Silke Mayr Meeting customer expectations is essential for building trust and avoiding the pitfalls of over-promising. Quick and innovative problem-solving during crises can enhance client confidence and foster long-term relationships. Additionally, challenging the status quo and embracing new opportunities can open doors to fresh markets and prevent stagnation.
As the saying goes, “Experience is something you gain just after you need it.” For young entrepreneurs, major deals often can’t wait for experience to catch up—waiting too long can cost you customers or, worse, your business.
With 30 years as the CEO and founder of a successful multi-million dollar entertainment booking agency, I’ve learned valuable lessons about common mistakes that business owners can avoid. Here are three critical missteps that can harm both your reputation and your ability to cultivate strong, word-of-mouth connections.
Deliver on Your Promises
This principle is vital at every level. Consider the notorious Fyre Festival, which promised luxurious accommodations and gourmet food but failed to deliver. Such failures not only drive customers away but can also damage your reputation and future prospects.
In less extreme cases, many small businesses “nickel and dime” clients after agreements are made. My company includes all costs—artist fees, flights, hotel accommodations, staging, and more—in our initial quotes. Once we agree on terms, we lock in a “turn-key” price to ensure clients know exactly what they will pay.
While cutting corners might increase short-term profits, it’s not a sustainable strategy. Prioritizing transparency and delivering what you promise—even if it costs more—builds trust and loyalty, leading to long-term client relationships.
Act Quickly in Crisis
The ability to anticipate challenges is crucial, but swift problem-solving can truly set you apart. When we were hired to book Stevie Nicks for a fundraiser at The Waldorf Astoria, an unexpected scheduling issue arose. We quickly offered to provide Nicks’s production equipment to the prior event for free, ensuring everything was ready when we took over the space.
This proactive approach not only resolved the issue but also established our reputation for reliability, leading to many future collaborations with the client.
Challenge the Status Quo
Be bold. In today’s fast-paced world, it’s essential for businesses—large and small—to avoid complacency. Sticking to familiar models can stifle growth. For example, Blockbuster, despite its dominance in video rentals, failed to adapt and ultimately fell behind as streaming emerged.
In my own experience, I recognized the potential for the entertainment industry to shift online in 1995, despite skepticism from others. I understood that the internet could allow customers to find us, rather than the other way around.
Embracing change opens your business to new opportunities and revenue streams. Whether you’re just starting out or are an established CEO, being aware of and preparing for these common pitfalls can guide you toward success. Remember, the journey you undertake as an entrepreneur shapes your legacy. By anticipating trends, delivering exceptional products or services, and avoiding common mistakes, you’ll be better equipped for a successful ascent in your industry.