There is a tendency in today’s businesses to fall back on the old school idea that quality products would automatically help with customer retention. This is a false reality that can lull your business into decadence and atrophy. Modern studies have found that consistent engagement with your customer base is more of a necessity for…
The most successful of businesses are best run through the repetition of past strategies that might have once proved economically viable. Proactivity in business practices is often about the ability to successfully replicate a once successful strategy into a better version of itself. Thus, the market is a constantly churning mechanism that is always seeking…
Most businesses base themselves on the age-old business mantra, Customer is king, or they try to. All of us know how important customer service and subsequent customer satisfaction is. While this is easier to achieve for customer-facing businesses, it may not be so for businesses that operate online. You can try to bring in technology to automate customer service but let’s face it, you can never fully automate customer service. A personal touch in emails or messages is something that can never be replaced. As an early-stage startup or a small business, your initial set of customers is the most important to grow your brand. Let’s take a look at how customer service can be valuable for your business.
We have completed half of this year and it seems to be a successful year thus far. To help you keep this prosperity going we’ve shortlisted seven books from the world of finance. In fact a recent study revealed that 88% of rich people spend at least thirty minutes everyday reading to improve their knowledge! We…
Is customer experience management important for a business to business (B2B) organisation? Yes! B2B companies recognise customer experience as a crucial component for growth and differentiation. However, fewer than 25% of them excel at it but certain companies are leaders with this and achieve higher than average revenue growth. How do these companies do it? With solid strategies and strong execution abilities, let us see how other B2B organisations help drive revenue growth through customer experience excellence.
Every small business owner would be familiar with the panic associated with customers paying late. It wrecks havoc with your business operations, your planning and regular payments to employees and other operational charges. In fact, it has been found that over 55% of the total value of B2B invoices in India were reported to be paid late according to a 2016 report by Atradius. This causes problems for the business and in turn, the other businesses it works with, thereby causing a negative cascading effect. To counter this, most businesses have in place a process called credit control. In simple words, it is a practice followed by businesses to ensure that customers don’t take too long to pay you by following up through emails or calls.
Setting up a business and running it successfully is not a simple task. If you’ve made it this far, you’ve won half the battle but you’re stuck in a rut and you’re wondering what’s next. How do you take your business to the next level? Taking it there requires a lot of work and getting through some challenging times while still keeping your business running and profitable. The first step you need to take is to ascertain if your product or service has enough scope for you to consider expansion. Can the demand for your company’s product sustain its growth? If you just answered yes and if you’re prepared to put in the work and dedication your small business requires to up its game, here are some simple steps you can follow to take your business to the next level.
Writing a business plan can be a daunting task for most but it’s as vital as it is intimidating. But how exactly do you go about it? Where do you begin? What do you include? We’re here to help you with just that. Here’s how to get started with your business plan and what each section of your plan should focus on.
Every business no matter how good the product may be, or how much funding they have are bound to have some trouble if their cash flow management is off. A company’s cash flow is dependent on timely invoice payments from their customers. A 2016 survey by Atradius on B2B Payments in APAC showed that Indian businesses face a delay of 65 days on an average to receive payments from the day of invoicing. The business struggles to stay afloat when these payments are delayed. This is one crucial aspect of any business that can spell success or doom for them. Here we outline some of the most common cash flow mistakes small business owners should stay clear of to avoid jeopardising their survival.
Small businesses may soon be able to communicate with their customers through a new version of Whatsapp called Whatsapp for Business. Whatsapp Co-founder Brian Acton recently announced that the Facebook-owned company is in the process of designing and testing a new platform specifically for the SME industry.