There are two types of business people and never has the division been more obvious than in these past few difficult weeks.
There are the ones that see an opportunity and take it, even at the cost of long term damage and others who will step up to the plate and give back to the community who has supported their business all along. Even while sustaining a loss in the here and now, they will earn loyal customers in the long run.
Business strategy is not always about the here and now. Whilst ROI is the driving factor for most set ups, loyalty is priceless.
You might be the owner of a small grocery that has cashed in on the panic by hiking up prices of basics such as soap and toilet paper. Your till might be ringing now, but without a shadow of doubt, many a customer will have been lost in six months’ time when things return to normal. No one likes to be taken advantage of.
Perhaps you are the owner of a pharmacy, who handed out protective face masks and hand gels free of charge to the vulnerable. It may have cost you a bob or two and yes, you could have made good money on selling those items. But boy will you have earned the trust and loyalty of your lifelong customers. Your integrity will have been the best advertising and will yield the long standing ROI that most companies dream of.
So in these uncertain times, think carefully of what your long term business strategy is and what message you hope to convey to your customers.
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