Lost an important client, then make sure you 'do it better' with your other existing clients and any new customers you win. Replacing lost customers is expensive; do whatever you can to learn each time, then do it better to keep the right clients.
Lost a key member of your team, then there's only one thing to do: recruit better.
Whether you're thinking of starting a business or already operating in a crowded marketplace, then you only have one option: do it better than your competitors. Many successful new companies launch into a crowded market with a very clear objective; disrupt the existing marketplace. More times than not, its about doing it better.
When you're competing for the same customers as your competitors, you need to make sure that whatever you're doing you're doing it better than they are.
This is why super successful companies are so successful; they ensure that everything they do is better than its competitors. Everything they do is viewed through a microscope, so every possible improvement can be made to minimise costs and enhance revenue and so profitability.
Half measures and making do, especially on customer service, are sadly becoming the norm in too many organisations. Don't become complacent, always be looking to 'do it better'.
Continuous improvement is in the DNA of all successful companies; they all started with a 'do it better' approach and so can you.
Related Article: The Ultimate Guide to Marginal Gains and Maximising the 1% Principle
Make your business stand out for the right reasons. Do everything better; cut out errors, waste and duplication. Give you wonderful customers, staff and suppliers a consistently brilliant experience, every time.
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