Business Advice

Customer Service, Awesome Service

Tue, 15 May 2012 08:43:00 GMT

Don’t just talk about awesome customer service - create a system and take the steps to really mean it.

Start from the ground up and adequately train your team members. Invest time in customer service refresher courses, dedicating efforts to revisiting classic methods as well as constantly looking for fresh innovations. Systemise your service. Consistency is the key - customers will come back when they feel like they are appreciated.

Nurturing your customers is low cost and effective. Make your customers feel valued. Excellent customer service is a competitive business differentiator.

Regular mailings (newsletters, articles of interest, thank you notes, etc.) and loyalty programmes are handy low cost ways to remain connected and to ensure your customers are being nurtured.

If you choose to make use of customer service strategies such as live chat options, social media outlets or email support, be sure to fully consider the ramifications.

Do you have the staff to support these options? Do these staff members have adequate time to devote to these channels?

Only offer services in which you can excel. It’s better to focus on the ‘less is more’ model when it comes to support- unavailability is frustrating to a customer.

Select Client Relationship Management (CRM) software that will allow you to track all correspondence. Refer back to the CRM constantly to see where things stand and take action to resolve customer issues.

Make “please” and “thank you” a company-wide mantra. Somewhat surprisingly studies show that these simple platitudes can help make or break a deal.

Know how to apologise when called for. Listen and be attentive. When dealing with customers always use names and activate familiarity.

“Your most unhappy customers are your greatest source of learning.” – Bill Gates

Asking for regular feedback shows your customer you are dedicated to their needs and value their opinions. It also allows you to get unique insight and create new strategies based on experiences. Utilise satisfaction surveys, comment boxes and customer advisory boards to gather your customer’s feedback.

When in doubt, employ the RETAIL strategy:

Really welcome the customer
Enquire about their needs
Talk in their language
Ask questions constantly
Invite them to decide
Leave them on a high

Best Options for Internal Communication

Tue, 15 May 2012 08:39:00 GMT

Effective internal communication is essential to improve productivity, and improved productivity ultimately leads to increased profitability.

So it stands to reason that choosing the best strategies for maintaining open and seamless communication is vital.

With well-maintained communication, co-ordination between departments is seamless, office systems become routine and, overall, it projects a positive image of your company in the eyes of your customers.

It is unfortunate that internal communication is often overlooked because it is not dealing directly with customers. Yet it has a vital impact on your customers overall experience.

The first step to good internal communication is to establish professionalism.

Email is the most commonly used internal communication method. It’s important to dictate clear guidelines to your team and ensure that emails follow a specific protocol. Develop an email format that is used uniformly throughout the organisation.

More businesses today are employing the use of an intranet - a network operating within an organisation. This private extension of the internet acts as a platform for posting office materials, announcements, files, directories, sales, projects, etc. The benefits include increased productivity and the immediate delivery of information in a secure and efficient manner.

Intranet also encourages collaboration and builds corporate culture. It is built for your specific audience, has cross platform capabilities (meaning it works irrespective of if you are using Internet Explorer, Firefox, Google Chrome or many other internet browsers) and is cost effective. Consider employing the use of instant messaging systems that are simple and use friendly. These quick messaging platforms increase productivity and considerably reduce the time usually spent on tracking down answers.

As an example we use a system called PowWow, an online collaboration tool which allows a simple, clear and secure interoffice communication on projects and group tasks. PowWow functions in the cloud, retaining files and allowing for multiple users to access and edit files, send messages, create milestones and to-do lists, and it has an instant messaging capability. We prefer it because we can provide clients access to their own workspace so we are all on the same page.

This sort of system is useful because it encourages team members to utilise the same platform for all internal communication and it keeps things organised and fluid. It also provides a huge competitive advantage!

Regardless of the type of internal communication it is important to stress the need for professionalism. Short, succinct and to the point should be standard.

Warning Signs That Your Customer May Be Heading Out the Door

Tue, 15 May 2012 08:37:00 GMT

Rarely do customers provide notice of their intention to take their business elsewhere.

So it’s important to learn to recognise some of the warning signs early - You may save yourself the headache of losing a customer.

Often communication will start to slow down. Use a Customer Relationship Management (CRM) System to track communication with customers so you can become immediately aware of a lull or break in correspondence. Reactivate the relationship by sending a personal email, making a phone call or even stopping by in person.

