Five Keys to a Stable Foundation for Successful Business
The foundation of every business is: (Points: 1) its products and services. satisfying the customer. doing whatever it takes to earn a profit. operating in a socially responsible manner. Jan 07, · Business Mentoring: The Foundation of Every Business. January 7, // GoSmallBiz. Sam Nebel and Charlie Siciak of Goodwipes discovered their entrepreneurial passion in college, while working and taking entrepreneurship classes. But the most important lesson came from their real life experiences working outside the classroom: that to have a Author: Gosmallbiz.
Defining customer satisfaction is important for every part of the business. So, what is the importance of customer satisfaction? And while this is probably not true of all customers or all pricesit does demonstrate the comparative impact that superior what is the foundation of every business service can have.
Unfortunately, too many businesses see customer satisfaction purely as what are semester credit hours responsibility of the customer service agents. But while division of labor may make sense in other aspects of business, it is completely inappropriate when it comes to customer service — and it can be very dangerous as well.
In the 21st century paradigm, e-commerce sites, social media, and online ratings services such as Yelp, Yahoo! Local, and Google My Business have made it extremely easy for customers to bring their complaints and criticisms to the public sphere, and negative public reviews can really do damage.
Customer service agents are still a critical piece of the customer-satisfaction puzzle, but is their job simply to clean up the messes created by abrasive sales staff, smarmy marketing practices, or clunky, thoughtless web design?
According to American Express, Americans tell an average of nine people about their good experiences, and an average of 16 people about their negative ones. But while these insights may be sobering, the nice thing about the digital age is that even though negative reviews can damage a business, those reviews are still feedback that how to take care of raspberry bushes be used to improve the business itself, and all feedback is good feedback.
Understanding the importance of customer satisfaction and loyalty means listening to those vocal critics, and then quickly addressing their problems. Believe it or not, those people are teaching you how to make your business better, and the returns from taking their lessons to heart come almost immediately. Well, some businesses prefer to hide behind self-service tools, and automated customer bbusiness phone lines.
As such, you should make sure to have live service agents available to take phone calls. A high-quality CRM can make this aspect and others of customer how to make your own molds much simpler. Make Feedback Easy Whether you run an ecommerce site or a brick-and-mortar store, implement methods for customers to give feedback.
Learn about the importance of customer satisfaction surveys. Gather reviews — solicited and otherwise — and take that feedback to heart. Not only does this give your customers a role to play in the solution, which they will appreciate, but it also provides you with valuable free data that you can use to improve your business. What color to paint bookshelves feedback is a surefire way to make providing top-tier customer service much simpler.
Training Good customer service is not a specialty reserved only for what is the foundation of every business few. Even more, every department should whta able to identify certain markers that help gauge customer satisfaction. The importance of measuring customer satisfaction and tracking improvements or declines what is the foundation of every business a responsibility that can and should be shared through the entire organization.
Businesses, now more than ever, should implement methods to keep high levels of customer satisfaction due to the ease foundtion review sharing online. The points listed above are a great starting point to build a foundation upon and to further expand. The rewards of exceptional customer service cannot be overemphasized.
Businesses that excel at customer service are the ones that understand it as a vital sales opportunity, rather than as an expense. And as founxation those who fail to understand this concept, they help drive business as well — directly to their competitors. Mobile Workforce Management Software and Solutions.
Customer Lifecycle Model and Techniques. Customer Relationship Management. What is Cloud Computing? Sales Tools. Service Cloud. Watch Demo. Improving Wha Satisfaction. Despite popular opinion to the contrary, there are some very important people who like it when you practice bad customer eveery — namely, your competitors. The importance of customer satisfaction cannot be overemphasized, and no amount of sales savviness can ever make sacrificing customer satisfaction or service worthwhile.
When businesses really begin to understand the vital impact of customer satisfaction, it becomes more than just another buzzword, ls a necessary business expense; it becomes the foundation for present — and future — business success. Customer satisfaction has a profound effect on an organization. Turn on Service Cloud. Learn more. Get the e-book. Five ways to drive revenue with customer service. Transform your business with customer self-service. Watch now. Related Articles.
Risk-bearing or not?
May 01, · The foundation of every business is _____ asked May 1, in Business by ArizonaState. A) its products and services B) satisfying the customer through a customer-driven marketing strategy C) doing whatever it takes to earn a profit D) . Oct 03, · And that foundation is internal and external factors, which, left unattended, can rupture and kill a business. Using Business Environment Analysis helps identify these factors and understand how much or how little influence you have on them. You need the upper hand, and knowing these factors is the first datmelove.com: Kiesha Frue. Aug 12, · Your business entity should be completely separate from your personal affairs. It is a protection for you, your company and your clients. By reviewing your options and setting things up properly, you will have a bedrock foundation because you have legitimized your company.
There is a fundamental truth about construction. Any building that is constructed has a better chance at lasting on bedrock than on sand. That is a guarantee! This is why it is so important that your business has a solid foundation.
How can you make sure that this is the case with your business? By honestly taking stock of how you have structured your company and making the necessary upgrades and adjustments so that you are operating like a well-oiled machine.
