Peter Basford, an experienced banking professional turned director and business coach joins host Rob Lawrence in today's podcast interview.

Peter shares his experience working with others to help them grow their businesses; from his extensive background and his role in the Start Build Grow program, which supports new startups.

In this chat, Peter emphasises the importance of customer relationships and seeking customer feedback. We also explore the importance of balancing product development, marketing, and operations toward creating a sustainable business.

This episode offers valuable insights for aspiring entrepreneurs and business owners alike, including strategies for obtaining customer feedback and maintaining strong customer relationships.

In this episode you'll learn:

Peter's Background in Banking (00:00:28)

Peter shares his extensive 33-year career in banking, detailing various roles and experiences.

Transition to Coaching (00:02:26)

Peter discusses his transition from banking to coaching businesses and forming the Business Growth Coaches Network.

Start Build Grow Program (00:03:38)

Peter explains how the Start Build Grow programme is aimed at supporting new and startup businesses.

Reasons for Starting a Business (00:04:00)

Peter highlights common motivations for starting a business, including independence and innovative ideas and how the programme is for individuals with product ideas or those seeking lifestyle changes through entrepreneurship.

Social Entrepreneurs and Bootcamps (00:05:22)

Peter mentions the rise of social entrepreneurs and bootcamps designed to support their business ideas.

Understanding Social Enterprises (00:06:12)

Peter defines social enterprises and their focus on community benefits rather than profit for owners.

B-Corp (00:07:16)

Peter connects the concept of B-Corp to social enterprises and their shared mission of doing good.

Common Mistakes in Startups (00:07:57)

Peter discusses key mistakes startups make, emphasising the importance of balancing product, marketing, and operations.

Three Legs of a Stool (00:08:22)

Successful businesses require a balance of product, marketing, and operational systems to thrive.

Challenges in the Current Environment (00:09:31)

Peter reflects on the tough commercial landscape post-COVID and the need for comprehensive business strategies.

Importance of Customer Relationships (00:10:41)

Peter emphasises the significance of nurturing customer relationships for business success.

Building Trust with Customers (00:10:54)

Peter shares strategies for developing trust and loyalty among customers to enhance brand relationships.

Cost of Acquiring New Customers (00:11:54)

Peter highlights it's ten times more expensive to acquire new customers than to retain existing ones.

Staying in Touch with Customers (00:12:02)

Regular communication with existing customers is crucial to maintaining relationships and identifying new opportunities.

Customer Relationship Management Systems (00:12:28)

Peter recommends using some kind of CRM system to ensure consistent communication with customers.

Feedback Importance (00:13:50)

Peter discusses the necessity of gathering customer feedback to improve products and services.

Asking for Feedback (00:15:10)

Peter advises asking for...