The Keys to Success in Business

An interview with three business leaders

by Ryan Eaton, Chief Marketing Officer

This quarter, I was honored to sit down with three successful business leaders in Mississippi to get their thoughts and ideas about business, customer relations, and what we must do in business to be flexible when the market changes. Each of these business owners started and built their companies from the ground up. They have been in the ditches (maybe even the trenches), and I feel certain we can all learn from these respected business veterans.

It was a pleasure to listen to the professional lessons and experiences these men offered, and I want to publicly thank them for the time, insight, and guidance they have provided to me as well.

Ed Trim

Ed is president and CEO of Pennington and Trim, the largest privately owned security company in the state of Mississippi. His company has been in business over 30 years, and he can proudly say he was there from day one. Ed is one of those guys you talk to for five minutes and feel like you have a lifelong connection. He has a wonderful wife and two outstanding boys. His wife and oldest son work with him in his business, while his youngest son is in the ministry.

Bill Latham

Bill is CEO and Co-founder of EAT HERE BRANDS LLC, a group of restaurants currently known to most of their customers as Babalu and Table 100. Bill started in the restaurant industry right out of college and knew it was what he wanted to do. He has started and owned numerous restaurants in the Southeast including Amerigo's, Char, Five Guys, Sundancer, Interim, and several more. Bill's ability to evaluate restaurant needs in a market is second to none. Bill is married with two daughters, and is fortunate to have one of his daughters and a son-in-law working with him in the business.

Tripp Douglas

Tripp is founder and owner of Fusion Coffeehouse in Ridgeland, MS., currently in its 15th year of operation. Although he graduated from Mississippi College in 2000 with a degree in graphic design, his entrepreneurial streak led him to open a coffeehouse. In 2003, Tripp opened Fusion Coffeehouse, an independent award-winning coffee shop championing locally roasted coffee and excellent customer service. Tripp came full circle in 2010 when he founded Crema Design Studio, a five-person design and marketing agency, which he runs alongside the coffeehouse. He resides in Ridgeland with his wife, Amanda, and 10-year-old twins, Kyle and Ella.

What would be one of the best business lessons you've learned in your experience in the retail business?

Ed: There have been two business lessons that have become clear as day over the years. The first one pertains to customer service and the importance of it. I can go anywhere in the world and pick up a cheap burger; however, the standard of excellence shown by Chick-fil-A makes me want to choose their store every time I want fast food. They say, in New York alone, a chicken sandwich is sold every 6 seconds. Their company is blessed. They serve their customers with a smile and stress to their employees the importance of excellent customer service. Go the extra mile for the customer!

The second lesson I have learned over the years is the importance of developing relationships. Your friends will become your clients in a retail business, and people want to do business with their buddies! You can learn so much from others, but if you never take the time to network and build those relationships, you will learn things the hard way and will have to work harder for customers.

Bill: The team you build and the people working with you are the core of your organization. From the dishwasher, to the server, to the manager — everyone is valuable! You want to build a team that is not running into walls working with you, but have a team that will run through walls for you! As a leader you must show respect for everyone on the team and realize the value they bring to your business.

Tripp: Retail is tough. I think the only way you'll be truly successful (and truly happy) is if you are squarely in your own target market. Meaning, you're selling a product or service you would buy and love. You have to be your own customer, then you can better understand how to serve your customers. Only then can you apply the Golden Rule of retail and serve your customers the way you would want to be served.

I've met a lot of people over the years who pursue a certain retail venture because it's either the hot trend or they think they can make money at it. However, the problem is they truly don't understand the product or their target market. Not a recipe for success.

What has been the biggest external factor that has contributed to your success?

Ed: Our business began tithing many years ago, and that is no doubt the largest contributor to our company's growth. God has blessed our business and his favor has shined on everything we do. How else can you explain being more costly than a competitor and still winning the business?

Bill: My desire to grow has continued to push me forward in business. I knew from the time I started as a waiter at TGIF, I wanted to be in the restaurant business. I don't have a CEO mentality, but I am an entrepreneur. There comes a point within a company where you need someone with a skillset to manage what the entrepreneur creates. However, overall, it is guest satisfaction and the desire to do better which drives me each day.

