One entrepreneur found how listening up multiplied her revenues
Starting a small business requires a huge amount of passion and commitment. But for many entrepreneurs, these qualities are mistakenly affixed to the product or service itself, instead of the success of the business, leaving them resistant or even opposed to changing the product.
Marie Moody found out the hard way that this mindset can prohibit small business growth.
In an article for Fortune Small Business, Moody - founder of the organic pet food company Stella & Chewy's - reported how taking customer complaints to heart actually multiplied her revenues.
Committed to the organic and transparent nature of her brand, Moody originally sold the product in clear packaging. However, ice crystals that formed in transport were off-putting to some customers, a complaint that Moody was not ready to accept.
Yet when she did - and switched to opaque packaging - her annual revenues grew from $500,000 to $5 million.
"Today we can afford to use consumer focus groups," she wrote. "[N]ow I take a deep breath and remember that the critics might just be right."
Canadian small business owners, take heed: An obstinate focus on set goals can actually bring less success than a more flexible view of goals, psychologists have found, suggesting that entrepreneurs continually re-evaluate their business strategy and stay open to changes.
