Originally Posted by
Val33
I used to run my own company, we supplied parts and accessories for classic and sports cars. For many years I was like Mr Wood. I genuinely believed that the customers were idiots and the only person that knew what he was doing was me. I would argue to the death on each and every return or complaint. I avoided refunds to the very last possible moment. Business was ok, but never did more that pay the bills. After long conversations with other retailers, reading many many articles by my peers and taking a very long hard look at both myself and the business, I did a complete U turn and introduced a 100%, no quibble, 90 day returns policy. 100% of your money back, no questions, no arguments, no limitations, just a straight refund.
In the following year, our turnover and profit doubled. In fact, it doubled, year on year for that and the next five years and within ten years we sold the business to a group of venture capitalists for a very high seven figure sum.
In business, as, I think, in life, the first loss is the best loss. Refund the money, all of it, and move on. As a businessman, it goes completely against the grain, but I can assure you it is the the best, if not the only, way to run a successful business.
Reading stories like this sadden me greatly, I am sure that John Wood is a genuine, honest and passionate man who sadly is just not cut out for running a business unless he can understand the above lesson, act on it and move forward.