As part of the RTA Business complaints series, this week we want to look at the knock on effects of complaints on your business.
We Know About Potential Buyers Here at RTA Business
We know a thing or two about what you need to do, when you decide it’s time to part with your company here at RTA Business. A market leader in the field, we have the largest business database of any UK transfer agent, ensuring that we’ll find the right buyer for your firm, and the right company for you to buy.
We have a lot of experience when it comes to selling a company here at RTA Business, and we know what potential buyers are looking for, and what they most certainly aren’t.
The More Complaints You Get, the Worse It Is
That’s’ why we’ve been taking the time over the last few weeks to talk about the damming effects that complaints can have on your business when you decide to up sticks and sell. If a potential buyer finds out that customers have been complaining about you, they’ll wonder why, and it’ll have a really good chance of turning them off your business.
Of course, the more complaints you have, the more likely they are to impact a potential buyer’s decision. Think of it like this; more complaints suggest that more people have reason to complain, which suggests more problems to deal with for your business; not what a potential buyer wants to hear.
One Complaint Will Spawn Another
You may be thinking at this point that complaints tend to be one offs, that they don’t build up. But they can, and it’s often a case of that if you don’t deal with the problems at hand, then one complaint will spawn another complaint, which will spawn another etc.
Take the energy industry for example. According to the BBC, the Financial Ombudsman has revealed that in the first six months of this year, complaints more than doubled from the same period in 2014; up to 22,671 from 10,598.
Deal With the Underlying Issue behind the Complaint
So why did this happen? Was there some sort of major one off scandal that caused complains to skyrocket? No, all that happened was that the cost of energy continued to rise; the ombudsman found that 84% if all these complaints related to billing.
So you see what happened here? The energy companies didn’t deal with the problem of rising costs, even though it was already causing customers to complain, and what did customers do? They kept on complaining, making the problem worse.
That’s why RTA Business Consultants always suggests you deal with the underlying problem that caused a complaint, to ensure that it doesn’t get any worse, and ruin your chances of finding a potential buyer for your business.