How to monitor a budget to inform business decisions
[bctt tweet=”Budgets play a key role in the day to day decisions, here are 4 scenarios” username=”SheLeadsAfrica”] The budget is not only important for future decision making but for day to day decisions as well. To be able to use it this way, you must monitor it frequently by comparing your actual income and expenses versus what you had budgeted. When you notice differences in actual performance compared to your budget that is major, consider what caused the variance and what action you can take if the variance is negative or positive. To give you a look at how you can go about this process we will take you through four types of variances that can occur in your business and the kind of decisions you can make to remedy. 1. Sales aren’t coming through Sometimes the projected sales fall short of what was expected due to unforeseen circumstances; maybe a new competition came in or business was just slow. What this means is that you will have a stock in excess of what you had expected. This needs to be followed up by decisions that will enable your business to perform better; your options may include changing the sales strategy or buying less stock than was budgeted for the next month. 2. An employee disses you Maybe you had a bit of a tiff with one of your employees and they ended up walking out on your business. What does this mean for your business? Can the work be done without him/her? Can those left do additional hours? Do you need to budget for overtime? These are all possibilities that can arise based on losing an employee. This will determine whether the positive change in your budget will be a temporary one or a permanent one depending on how it affects the running of your business. 3. Your landlord is acting up… Unfortunately, this happens quite often than we would like to think about; worse still, you might not even get enough notice to organise yourself if the landlord increases the rent at the last minute. Based on the overall outlook of your budget, you can decide if your business can sustain the costs of an increased rental expense. The options you might have would be to negotiate the exact amount of increase or when the new rent amount can be effective to give yourself time to plan. You might also opt to look for more affordable space elsewhere, which may lead to double charges in the month of booking and moving. 4. Repair expenses went up Your loyal van is coughing, your mechanic is charging more for his services based on your desperation. Repairs will be higher than usual. You may not have very many options here except maybe try and find out if the rates are competitive and if it warrants you looking for another mechanic. If this specific expense is on a continuous rise then you might consider getting another van to reduce the monthly expenses. A new van brings in a whole other dynamic to your budget and your financial accounts. In addition to giving you a picture of how your business will look in the future, budgets play a key role in the day to day decisions. It is important to constantly monitor the difference between the budgeted expense and the actual expense and make decisions accordingly. Remember that the decisions should be based on the overall outlook of the budget and how one decision will affect another aspect of the budget. Consider the budget holistically and not as standalone budgeting decisions.
Divorce, a must for every entrepreneur
[bctt tweet=”Divorcing your business from your personal life is a must for every entrepreneur” username=”SheLeadsAfrica”] A business is often registered and largely seen as a separate legal entity from the owner; however, this divorce does not really take effect between these two lovers as both can’t just resist the temptation of mingling together. This is a major reason why most SMEs fail. Business owners most of the time tend to muddle up the operations of their business with their personal life; and where there is no line drawn between the two, the business will be unable to review her growth independently. Even if you use a home-office, you should be able to demarcate between your home and business expenses. Concentrate on using just an area of the house and keep all home affairs out of this area. This is what the divorce is about. It is that bad!!! When you start out in business, as an entrepreneur, it is normal that you have to perform multiple roles. At the same time you need to be the management, director and shareholder. This multi-role, maybe even multi-personality, can become ingrained in a way of working which leads to problems when the company expands and involves others in the operation of the business. [bctt tweet=”Every entrepreneur must put machinery in place to separate the personal from business” username=”SheLeadsAfrica”] Drawing the line between your personality and your business Even though it is a hard discipline, every entrepreneur must put machinery in place to make this divorce come to effect. So, my advice if you really want the break up to be permanent; Maintain separate accounts for your business (in the business’ name, not yours) and personal transactions Employ a knowledgeable and skilled accountant Have a small business version accounting software Keep sound accounting records Periodically get help from a professional financial advisor Discipline yourself not to borrow from the business. Avoid borrowing from the business as much as possible. It is easier saying: “I’ll pay back when I have the money” than doing it. Better to take a loan from the business (there must be a standard loan application procedure in place) and pay back using the established system. Pay yourself a marketable salary. It is very important for the business owner to pay herself a marketable salary. Don’t pay yourself so high above the salary level just because your business is doing well: save for the rainy days. Paying below the market level is not also recommended. This can negatively impact your family life and sustaining may become a problem. In short, what will you pay somebody who replaces you? Pay yourself that amount. Why you need a solid financial system One of the most important steps that will aid you in measuring the growth of your business is setting up a solid finance system. One that is not only fashioned for your business model but that helps ‘think tax ahead’ and measure growth effectively. Setting up that system does not require ‘money’, proper advisory is only needed. Accounting systems have been set up using Excel and as the business grows, it moves to simple ERPs. A finance system review is a necessity for businesses already running who can’t evaluate their businesses effectively, or are in various tax mess. The role of audit in a business cannot be over-emphasized. If the business was set up for profit making, then the tax authority will want to have its share. Thus, having good and accurate records saves you from digging through scattered records of receipts of personal and business expenses when it is time for tax audit. This will also help avoid “tax headaches.” Maintain supporting documents to serve as proof of separation as this is essential if you want to stay on the “right side of the law.” It may be difficult making this separation at the beginning but as time goes by, with determination and dedication, it will get easier and more efficient.
