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As the saying goes, “Experience is something you get right when you need it.” But for a young entrepreneur, big moments and big deals can’t at all times wait for a lesson – it could result in lost customers or, worse yet, All.
I have gained 30 years of experience as the CEO and founding father of a multi-million dollar corporation entertainment booking agencyand often entrust us with deals value thousands and thousands of dollars from our recent and repeat customers that we work hard to retain. Here are some of the conclusions I’ve drawn about the most common mistakes business owners can anticipate and avoid – mistakes that not only cost you money in the short term, but can also prevent you from building the strong word-of-mouth contacts that are so precious for the development of the company.
Deliver what you promise
This is crucial at every level. Take the infamous Fyre Festival, for example – a small entrepreneurial company that promised top-notch accommodations, gourmet cuisine and great experiences, but couldn’t deliver on its promise. Without delivery, not only will customers leave, but you could damage your repute and future as a business.
In a less extreme example, we frequently see small corporations in our industry “nickel and dark” after signing contracts. This can be easily avoided. When my company quotes work for our clients, we take into account all costs associated with the booking, including artist fees, flights, hotel accommodations, staging, lighting, various passenger requirements, and more. Once all parties have agreed to the booking terms, we are already locked in on a turnkey price to offer every item of the order so that our clients know exactly how much the entertainment will cost.
Of course we do could maximize your net profits by doing all the things as cheaply as possible, or cut corners wherever you can, but is this really the best solution to impress your customer and retain them in the future?
Of course not.
One of the most significant rules to follow is to make sure that all the things promised is included in the initial quote and performed to the highest possible standard to exceed expectations. It may cost a little more and impact your bottom line, but building a joyful and repeat customer who trusts you for years to come back is much more precious in the future.
Act quickly when challenges arise
Intuition and the ability to anticipate obstacles can play a key role in the success of your business, but quickly moving to unravel problems with out-of-the-box solutions when they arise will put you ahead of the beginner and prove your knowledge and value.
When BookingEntertainment.com was hired to book and produce Fleetwood Mac’s Stevie Nicks for a major hospital fundraiser at The Waldorf Astoria in New York City, what should have been an easy booking turned into a scheduling conundrum when the venue needed for the event wasn’t be available on time. We determined that the only solution to accomplish this was to supply Nicks’ production equipment freed from charge to the company that had the room before us, so that the equipment we would have liked would already be ready when we got the room.
By acting quickly, we immediately built customer trust that we could handle any challenge that got here our way, which led to years of hosting major fundraising events.
Challenge the establishment
Be brave. In an era of massive innovation, all corporations, small and large, should avoid the establishment and never remain too comfortable in the current model, even if it could appear secure or temporarily successful. There will at all times be a recent opportunity ahead of us.
Blockbuster, the industry leader, had a huge advantage in the video rental market, yet it was stuck with brick-and-mortar stores.
Similarly, for a service-based organization, it will be convenient to run the business simply on my Rolodex. However, in 1995 I saw the potential of the entertainment industry changing on the Internet, and although I had naysayers, my instincts kicked in and I knew that the Internet would allow people to seek out us, not us find them.
When you’re brave enough to look beyond the establishment, you open your business to opportunities – and revenues – that have not existed before. Whether you’re starting out on your entrepreneurial path or you’re a seasoned CEO, I hope to shed light on some big, avoidable mistakes that, if you prepare for them and are aware of them, can set you on the path to success and growth. When starting a business, your legacy is defined by the journey. If you can anticipate trends, deliver top-notch products or services, and avoid bumps in the road, your journey to the top might be smoother.