a whole set of their own problems.

And as such, our first obligation as entrepreneurs and business people should always be to serve and enlighten the human spirit. This before anything else.

Surely there is nothing wrong with running a business that borrows the features I mentioned above, but the first thing that comes to mind when doing business should always (only ever) be a strong sense of compassion towards the human being. And the human wants three and only three things from a business:

A – Their trust.

B – Their attention.

C – Their ability to deliver on its promises.

And the best type of business is the one that can over deliver on these three things over and over again on a consistent basis. These are the things that will get people to talk about you, recommend you, and keep working with you.

The holy grail of running a successful business that can stand the test of time. So before you think about implementing things such as smart marketing tactics, fancy designs, or automated systems - you should focus exclusively on those three simple things. 

On Trust

Unless there is no alternative (think internet providers), the consumer will almost always go with the company they trust the most. No exception.

Trust is one of the most important factors out there when it comes to getting paid, mainly due to the fact that it is such a rare attribute. 

And if you can earn the respect and trust of a customer, then they’ll most likely be a customer for a very long time. You can do this by offering a free trial (free samples) of your product, offering a full money back guarantee if it doesn’t work, showing off genuine testimonials, as well as by having a blog (proof that you know what you are talking about).

Authenticity, sincerity and having the right intentions will also work wonders.

On Attention

By attention, I mean that you’ll be able to run a business that can take care of it’s customers and be there for them when things go wrong. So instead of treating customer service as an expense, it should define your entire business.

What’s interesting is that most people don’t expect this level of service, so the businesses that can implement it in everything they do are the ones that will surely shine bright in a world of corporate dark alleys.

Come to think of it, the main reason why I stick with certain businesses (even if they are far from the cheapest) – and constantly recommend them to my friends and family is because of their ability to go out of their way to help me.

On Keeping Promises

Sure enough, you might be able to make a few sales with your business – but any smart entrepreneur knows that the real money comes from repeat business.

This means that your customers or clients keep paying you over and over again for what you have to offer. And quite frankly, this can save you a lot of time, energy and effort you would otherwise have to put into chasing new clients.

And the only real way of making sure your customers stick with you is by keeping your promises towards them and over-delivering as and when you can.

Billionaire Steve Wynn once said that the most important aspect to being successful in business is having the ability to inspire your people – and I couldn’t agree more.

Just look at Apple.

By using their products to inspire an entire generation of creators, to give them the tools and inspiration they need to create their best work – they were able to go from almost bankrupt to worth over six hundred billion dollars in less than twenty years.

Add to that, the fact that I trust them completely.

That they are always there when I need them.

And that they’ve never failed to deliver on their promises.

And you’ve got a winning formula…

A business that can offer premium prices for its services is the ideal type of business to have, but who would be willing to pay you if they don’t trust you?

Running a business that provides you with recurring monthly revenue is a brilliant strategy, but how can you do that if you keep breaking your promises?

So maybe.

Just maybe.

We’ve been thinking about it all wrong.

Greed has made its way to our hearts and convinced us that it’s all about us.

That we are entitled.

But we are not.

We need to earn the right to do business.

We need to deserve the honour of being in this wonderful game. And that all starts with being the business that can be trusted, that lives to serve its people and constantly makes it an obligation to over-deliver on it’s promises.