You may notice that your discussions are focusing more on your prices than anything else. Consider a special offer or re-examine your value proposition to ensure the customer understands the value of your solutions.

A customer may show a lack of trust and begin questioning the quality of your product of service. Gain as much information as you can into what specifically is causing their dissatisfaction. Devise a strategy to tackle the issues and present this solution to the customer.

A customer could become difficult to contact. Excuses such as ‘’too busy’’ or “they are on the phone” become the norm. Get face-to-face with your customer. You may be able to salvage the relationship if you go the extra mile.

Late payments may signal dissatisfaction. Make the call and if cash flow is an issue consider offering payment plans and other options that may alleviate this problem. Involve us as your business advisor in this process as it’s important you are aware of the limitations of just how much you can give away.

The best warning sign is to receive regular, in-depth customer feedback. This insight will give you the upper hand in tackling issues and, if acted on, will result in better client retention.

Devise a checklist: Do you and your colleagues arrive on time for meetings? How often are phone calls ringing through to voicemail? What is the average time it takes for a customer to receive a call-back? How often are you in touch with your customers?

Continue to ask the right questions and take pre-emptive steps to avoid losing customers over time.

Things to Secure Before Taking a Holiday

Tue, 15 May 2012 08:35:00 GMT

Taking a much-needed break?

Ensure that you can enjoy some peace and quiet by tying up loose ends before ditching your desk.

Start with your computer. Run a check and complete all software updates and then execute a full back up. For extra insurance, complete your back up on an external hard drive and store it in an off-site location or use one of the cloud solutions available.

Create a few relevant folders and save to them on a cloud-based storage site like Dropbox, or on a USB drive that you can take along. Confirm that your email accounts are synced to your mobile, laptop or tablet device.

Leave your computer on if you think you might need to access it remotely and be sure to enable the ‘Sharing’ or ‘Remote Access’ mode before leaving. Set up an Out of Office notification that automatically replies to emails and messages sent to your accounts.

Helpful information to include are your dates of departure and return, details of who to contact for immediate assistance and your apologies for any inconvenience your absence may cause.

You may also change your voicemail and phone messaging systems to relay the same information. Whatever you do, don’t leave your customers wondering.

These notifications will also save you the headache of sifting through hundreds of repeat messages upon your return.

If you are in the midst of a project or task, make sure to delegate responsibilities to a colleague and above all, ensure that you have reviewed all customer orders and projects.

Assign a point person who can act as your stand in on all your accounts, and in the event that a deadline changes or a conflict arises. Leave your assistant or another colleague a list of emergency contacts, names and instructions, should you lose touch or be out of contact suddenly for unforeseeable reasons.

Organise your desk and office space before leaving. Not only will this make it easier should a colleague need to find something on your desk, but it will be a calming and less stressful environment to return to.

Focusing on Brand Consistency

Tue, 15 May 2012 08:32:00 GMT

When taking steps towards a more virtual business marketing strategy ensure that you are creating a consistent brand image. Before venturing into social media and other web related areas it is important to hone in and clearly define your image. Select colours that represent your desired image and use them across the board. Your logo should appear on all materials and be sure to include your taglines.

Technology Can't Compete with the Personal Touch

Tue, 15 May 2012 08:25:00 GMT

Despite modern technology allowing us to participate in video teleconferencing the fact remains that we develop better relationships by maintaining the personal touch. Our physiological makeup places great importance on allowing our senses to form an opinion of our surroundings and, perhaps most importantly, of the people we meet. Use technology to complement those face to face meetings, not as a cost-saving means of replacing them.

How to Go Green, Small Business Style

Tue, 15 May 2012 08:26:00 GMT

Irrespective of your thoughts on green issues there can be some real benefits of incorporating a green theme into your business culture.

Although there is little evidence that, in general, green-focused businesses are chosen on that differentiator alone, it can prove to be the tipping point when competitors are fairly even in other areas.

There is added incentive when you consider that "going green" can also result in an improvement in business efficiency and security.

Some studies have shown that as much as 60% of your stationery budget could be reallocated to other income producing areas if some simple changes were made in the way many businesses carry out traditional administrative functions.

The "paperless" office scenario was seen as a potential advantage to businesses back in the 1980's when computers became a commercially viable tool. However a lack of trust in the technology coupled with an inability to share information resulted in paper trails on a level not seen before.

