Why is goodwill important for businesses?

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While it is incredibly important to be a well read, educated, smart business person, it is also wise to be an emotionally intelligent business owner.  A business owner needs to remember that their attitude and ability to have a trusting connection with their customers, goes a long way in promoting and protecting the success of their business.

So what does goodwill mean when it comes to running a successful business? While the answer may vary from business to business, there are some aspects of instituting goodwill that are universal. Goodwill comprises of the following:

  • A welcoming business environment; it is important for your customers to feel welcome in your brick and mortar business
  • User friendly websites; customers need to be able to use your website with ease and confidence when making purchases
  • Patient Customer Service; while no business wants to have dissatisfied customers, it does happen. Well trained staff who are willing to listen and find creative ways to solve consumer problems is imperative. Some of the areas that customer service people need to be familiar with and have the tools to handle are;
    • Lost orders
    • Customers who are dissatisfied with a product or service
    • Customers who are confused and need additional explanations to successfully make a decision regarding your product or service
  • Reasonable Refund Policies; Not everyone who purchases from you will be satisfied with the product and want to keep it. It is imperative that your company be reasonable in allowing people to return or exchange an item
  • Clear Expectations; A customer should receive or be able to read what is expected of them when making a purchase with you. Expectations should be clear about some of these details;
    • Delivery times
    • Return, refund or exchange policies
    • Warranties
    • Liabilities
    • Proper Installations and associated costs
  • A Willingness to Admit a Mistake and Make Amends; All employees will make mistakes. If you or one of your employees is caught in a mistake, be willing to apologize to your customer.

Goodwill then generates many positive reactions in your patrons that can go a long way in supporting your growing business. Some of the intangible benefits of goodwill include;

  1. A good reputation for caring about your customers
  2. Word of mouth advertising and personal recommendations to others
  3. Fewer bad reviews on social-media websites
  4. The satisfaction of knowing that you do your best to take good care of your valued customers

When business owners and their employees take the time to be well educated about their products and services, and treat their customers with compassion, kindness and empathy, the business can flourish beyond ordinary expectations.

If you find yourself in need of assistance with this, or any other legal issue, please contact the law offices of Owen Hodge Lawyers. At Owen Hodge, we are always happy to assist clients in understanding the full ramifications of any and all of your legal needs. Please feel free to call us at your earliest convenience to schedule a consultation at 1800 770 780.

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