Surface Ripples

Keep the Cash Coming!

Have you ever seen comments about how someone took an item to a business for adjustment, repairs or servicing but were turned away because they hadn’t purchased that product (or service) from that business (even though the business dealt in that very product/service)?

With COVID-19 throwing ever more challenges at the world, flexibility is proving to be key if business are to show the resilience needed to survive.  Whereas in the past certain “policies” may have been easier to maintain, particularly in cases where warranty/guarantee or sole supplier agreement clauses may have been in force, the whole supply and service chain now needs a critical re-think of how it does things.

By refusing to provide services (for whatever reason) that they would if they had sold the product/service, businesses are effectively limiting cashflow.  In “good times”, this may not have been a problem.  In harder times, it could reduce a business’ chances for survival both by giving the impression that the business is “uncooperative” and from the negative publicity resulting therefrom.

It may also harm the brand for which said business may be a recognised outlet.  Like it or not, if people see “our” brand name on a store, they associate it with us, so any poor service reflects directly on us.  Trying to hide behind a “franchise” or “licensee” agreement cuts little ice with angry consumers and only gives the impression that we’re exploiting legal technicalities to avoid responsibility.  

We’re all going to face decisions in this respect if we want to see our brands survive long-term.  In some cases, it may mean providing the service; in others, explaining up front why we can’t and providing a workable solution.

I’ve spent more than half my life delivering change in different world markets from the most developed to “emerging” economies. With more than 20 years in international financial services around the world running different operations and lending businesses, I started my own Consultancy to provide solutions for improving performance, productivity and risk management.  I work with individuals, small businesses, charities, quoted companies and academic institutions across the world. An international speaker, trainer, author and fund-raiser, I can be contacted by email. My website  provides a full picture of my portfolio of services.  For strategic questions that you should be asking yourself, follow me at @wkm610.

Labels: Customer Care, Financial, Selling, Strategy

posted by William Martin @ 09:55