Today technology has moved on and there is a great opportunity for businesses to do the same. "Cloud" applications have made many of those paper trails redundant. Cloud based invoicing programs allow the client to be emailed invoices which they are free to process and file online. They can often settle the invoice in the cloud by credit card, PayPal and other means; the system can send them off acknowledgement of payment and update your accounts receivable system instantaneously.

The days of having to tolerate the "check is in the mail" story are gone. Reminders to delinquent clients can also be sent automatically.

From a management perspective, cloud-based information is available to you anywhere in the world – providing you have internet access.

And utilising cloud solutions developed by reputable providers also means your data is being regularly, reliably and securely backed up, perhaps on different continents.

Often an investment in a 2nd computer screen can significantly reduce the need to print documentation to look at while processing work. For a small investment the savings can amount to thousands over just a few years. This can also reduce the workload, and therefore the required specifications of the printers themselves.

Introducing Sales Targets

Tue, 15 May 2012 08:28:00 GMT

If a business isn't growing then, chances are, it is in decline. So properly set sales targets can be a defining factor in setting your business on the journey to success.

Too many business owners don't treat the budgeting process with the respect it deserves.

When Michael Gerber coined the notion of working 'ON' the business rather than 'IN' it, he would most certainly have considered the budgeting aspect as an integral part of 'ON'.

Unfortunately many business owners consider the budgeting aspect as being separate from, rather than an integral part of, what is required to achieve desired results.

Their view is that they can't "make" someone buy, so a sales target is only useful until the day after it is set and they aren't met. And the targets become less significant as time goes on.

The fact is that sales are the difference between your success and failure. If you achieve enough you will make money, achieve a lot more and you will be successful. Fall short and your business might be doomed.

Therefore to not apply targets to the most significant aspect of a business can make it more difficult to achieve success.

Sales are the linchpin between marketing and profit. So your sales targets should reflect that. They should be the catalyst for your marketing plan, rather than the other way around.

It is imperative that you know your conversion rates. That is, how many advertisements, how many click-through, how many client enquiries, how many telemarketing calls does it take to make a sale.

You also need to know your average sales value. With the knowledge of how many transactions you need, you will be able to calculate the necessary marketing investment and identify the most effective channels to spend that investment.

Monitoring can then be focused on the marketing and selling conversion rates and the average sale value. Corrective action can then be taken to ensure those sales targets are achieved.

Work Habits That Will Help You Succeed

Tue, 15 May 2012 08:29:00 GMT

Developing a successful business has as much to do with the way we approach things as anything else. So it's always useful to heed the work habits of successful business owners.

Here are some of the good work habits that they have shared with us.

Think of difficult jobs and assignments as challenges rather than obstacles. Don't over think a job and don't over-criticize yourself. Perfection is seldom achieved and never rewarded.

Look for better ways. Think outside the box; involve your team, family, your business advisor. Discover new and better ways to do things. Ideas can be found anywhere.

Organize your desk, your files, and your life. Use technology so that you can locate everything you need when you need it. You haven't the time to spend an hour looking for something that's hidden somewhere.

Technology is essential to every business. Keep up with trends. Someone has already provided a solution for your biggest problem.

The only constant thing in this world is change. Be flexible to whatever changes might occur at work and try to adapt quickly.

Don't be late for appointments. The working world is not the world of university. At university, the worst that can happen when you show up late in class is that the professor won't let you in.

When talking on the phone employ good phone etiquette. Don't talk loudly and distract others nearby. When making business phone calls, always be polite and have a pen and paper at the ready.

Personal and business emails are different. Use standard formats for business emails to stay professional and always re-read what you have written.

Value and manage your time well. Missing deadlines is a reflection of your brand.

Tools for Monitoring Your Business Performance

Tue, 15 May 2012 08:31:00 GMT

Key Performance Indicators have long been regarded as vital for business success. But with so many to choose from, which ones are best for your business?

Key Performance Indicators (or KPI's) are specific measurements of various parts of your business activity. They are used to check performance against targets or as benchmarks or to monitor trends.

On their own they yield limited information, but as a comparison they can instantly identify areas in need of improvement allowing management to focus ON the parts of their business that will contribute most to success. Much like the dials on the dashboard of your car, KPIs work best when they are few in number.

