The views expressed by the business participants are their own.
As the saying goes, “Experience is something you get right after you need it.” But as a young entrepreneur, big moments and big deals can’t wait for the lesson that will always follow – you may lose your customers, or worse, everything.
I have gained 30 years of experience as the CEO and founder of a multi-million dollar entertainment booking agency, and are often trusted with multi-million dollar deals from our new and repeat clients that we work hard to retain. Here are some of the lessons I’ve learned about common mistakes business owners can expect and avoid — the kind of missteps that not only cost you clients in the short term but can also prevent you from building strong, word-of-mouth. communication is very important in growing a business.
Related: Common Mistakes First Time Entrepreneurs Make and How to Stop Them
Deliver what you promised
This is important at all levels. Take the infamous Fyre Festival for example, a small business that promised high-end accommodation, great food, and great experiences – but couldn’t follow through on its promise. Without delivering, customers won’t end up leaving, but you could be damaging your reputation – and future as a company.
In an extreme example, we often see small businesses in our industry “nickel and diming” after deals are signed. This is easy to avoid. When my company quotes work for our clients, we include all costs associated with the booking including artist fees, flights, hotel accommodation, stage, lighting, miscellaneous passenger requirements and more. Once all parties have agreed to the terms of the booking, we lock in a “turn-key” price at that point to provide the entire line item so our customers know exactly how much the entertainment will cost.
Of course, we he can maximizing gross profit by doing everything as cheaply as possible or cutting corners wherever we can, but is this the best way to impress and retain a client for the long term?
Of course not.
One of the most important rules to follow is to make sure that everything promised is delivered in the first quote and performed to a higher standard than expected. This may be a little expensive and affect your bottom line, but building a happy and repeat client who trusts you for years to come is worth more in the long run.
Move quickly when challenges arise
Intelligence and the ability to anticipate roadblocks can play an important role in your company’s success – but moving quickly to solve problems with out-of-the-box solutions when they arise will put you ahead of the startup curve and prove your expertise. and the price.
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 planning puzzle where the required room for the event would be. not available in time. We strategized that the only way to do this was to give Nicks’ production equipment to the company that had the room before us for free, so the necessary gear would be set up when we got the room.
Acting quickly builds the client’s trust that we can handle any challenge that comes our way, which has led to years of producing great fundraiser events.
Related: The 3 Biggest Mistakes I Made When Starting a Business – Here’s What I Learned From Them
The challenge is the status quo
Be brave. In the era of innovation, all small and large businesses must avoid the status quo and never stay comfortable in the current model, even when it may feel safe or, at the moment, successful. There will always be a new opportunity ahead.
Blockbuster, the industry leader, has made significant gains in the video rental space, yet has remained entrenched in brick-and-mortar stores.
Likewise, as a service-based organization, it would be nice to keep the business active in my rolodex. However, in 1995, I saw the power of the entertainment industry changing on the Internet, and while I had my naysayers, my mind went through and I knew that the Internet would allow people to find us versus us finding them.
When you have the courage to look beyond the status quo, you open your business to possibilities – and income – that don’t exist yet. Whether you’re just starting out on your entrepreneurial journey or a seasoned CEO, I hope to shed some light on a few big mistakes to avoid that, if you’re prepared and aware of them, can lead you down the path to success and growth. When you start a business, it’s the journey that determines your legacy. If you can anticipate trends, deliver a high-quality product or service and avoid bumps in the road, you’ll have a smooth ride to the top.
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