The problem with this, just like with any constructed building, is that after a while, the cracks are going to show up. Whether you are a business newbie or an established entrepreneur, NOW is a great time to analyze your infrastructure to ensure that it is setup to support your long-term growth and success. Following are a few key areas to consider:. These are a few of the important aspects of setting up your business that will allow you to have a bedrock-like foundation.
If you have already started your business, you can still implement these components to strengthen your business.
Do not to become overwhelmed by the list above. You may find that some aspects of your business foundation work very well while others need some attention. This is perfectly okay! This is part of the process of creating a successful, thriving company. One thing is for sure, you do not want to construct a business on a sandy foundation.
If you do, you will find that the tides of change and trouble will wash your business out to sea. Just like footsteps on a sandy shore are soon to disappear, without a bedrock foundation, your business will quickly fade.
By implementing the points above, you will be sure to have a foundation that is built to last and on which you can build a successful, sustainable business. Great advice as always Syndi! Love how you marry the practical into the strategic — you need both to have a balanced business!
Thanks for sharing your wisdom…. Ensuring these components are in place will set the stage for success! Well said Andrea! No one who is successful in business has created those results without paying attention to these details. Thanks for sharing your thoughts. Always great reminders. I work with a lot of clients each month and most do not have any systems in place for anything.
Now, I have to admit that I often over think some of those decisions, too. I finally put in a budget for new technology each year, and for training and education, and for business travel. This is a great resource to check out and see what funding you are available for. Also, money for minority and women owned businesses. Any time I have a conversation with a client who is balking about an investment I need to make, I remind them….
That usually brings them back to their senses. If an entrepreneur is not investing in technology and ongoing training, they are dabbling in a hobby, not running a business. That said, no entrepreneur has an endless reserve of money to spend in growing their business.
So tapping into to resources such as the SBDC is a great way to gain access to the capital you need. These behind-the-scenes actions will safeguard you and your business and protect you from potential disaster. Thanks for calling our attention back to such an important step in starting and growing a business.
Thanks for the note Jenn! But if we ignore creating and maintaining a strong foundation, the results are not only NOT fun, they WILL be downright stressful, frustration and quite costly. Thanks for taking the time to share your thoughts! Sydni, these are great tips. As a CPA I have to say, incorporating is definitely not for everyone.
However, I always suggest that every single person in business find themselves a good tax preparer. Asking about whether incorporating is for them should be one of the first questions to them. However, the entrepreneur has to remember, there are very strict rules and guidelines you must follow as a corporation, or all is basically null and void. Very important to have a good tax preparer on your side. I recommend asking other entrepreneurs who they use and interviewing at least three to make sure you get the right fit for you.
Thanks so much for your insight Kristi! As I mentioned, whether or not to incorporate is a key consideration. It may not be for everyone. But every business owner needs to consider the options available and make a decision about what is the best structure for their company, both from a legal and a financial perspective.
Thanks for that! Following are a few key areas to consider: Incorporation: Creating a corporation for your business will safeguard your personal assets in the event that you have a professional dispute with a client or vendor. Why would you not take steps to protect your investment?
Your business entity should be completely separate from your personal affairs. It is a protection for you, your company and your clients. By reviewing your options and setting things up properly, you will have a bedrock foundation because you have legitimized your company. Insurance: It will take diligent effort to find the right insurance for you and your household.
Seek out insurance agents from people that you already know and trust. There are many insurance resources for entrepreneurs. It is important that you apply and qualify for and enroll in the insurance plans that are necessary for your family and your business to ensure that you personal and professional needs are cared for over the long-term. Operations: Systems are critical to the successful business.
What processes will you have in place for enrolling new clients into your practice? How will they pay you? How do you delegate tasks? Handle your financial affairs? Technology: No matter what type of service business you are starting, technology will likely play a large role.
You must have reliable hardware and software. Some free services and tools may be handy. But when it comes to the day to day functioning of your business, you want the most reliable technology available and will need to know how to use it to best serve your clients.
At a bare minimum, you need office supplies, software, hardware and savings for back up. I would never encourage an individual to start any sort of business with no mo. Even with a limited budget there are numerous ways to obtain the resources you need to grow. So instead of focusing on how little you may have, focus on making good use of it and HOW you can create or access the financial resources you need. Look for the opportunities and get creative! There is always a way to get what you need.
Doing so could likely be a protection for your personal assets, but may also save you money come tax time. Get quotes for insurance that will provide you with coverage similar to what you experienced as an employee. Review all of your systems. Take an afternoon to take stock of the various recurring tasks in your business.
Start setting aside time each way to document your processes and procedures so that your business begins to run smoothly. Invest in technology that you need to run your business. If you need capital for systems, technology or creating a business entity, start looking into your financing options. There are many resources available to entrepreneurs.
Subscribe to our blog! Sign up to get new our latest posts and announcements delivered straight to your inbox. Comments Great advice as always Syndi! What is the biggest challenge you are facing in marketing your companies products and services to small business owners?
How quickly are you looking to address this problem? How much are you currently spending on your small business marketing programs annually?