There are literally thousands of things going on underneath the hood, but if those three or four things showing on the dials are pointing in the right direction, chances are the car will reach its destination. And it should be the same with your own KPI's.

Less is more so it's imperative that the KPI's you select are the ones that will ensure you reach your desired destination. Which, incidentally, is another reason why your business plan is so important?

The best way to ensure you have the right KPI's for your business is to take a step back and examine your business plan for the Critical Success Factors (or CSF's) – the factors you have to get right for your business to achieve its objectives.

One might be cash flow. After all, it's hard for a business to get anywhere without it! So a manager might introduce turnover as a KPI to measure against set targets. And there might be a pleasing trend.

Even if increased sales are being achieved by an aggressive discounting strategy, sales would probably have to increase significantly just to maintain the business' current position.

Therefore a smart manager might also include their achieved margin as a related KPI. Monitoring both turnover and margin will instantly inform management if the strategy is successful and if it will result in increased cash flow.

Of course a sale isn't a sale until the cash is in the bank. So if the business extends credit it is also a good idea to monitor the average amount of time it takes to receive the money.

If increased sales are being achieved without systems to convert that sale quickly into cash the strategy could be counterproductive.

These types of KPI's are called "sub system" KPI's and considered together they can provide some insights on how your business is really performing.

Tips for Recruitment

Tue, 13 Mar 2012 10:24:00 GMT

As one expert puts it, "Gone are the days of simply putting out a 'Hiring' sign".

Competition for the right person and the right skill sets can prove a difficult task with disappointing results. However, there are simple steps you can take to make your business more attractive to job seekers without compromising your own needs.

A common mistake made by business owners is to offer salaries according to budgets rather than using market rates. Make sure your offer matches the current climate in your sector if you want to attract top talent. Examine your own position as a business owner and what it is that you expect from your employees. Having a sound recruitment manual in place to outline your specific requirements can help to conduct better interviews and cover all skill sets needed to fulfil a position.

Newspaper classifieds continue to be highly referenced so contact local papers as well as online sources and make sure you produce well-written and specific ads. Widen your search by advertising at local universities, colleges and vocational schools.

Utilise employment agencies and consider taking on temporary employees as the rate of 'temp-to-permanent' employees is quite high. They can be hired on a trial period, which enables you to assess their skills before committing to a contract. Or they can be a real benefit during workload peaks. Promote from within whenever possible and turn to your most trusted and valued employees for referrals or recommendations on new candidates before opening the position up to the general public.

Open up to other common employment ideas, such as remote workers (employees who can complete their tasks from home) and job sharing to widen your candidate pool. Be creative with your employee benefit packages, incorporating interesting perks and promoting a balanced lifestyle as one of your company mottos. Make sure to offer something 'the other guys' are not.

Customer Centricity in Small Business

Tue, 13 Mar 2012 03:40:00 GMT

The current hot topic of debate in the world of small business is: Does being customer centric play a role in success? Can great customer service alone do the job? Or can being customer centric be detrimental?

We define customer service as "the provision of service to customers before, during and after a purchase/service." Every company with a customer list relies heavily on their customer service to retain those clients. And we define being customer centric as "creating a positive consumer experience at the point of sale, or post sale". Or put more simply, it means putting the customer at the centre of a company's marketing efforts, without the main focus being solely on closing the sale.

The question here is whether being customer centric is a beneficial or detrimental strategy for small businesses. The debate is heated as many believe that becoming customer centric implies that the customer is always right, and that the customer shall be satisfied at any cost.

A small business would most likely suffer in this environment, as budgets are often too tight to accommodate such an approach. Some have broken customer centricity down into a more streamlined formula that can easily be applied to each customer, in each sale.

Awareness and Consideration: Be aware of what the customer is looking for and make sure you are offering that, at all stages of the communication.

Select and Buy: Streamline your purchasing process to make sure that it is as simple as possible for customers to buy from you.

Initial Experience: Prevent buyer's remorse by actively engaging your customers from the initial buy, inquiring immediately about their level of satisfaction; in other words, nip problems in the bud.

Use, Learn and Support: This is the crucial part of customer retention, post sale and follow up - you must continue to nurture the relationship at all times.

Repurchase and Recommend: A successful completion of stages 1-4 will ensure you arrive at the last stage where you have engaged your customers into generating new business seamlessly.

