Why Executives Fail
Executives do not fail because they lack the technical or logistical skill sets to run a business. They fail because they do not know how the psychology of their employees works. All the training, education, advertising and marketing, people skills workshops etc. have got you to the success level you are at today. However, what if I told you that you are missing out on another level of financial, professional and otherwise success in all markets? You could keep your day moving and ignore this possibility or you can keep reading to find out what you could be missing out on.
Consumers want quality. Regardless of what you are selling, trading or creating, your consumer wants quality. Not only does your consumer want a quality product they want quality service when engaging with your business. How do you know you are providing this to your consumers via your representatives (employees)? Consumers not only want to feel they are purchasing the best, they also want to know they are working with the best in the industry.
Lets look at Southwest Airlines for a minute. While all other airlines have struggled to maintain the quantity of flights, cut back on their baggage guidelines by raising the prices to consumers, changing what they offer on the flight for purchase and many would argue the service in flight has dropped in customer service, Southwest is the same airline it has always been.
If you have never read Southwest Airlines CEO book “Nuts” by Herb Kelleher, he gives the most common sense approach to running a business and that is quality leaders. The responsibility is not laid on the employees lack of performance or the customer numbers of supply and demand but rather he lays out the success of a business lies in the leadership of its people.
Do you or know anyone that is a parent of a teenager, most teens love to blame the world for their misery (which is pretty constant). Parents are usually really quick to recognize that the only reason their teen is in misery is due to their poor choices. Blaming is so much easier though is it not? Responsibility is a dirty work no one wants to look in the mirror and see that one written all over our face.
Consumers want a fair price so they can trust you. If a consumer feels they are purchasing something at a fair price, great customer service and they leave feeling good because of both these they will come back, again and again. Instead what I hear about and see quite often is you have to bump up the price of the product to give great customer service. This leaves out a huge margin of consumers that could be making you lots of money. Providing quality products and quality customer service will bring in more consumers then you will know what to do with. Not everyone can be the Nordstrom shopper with deep pockets to get great customer service. No matter what you are selling or offering from your business consumers want a fair price so they can trust your business.
Most executives I have met have the foundational structure to be really successful. Where I have seen them struggle time and time again is knowing how the psychology of a human being. As a business executive as yourself is this worth to ignore or are you missing something greater?