Wednesday, August 4, 2010

The Lesson in a Business Failure

Recently I discovered that one of my favorite eateries in town went out of business. It had the best food in its category. I could not believe it.

I learned a couple of things about this situation that I would like to share:

1) It is not enough to have the best product and good customer service, appearance counts. This place was not very pretty and it was dark, even during the day. I never felt comfortable.

2) Details really matter: When it comes to food, clean utensils are really important. It's not even a matter of health department standards. Nothing aggravates me more than having to ask for a change in fork. Every time I went there I had to ask for a clean fork. Whether it was a machine of a person, the dishwasher was not the best.

3) Promote, promote and then promote some more. Most of the other places in town advertise in the local publications. It is irrelevant if you think you are wasting money, if the locals don't know you are open, they are not going to show up. The only reason why I knew they closed was because I walked by. I had been around two weeks ago and they were still open. I never knew they were closing.

I know times are tough. This is not the time to hoard your money. You have to think outside the box and look for every way possible to stay relevant. Use the internet, find cheap or even free marketing models. Don't just go away. And if you are going to go, fight until the end.

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