The 3 C’s of the budget cycle
[bctt tweet=”Before you create a budget for your business, you need to know what the budget cycle is” via=”no”] You are probably asking yourself what this thing called the ‘’budget cycle’’ is. You have heard about the budget and how it works but you are less likely to have heard about the budget cycle. The budget cycle simply refers to the phases or stages that you should go through while working on the budget for your business. Following this step-by-step process will help you make sure that your budget is actually beneficial to you and not just a dreaded process. 1. Coordinate This is the very first step of the budget process and is highly dependent on what you want to see happen in your business within the period that is relevant to your budget. Three questions you need to ask yourself What do I plan to do and achieve? How much money do I have to spend? What method will I use to budget? Obviously, you can only budget to spend money that your business already has or is expecting to get. You can project your sales based on past performance and consider that as expected revenue in your budget. The methods for preparing and presenting business budgets vary and are as many as there are businesses. If you haven’t been budgeting for your business though, this is a simple template that can get you started. 2. Construct This is where you get your hands dirty and prepare the actual budget. The past performance of your business and what you want to do in the year should drive this stage of the process. Also, consider engaging other pertinent people for your business. For example, your suppliers’ credit policies will determine how much you intend to pay out to them at what time. Carry out this process on a monthly basis before coming up with a full year budget. Just as with the financial accounts, have your budget reviewed by external parties and make any necessary changes and then communicate the final budget to all stakeholders. 3. Control This is also referred to as the monitoring phase. We mentioned earlier that the budget is not meant to be 100% accurate. The monitoring needs to take place at periodic intervals e.g monthly; it involves comparing the budgeted numbers with the actual numbers. This step is important for three reasons: Helps you compare what you estimated with what is actually happening Helps you pinpoint why things are not going according to plan It’s an opportunity to react to the costs and respond to them In a case where the first two months monitoring process shows that the sales budgeted are less than the actual sales because business was slow, then you can consider whether you need to order as much stock as you had intended to or you could decide at that point to try a new technique to increase the sales. Similarly, if the rent expenses go up because the landlord increased your rent at the last minute you can adjust the budget accordingly for the subsequent months.
‘Why should start-ups care about the budget?’ – Top 3 budget myths debunked
[bctt tweet=”Time to bust some myths around budgets for business with @StanChart” username=”SheLeadsAfrica”] Here at SLA, budgeting is not a new concept. I am sure by now we know why we need to set up a personal budget and how to go about it. However, how many of you #MotherlandMoguls spend time budgeting for your businesses? Did you know that there is a difference between the budget and other financial accounts? During Standard Chartered Bank’s Financial Education workshops we have had small business owners give several ideas about budgeting, most of them are misconceptions that we need to debunk. Have you found yourself making one of these statements about your business budget? “As long as I have prepared the financial accounts I don’t need a budget.” “Only big businesses need to do them.” “They always turn out differently.” Read through as we debunk each of these common misconceptions 1. “As long as I have prepared the financial accounts I don’t need a budget.” Here we need to understand that the financial accounts for your business are very different from the budget. Whereas the financial accounts look backward, the budget looks forward. The two do not play the same role for your business. The budget is a financial plan for the forthcoming period while the accounts are a report for a period that has passed. In our view, the budget is more important as it is a predictor or a guiding light for your business. 2. “Only big businesses need to do them.” It might look like only big businesses need to draw up a budget because they handle such huge amounts of money or because they have much more to lose BUT the reason why you need to draw up a personal budget is the same reason why your business needs a budget. It is actually much more important for a start-up to begin the habit of budgeting so that as the business grows the process becomes easier. Start-ups and small businesses are more likely to go bankrupt in the early years and a budget is one of the important tools that can save your business. 3. “They always turn out differently.” Surprise! Surprise! Budgeting for your start-up is a tricky business; things do not always turn out the way you write them down. Your sales estimates are not always right; your expenses hit the roof sometimes. We have some good news for you though, this is absolutely normal! Your business’ budget does not have to be 100% accurate. You should review your budget ever so often to adjust and check on the variances as you get more information. Yes, budgets always turn out differently because they look to the future and we are never 100% sure what will happen in that future; and it acts as a blueprint to ensure your businesses is not groping around in the darkness. As important as it is, a budget works hand in hand with the accounts to help you measure the performance of your business, period after period. It is great to have both documents, and if you need the help of an accountant, by all means, go for it.
