Loyalty: Double edged sword
I have been mulling over the concept and act of LOYALTY a lot this year in the context of being an entrepreneur, friend, relative, womanhood and nationhood. Larry McMurtry says, “The whole point of loyalty was not to change: stick with those who stuck with you”. As an entrepreneur who is trying to build a business, loyalty is a double-edge sword because you want change so that you are given an opportunity, you also don’t want your clients to change you so that you get repeat business to ensure healthy cash flow and to build a sustainable business. It is more costly to acquire a new client than to retain an existing one. However clients also may have other individuals and service providers that they want to stay loyal too so converting them towards you is time consuming and not always profitable. At the same time, there are benefits to trying a new service provider because overtime they can develop blind spots and a different worldview or fresh perspectives brings new energy and creativity that can take your own thinking and business to a new level.
As a client myself to numerous and diverse businesses, I have developed relationships over years and if the service remains good, why would I want to change? My hairdresser for 20 years. My graphic designer for 5 years. My beauty spa for over 10 years. My doctor forever! And this list continues. Then you have friends, family members and people who are in your network who also overtime evolve to be entrepreneurs and look to you for support. With limited resources, how do you slice the cake?
My joy in life comes from being in alignment in terms of what I think, say and do should be in sync.This concept of LOYALTY is really putting a spanner in my JOY. I want to be supported as an entrepreneur. I want to provide a service that makes a client loyal. But I also want this country and continent to thrive and grow. Entrepreneurs are better placed to give us the growth that we need than established, large companies. That means more competition. More competition means loyalty is passé. As an African and woman strategist and coach, there are not many clients falling all over themselves trying to give you business. (Let’s not open the can of ‘Merit’ in this discussion :-)). Swiftly moving on. So the very few clients that you are able to win over, you want to get repeat business from them. But tomorrow another strategist and coach would be looking for a break too. You see why LOYALTY is occupying my mind 