Tripp: It's a cliché, but location is huge. Sometimes, visibility and convenience are arguably more important than the product itself. I'd love to think people would drive across town for our coffee, but the reality is they will often settle for a lesser product if it's more convenient. As the area around our business has developed, foot traffic and exposure has increased, but when we first opened it was not a good location. If I had it to do over again, I would be more careful and more patient when choosing the location.

How do you keep yourself energized in your daily routine?

Ed: Whether it's the CEO of my business or being the head of a cook off competition, keep yourself pushing forward with your goals! Do everything you can to the best of your ability. Look at your goals and mark them off the list when you reach them. It's the fuel that keeps me moving forward. Personally we will all run out of gas physically at times , but we have to be smart enough to fill up our tanks (Spiritually, Physically, Financially, Emotionally), and make sure you keep margin in your life.

Bill: Competition! I want to do the best I can every day.

Tripp: As I mentioned earlier, I think the key is to sell something you love — to be your own most enthusiastic customer. If you are selling something just to make a buck, you will inevitably burn out (even if you're making great money). Also, I sell coffee — so that keeps me energized anyway!

What advice would you give to any business or business leader when it comes to dealing with customers in a retail environment?

Ed: In our business, attrition is the biggest problem (people die, move, lose their job, etc.). This is a battle for us, so years ago we established a report where we see how many people we add each day and how many clients left each day. If we lose a customer, we call them instantly to see what we can do to keep them. If they are upset over an install fee or an adjustment fee, most of the time I will waive it. It's important to remember that its okay to lose a battle in order to win a war.

Bill: Go overboard to take care of the customer! One time we had a customer who visited our Babalu store in Memphis, TN. The customer had a bad experience (it was right after we opened) and gave us a very low score on one of the social media sites. I personally reached out to the lady and explained that I would like to pay for another dinner at our restaurant for her and her friends, with all the trimmings.

The customer was furious and wanted no part of Babalu ever again. I then explained that we have a sister restaurant in Memphis called Interim that I would be glad to send her to and pay for their dinner, with all the trimmings. She responded that she wouldn't go to any restaurant that was even related to Babalu.

I then asked what her favorite restaurant in Memphis was and that I would buy her and her friends dinner, with all the trimmings, at that resturant. She sat quietly on the other end of the phone and then said, "Sir, you don't have to do that. In fact, after the service you just showed me I will be back at Babalu next week." This is how, as a leader, we all need to deal with customers in a retail environment. Make the Guest Happy!!!

Tripp: It's very easy to fall into the habit of lumping customers together, but you can't take out your frustration from the last customer interaction on the next one. You may have 9 difficult customers in a row, but that's not the fault of the 10th one. In fact, he/she may turn out to be your best customer ever! So, you have to treat every customer the way you would want to be treated, every time. It's tough to do, but if it were easy everyone would succeed in retail (and most don't)!

With communication methods constantly changing, what do you think is key for people to understand about communication moving forward?

Ed: Be adaptable. Remember Kodak? Remember the Nokia Sugar Bowl? They aren't here anymore because they weren't adaptable.

Bill: We must be able to adjust and adapt to change! In any business, changes are typically made for us, but all we really need to do is learn how to pivot. Years ago, in the restaurant business, we would have maybe 10 food critics in an area, and now everyone with a social media account is a food critic. Occasionally, huge inventions come along; the railroad, the car, the internet, and the iPhone. These examples made drastic changes in industry. When changes come, be ready to move. I like the saying, "If it ain't broke, tweak it".

Tripp: We're all bombarded every day with an avalanche of words and messages, and it's only getting worse. Now, more than ever, you have to have something better to say than, "Hey, I'm here! Buy my stuff!" That's why I believe it's so important to truly care about what you're selling. To stand out among the noise, you've got to say something meaningful which connects with them on a deeper level.

What is the name of the last book you read and why did you choose it?

Ed: I don't really read books a lot. I prefer to meet with people who have experienced problems, or things I am trying to learn, and piggyback off their experience. This is where networking really comes into play. In business, I try to learn from successful people who are not my direct competitors.

Bill: Service America by Karl Albrecht was not the last book I read, but it is the best book I've read pertaining to customer service and customer relations.

Tripp: Building a Story Brand by Donald Miller. I chose it because I loved Miller's other books (Blue Like Jazz is his most famous one, but they're all good). This book is totally different from the others because it's about improving the way you tell your company's story. Miller is a great storyteller, and the book does an excellent job of helping you think through the steps of telling your own company's story.