In his book Business @ speed of Thought, in Chapter 11 – Bill Gates writes about embracing bad news. A very valuable lesson for all business leaders and Fresh starters.
Gates says, we should learn from bad news to analyse the areas in our business that need the most improvement and is a hinderance to the growth. Bad news are signals, warning shots that tell us something is wrong and needs to be fixed. If we analyse the mistakes that caused loss in business, we can figure out the remedy to make amends.
Your most unhappy customers are your greatest source of learning.
Bill Gates always had an eye for the future. We have covered 10 amazing predictions at the time of writing the book in 90’s that have come true now in 2017. His valuable advices cannot be overlooked, specially by young business owners who struggle to figure out their starting point.
Learning from mistakes and constantly improving products is a key in all successful companies. Listening to customers is a big part of that effort. You have to study what customers say about their problems with your products and stay tuned in to what they want, extrapolating from leading-edge buyers to predict future requirements.
“I recommend the following approach to integrating customer complaints and wish lists into product and service development.
Businesses should focus on their most unhappy customers. They should use Technology to gather each and every information on their unhappy experience with their product and service. By using Technology, they can have appropriate systems in place to identify the problems, therefore find solutions for it.
This way, business owners can convert any un pleasant experience of a customer into a good news for every new customer in the future.
Customer is the main source for your business success. Without customers, there is no business. Keep them happy, use systems in place to identify bad experiences and work on them to ensure no future customer has bad news about your product or service.