More than 70 percent of startups are renowned for failing according to global statistics. Lack of capital, a solid business plan and lack of research into the market are deemed as some of the reasons why small businesses struggle to take off.
In an instagram post Sir Wicknell explains a fundamental reason why people often fail in business. Instead of focusing on making money Chivhayo says business people need to place their focus more on serving their clients and delivering products which gratify consumers.
Often a time focus is thrust on closing off a sale yet little effort is made on following up on whether a client has gained satisfaction for services rendered. Although sales or market share can indicate how well a firm is performing, satisfaction is perhaps the best indicator of how likely it is that the firm’s customers will make further purchases in the future.
Much research has focused on the relationship between customer satisfaction and retention. Small businesses often put little effort in researching on whether a customer gained satisfaction from services rendered thus the reason for organizations often crumbling.
Chivhayo’s post puts to the limelight the need for businesses to place more effort in serving their clients to the best of their ability as opposed to merely focusing on closing off a sale with little attention being placed on consumer satisfaction. Wicknell Chivhayo has made a name for himself and is regarded as a shrewd businessman with a global influence.