Most chief executives boast about the customer service levels for their companies. However, research studies indicate major gaps exist in the perspectives of the company’s customers regarding their satisfaction levels. As the business owner, you have the responsibility to test the accuracy of the reported customer satisfaction levels. Have you called the help desk for your organization and examined the responsiveness of the staff? How long is the wait time → Carol Phelps Associates
Global Financial Analysts
Customer Satisfaction: Myth or Reality
Most chief executives boast about the customer service levels for their companies. However, research studies indicate major gaps exist in the perspectives of the company’s customers regarding their satisfaction levels. As the business owner, you have the responsibility to test the accuracy of the reported customer satisfaction levels. Have you called the help desk for your organization and examined the responsiveness of the staff? How long is the wait time → Handling Business Disruptions
What disruptions are impacting your business in 2023? Very few industries are able to avoid experiencing changes in technology, demographics and human capital, funding options and distribution channels. The goal is to maximize your ability to successfully adapt, handle the disruptions and increase your overall sustainability. Firms who have a clear understanding of their business model, operating costs and customer base will have a higher probability of success. We are → Welcome 2023
Embrace the new year as an opportunity to right-size and improve your business model. Take inventory of your company’s twelve-month trailing revenue performance. Are you experiencing growth or lagging profits? What actions can you take to improve customer satisfaction? Do you have the measures in place to objectively assess the strengths and weaknesses of your business? Obtain professional guidance to address lingering issues before they explode and derail your growth → Business Fraud
Small businesses are hot targets for fraud and recent research indicates that firms with 150 employees or less incur fraudulent activity at 42% versus 29% for larger enterprises. The higher numbers are attributed to the lack of internal controls in small businesses. The major types of fraud activity are payroll fraud, cash fraud and identity theft. Fraudsters are usually motivated by 1) opportunity 2) incentive and or 3) rationalization. As → Pricing Strategy
Deciding on the appropriate prices for your products and services should complement your overall business strategy to sustain and grow your business. There are various pricing techniques to choose from and some of the most widely used are penetration pricing, value- add pricing, price skimming, competitive pricing, and dynamic pricing. Business owners must understand the value of their offerings in order to communicate and justify the prices for their products →
Time for a Financial Check-UP
As you settle into 2022 and relax the restrictions imposed by the pandemic, your first inclination may be to resume the economic management strategies you used pre-pandemic. That strategy is ill-advised as the financial landscape has changed in the United States. Increases in commodity prices from raw materials to oil have dramatically affected product costs and eroded profitability. The time is right to inspect your financial posture and take corrective → Thank You
Don’t overlook the power of a thank you message to your clients as well as to your internal staff. In today’s transactional society, companies often move at lightning speed to the next project and omit the opportunity to engage again with their customers. Sending a positive note of appreciation can lead to a repeat customer and result in additional revenue as well as bring in new client referrals. Senior managers → New Year-New Normal
New Year-New Normal The environmental and social impacts of today’s dynamics will continue to shape your business in the new year. The fundamentals of strong fiscal controls, talented empowered staff and strategic planning will not change. Now more than ever, your sustainability requires a laser focus on the business health of your company. Did you achieve your business goals for 2021? How strong are your prospects for growth in 2022? → Business Stability
How stable is your business? Do you have a good handle on the major drivers which impact the future of your business operations? As the CEO of your business, you must assess the elements of stability: constancy, robustness, and resilience. Constancy refers to the focus on long term improvement of business operations. Do you engage in strategic planning or rely heavily on transactional analysis? Oftentimes, businesses refuse to address the → Pivot
The second half of 2021 is here, and business firms are faced with difficult decisions on how to restart, reenergize or remove sales strategies used in the past. During the pandemic, lack of productivity and shortfalls in inventory, equipment and personnel were painfully apparent. Our dependence on foreign production for necessary products were highlighted in trips to the grocery store, gas stations, home supply stores and restaurants. Our appetite for →