Take care of the customer and everything else will take care of itself.
This simple principle has led to decades of success at Albert Lee Appliance. Albert Lee III, President of Albert Lee Appliance, joined me on About Money last Friday. He said he tells his staff, “I’m not your boss. The customer is your boss.”
Albert’s grandfather, the company’s founder, taught him this from the beginning. “He always said, you need to listen to your customer. They’ll tell you what you’re doing right and what you’re doing wrong,” Albert said.
Despite the Great Recession, Albert Lee Appliance has expanded, opening new locations to serve additional customers. How was this possible? Long-term planning. Rather than looking to make a quick buck, the company never lost its focus on customer trust. They continually planned for 10, 15, and 20 years from now.
For you as an investor, long-term planning is just as important. Hiding money in your mattress is not the answer. It didn’t work in the past and it isn’t working now.
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