Use our customer centricity support tools that include Survey and Feedback features that will encourage your customers to evaluate your services at all stages. While customer centricity embraces the contested belief that the customer must 'always be right', in the long run, its customer retention benefits should not be overlooked as a strategy for small business owners.

Short Term Goals

Tue, 13 Mar 2012 03:35:00 GMT

Long-term goals are crucial for a successful business. Mission statements, business plans and marketing campaigns all contribute towards achieving your goals. While long-term plans help you to keep an eye on the overall goals, short-term goals are necessary on a day-to-day basis to ensure their delivery.

For short-term goals to be successful, they must be achievable, encouraging and have realistic timelines. While a business plan plays out over years, short-term goals can cover daily, weekly or monthly timelines. Many recommend adopting the S.M.A.R.T. method of setting short-term goals:

Specific, Measurable, Action-Oriented, Realistic and Time specific. Each goal should be submitted through this model to increase the chances of a more successful outcome.

Break your larger goals down into achievable short-term objectives. Increasing sales by a smaller percentage each month is more realistic than a much higher yearly increase. It will also help you to better monitor employee performance. Patience and persistence are the keywords when it comes to managing and achieving goals. Consistently reviewing your goals and finding out the reasons why they have not been accomplished will help you evaluate what is working and what is not.

Don't overwhelm yourself. Start with a daily goal, a weekly goal or a monthly goal. Including colleagues in the setting of your short-term goals is also a great way for them to stay inspired and motivated. Record your goals in a planner, on your calendar or on your computer and keep them in plain sight. Visualising the goals will help remind you of what you are working towards.

When working with clients to help them achieve their goals, we often utilise a software initiative called Advisapedia. It has a Milestones feature for setting goals and issuing reminders to assist you in achieving your goals. Be flexible and realise that some goals change or become obsolete along the way. Always be ready to review them. Keep morale and energy flowing by adjusting the goal as required.

One prominent business advisor once said, "Goals are not separate from the culture of the organisation." Your goals should reflect your mission statement and values at all times. Successful businesses know how to direct employees to accomplish their short-term goals in order to achieve their long-term goals.

Reactivating Lost Customers

Tue, 13 Mar 2012 03:44:00 GMT

Save time, money and energy easily by choosing to put your focus towards reactivating old clients instead of rushing full-speed ahead into a brand new marketing campaign.

While it is important to be consistently attracting new business, your 'old dogs' don't need to be taught new tricks. By simply reminding them of why they chose you in the first place, you may be on your way to picking up an easy sale.

To pull old clients back into your business, take a look at your attrition levels. What percentage of clients have you been losing per year? You want to examine and separate the lost clients into categories, best describing their reasons for leaving. They will usually fall into one of three categories:

An interruption (personal, health, cash flow, etc.) caused them to stop frequenting your business. With every intention to come back, they simply haven’t.

They were unsatisfied with the product or services you were offering.

They had a poor customer experience the first time around.

One you have researched their reasons for leaving, come up with strategies to ensure this does not happen again. Once you have actively made changes addressing these issues you can contact these old clients and let them know about your recent upgrades and your plan for preventing future dissatisfaction.

Work with solid and concrete examples of how your service has changed. Do not be afraid to address the problems they cited for their departure and be direct about how you have integrated solutions. Reaching out to clients who have simply fallen off the radar may be more time consuming, but it can also be quite simple. When you contact these lost clients, start with a concerned and empathetic approach. Always ask how they are and what might have stopped them from coming back.

Call. Visit. Send a letter. Return to the basics and embrace the power of basic human communication. By simply showing concern for a lost customer, you may save yourself the cost of high attrition levels.

Set up preferred customer programmes and 'unique' special offers to entice inactive clients back into the fold. This small loyalty recognition can go a long way. Small businesses bear a heavier burden then the big boys. Your client list is your security and money and time should always be put aside to ensure your client list is not weighed down with inactive clients.

Improve Product and Reduce Bloated Advertising Costs

Tue, 13 Mar 2012 03:45:00 GMT

Instead of shelling out the big bucks for a huge advertising campaign, zero in on ways to improve your products or services. Spending resources on product or service improvements can bring immediate results.

Your customers will be impressed with your efforts. People love sharing discoveries with others so they may well become a real advocate for your business by spreading the word to their own customers, family and friends, and therefore providing you with a free advertising boost.