So today what I want to do is talk about probably one of the most important things in business. So we’ve all heard the saying, “cash is king.” So what that means is businesses that have cash tend to have more opportunities, and they have more flexibility to adapt when things go wrong. And I completely agree with that. But there’s one thing that’s probably way more important than cash when it comes to business. And that is consistency.
And I want to talk about why. Consistency can also sometimes be known as standardization, but it’s quite easily the most important thing for a customer in a business. So you may have actually gone to a restaurant for example in the past, and one day you went there and you got the full English breakfast, and it came out with one egg and maybe three pieces of bacon, tea, sausages.
And maybe then the next day you went there, and you got a full English breakfast, and it came out with two eggs, one sausage and one piece of bacon. And even though you probably wanted more eggs and less bacon, and you might have thought, this is actually really good. What you probably would’ve subconsciously thought then is, okay, well, if I come back, what am I going to get next time? Is it going to be worse than what I’ve got now?
And what’s happened there is essentially, that restaurant, even though it’s provided you with something you want that time, it’s then undermined your faith in their ability to provide it next time. So they’ve actually damaged the likeliness of you returning as a long-term customer. And the process of maintaining that long-term opinion about your business and that long-term interest in your business, it’s around building the consistency of your business.
So it’s better to have something average which you can consistently deliver every single time, than to have something which you can deliver as a high quality product one day, and then a low quality product another day. That also relates to customer service.
When you go in and you’ve caught that member of staff on a good day, and they’re super happy to serve you. And then you come back a few weeks later, and you’ve caught them on a bad day and they’re really wound up, and you can tell it when they actually deliver your product or service.
So what a lot of businesses often underestimate is how important it is to make sure your customers have the exact same experience every single time. Because that’s what’s going to keep them coming back. Some of the best businesses in the world do this. So McDonald’s, I know people got mixed feelings about it. But actually, McDonald’s is a perfect example.
They don’t have the best burger in the world, they probably don’t have the best anything in the world, but what they do is… the reason people keep going back to McDonald’s is because they like the price point, and they know exactly what they’re going to get for that price point every single time.
There’s a lot of other businesses, and restaurants you find it’s particularly relevant for. But there’s still quite a lot of other businesses out there that have achieved a lot because they can actually just deliver the same service every single time. Especially if you look at some of the hotel chains, yeah, you pretty much… They’re never the best hotels a lot of the time, sometimes they can be. But at least, you know exactly what you’re going to get every single time.
So not only do a lot of business owners underestimate the importance of consistency, but what they also don’t realize is, it’s completely within their control. So consistency comes down to having good processes, checklists to review those processes, and materials for the team to utilize while they’re carrying out those processes. And then good solid training that goes into educating those team members about why it’s important to follow those. And also taking on that feedback from those team members.
So what I’d like to do is, I’m getting to a point where my videos are getting shorter and shorter, and that’s good because I want to make sure I keep your interest the whole time. This is all part of our million-pound processes course, which is part of our Apex program. So Apex is around helping people build the million-pound business, as in the business they can sell for a million pounds.
So if you are interested in finding out a bit more about how processes and consistency can be delivered in a business, then please get in touch. And if you found this video useful, then please like, share, follow and subscribe. So great. I’ll see you in the next video. Thanks. Bye.