How to ruin your business

A historic Santa Barbara music store that offers Rentals, Repairs, Band & Orchestral Instruments, Accessories, and In-Store Lessons, was recently sold to a new owner.

The company has multiple stores throughout California, and a savvy business professional would assume that the new owners knew what they were doing.

As a risk professional, I will explain what they are doing wrong, in the hopes that they are open minded enough to see their mistakes, learn from them and fix them.

MISTAKES:
1. The business has moved to a new building nearby.
Their Facebook page, still has the old store’s picture as a header. A lot of people go by, see that there is no store anymore and leave. Anyone ever think to at least update the Social Media pictures? Or add a sign ON the old business door directing customers to the new building?

2. It’s been more than 8 months now, and they still do not honor and name their music teachers. They posted recently about their “newest” guitar teacher, and have totally disrespected veteran teachers who have been teaching for this company for decades.

3. Their website does not even include all the instruments being taught.
It doesn’t take a genius to update a website that manages 6 stores! You are not the owners of thousands of stores! It’s not rocket science.

4. Once you have a plan, you should leave room for adjustments along the way. You’ll likely learn new information or find out what tactics work better than others. So don’t just stick with something based on some ideology that you think is working. It’s NOT!

5. Let each store work as one entity. You can’t have parents call for music lessons, only to talk to someone 70 miles away who has absolutely no idea what, where and how Santa Barbara is and works.

6. You can’t micromanage. You will end up losing your business.

7. Your worst failure, is when a customer enters your store, being used to royalty treatment, and come out saying: “UGH I will NEVER go to that store again!”

8. Respect the previous owner’s legacy! It’s not by chance that he created such a success.

And last but not least, RESPECT those who work for you. You DON’T know it all, and neither are you allowed to behave like you do!

 

Author: Mariella Stockmal

Dynamic results driven, Management and Consulting for: Business Risks, Operational Risks, and Fraud Protection

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