When Ric’s Body & Paint celebrated our 40th-anniversary last month, we were justifiably proud of what we had accomplished.
After all, we know from firsthand experience that there are many obstacles for any company hoping to remain in business for that length of time.
Dun & Bradstreet reports that 80% of businesses fail within their first five years, and of the remaining 20%, eight out of ten will close their doors within the next five years. That means only four out of one hundred businesses will still be around a decade after opening their doors. With the odds stacked against them so badly, it’s a wonder anyone still tries to start a new business!
According to entrepreneurial expert and author Erik Wagner, there are several reasons why small businesses fail. Here’s a look at them, and how Ric’s beat the odds to celebrate our 40th anniversary.
They aren’t in touch with their customers.
Wagner writes that this is the worst mistake an entrepreneur can make when starting a business, because customers hold the key to the long-term success of any business.
Not offering any real differences between themselves and competitors.
This is a “slow killer of businesses,” according to Wagner. He says that figuring out the unique value proposition you bring to the table is key to longevity in the marketplace.
Failing to communicate those differences in a compelling manner.
Businesses that engage in a monologue, rather than a dialogue, with customers, are doomed to end up talking to themselves. Business people who remember the three C’s – be clear, concise and compelling – stand a better chance at celebrating multiple workplace anniversaries.
A lack of leadership at the top.
Too many entrepreneurs sabotage their own chances of success, by not taking charge early on and establishing that they’re running things.
We have not only survived, but thrived over forty years, because our founder, Ric, realized from the day he opened the doors that he didn’t want to be in charge of just any business. He knew he wanted to run a company he would be proud of. “Over the decades, we never forgot our customers,” he said. “We’ve always been upfront with them. Since day one, I stressed to each member of our team that customers come first, and that honest communication with them would be key.” Ric knows there are other repair facilities in the Valley and that he had to give people a good reason for entrusting their vehicles to the shop that bears his name. “We knew we had to go the extra mile to get new customers and give them a solid reason to come to us again if they needed other work done in the future,” he continued.
Reading the five-star reviews we’ve gotten over the years, there’s no doubt Ric met his goals of being honest with people and providing them with an unrivaled customer experience.
- Ashley B. says: “The staff is positive and friendly and will make sure everything you want done gets done perfectly! Seriously will never take my car anywhere else.”
- Beth W. shared this: “Everyone was a pleasure to deal with, and I really appreciated all the status calls to let me know how things were coming along. Excellent job!”
If you ever need to repair your vehicle after an accident, we hope you’ll contact Ric’s. Be a part of our next forty years of providing exceptional service to the Valley of the Sun!