How to handle conflict like a pro
[bctt tweet=”There are many reasons you might have conflict in your business & you need to understand them” via=”no”] The former US president Ronal Reagan is quoted as saying, “peace is not the absence of conflict, and it is the ability to handle conflict by peaceful means.” This means that conflict is inevitable: we have it at home, at work, and in our social circles. The moment you have more than one person in a group, the likelihood of confrontation arises. Why? Because of differing views, because of differences in interests etc. If you are wondering if the conflict at your office is normal, wonder not, it is. What is not normal is the degrees to which it can go to as well as the irreparable damage it can cause if it is not dealt with accordingly. If you are a business owner or even an employee, the following tips can help you handle conflict better and foster a positive environment. 1. Understand why you have conflict There are many different reasons you might have conflict in your business. These range from personality clashes; communication gaps; disputes over approaches as well as competition for limited resources. Understanding the triggers from your environment is the most important thing you can do because only when you know what is causing something are you in a position to ‘fix it’. 2. Manage expectations Do you over promise and under deliver? Managing expectations internally is important because people know what they can expect from you and the work environment. Often times in trying to get the ‘best’ talent through the door, business owners make promises that they cannot meet by the time they say they will. This leads to resentment, which manifests in various problems that affect the business owner, colleagues and even customers, rather under promise and over deliver. 3. Draw up a conflict resolution guide In the same way that you would have a code of conduct that you get every employee to sign when they come on board, so too should you have a conflict resolution guide. The contents (and comprehensiveness) are dictated entirely by the anticipation of conflict in your company as well as the gravity of those conflicts. Start simple, put together questions that first and foremost facilitate a reflective purpose. [bctt tweet=”Drawing up a conflict resolution guide could help handle conflicts in the workplace effectively” username=”SheLeadsAfrica”] 4. Set rules! Over and above the standard policies and codes of conduct, have rules of engagement that you compile with your team. When they have had a say on for example how they will relate to each other in the office, they are more likely to keep their end compared to when it is a rule from the boss. You can even take it a step further and develop shared values. Make sure you include how ‘we promise to deal with conflict in the office’. 5. Never take sides Yes she may have started with you when you were still a struggling business owner, and she understands the company, but just like everyone else you’ve brought on board, she has a role to play. Everyone who works with you makes a contribution and they all need to be treated fairly and with respect. That includes not being side-lined over another employee. Treat everyone the same. 6. Listen more and talk less As the visionary and not executor, yours is to spend more time listening than talking. Listen to what is not said especially because it is herein that the truth is often times revealed. Listen not to answer but to understand. When your approach is this, people will feel comfortable coming to you, be it for good or bad. And as a permanent effective strategy to conflict management, this accessibility is what you must aim towards. When you take even one of these tips and put it into action, you will be amazed at how much more manageable conflict in your workplace becomes. Remember that peace is not the absence of conflict; it is rather the ability to handle conflict by peaceful means. Sometimes all it takes is being proactive and putting systems in place that support dealing with conflict when it arises.
What’s proof of concept and why you should know it
[bctt tweet=”Test a business idea before scaling up your business with this simple concept” username=”SheLeadsAfrica”] There’s a huge risk attached to every new business. We’re talking the loss of lots of money. That’s why it is important to test a business idea before scaling up the business. Simply prove a business idea works and is commercially viable, and you’re off to a great start. This is called “proof of concept”. Most of the time, venture capitalists/investors look out for proof of concept before putting in money in a business venture. This is because it quantifies how much a business has (and is able) to accomplish in a way that’s measurable. When you create a product/service and are able to achieve a certain level of traction with it, it becomes easy to relate with whatever huge projections you set especially when trying to get investment. Showing that a business works can help zero in on a definite path to follow for success. In the bootstrap model, a business becomes commercially viable somewhere along the “sell” stage, just before the “growth” stage. How do I know my business shows proof of concept? Well, when a business idea shows proof of concept, it means one or all of the following The business has been able to capture its own sizeable audience. The business has been able to successfully sell a product/service and make money (profit) from its audience. Systems and processes within the business are reproducible on a commercial scale. A business that has not attained a proof of concept is not necessarily failing. However, such business has most likely not been able to clearly identify how to make money from an audience on a commercial scale. None of this applies to me, what can I do? To increase your business’ potential for success, it is important to look out for proof of concept before scaling up commercially. The proof of concept verifies important assumptions about the business and reduces the risk involved in taking a small business/startup into the mainstream market. [bctt tweet=”To increase your business’ potential for success it’s important to look out for proof of concept” via=”no”] Here are some parameters to consider when checking for proof of concept in business. Net profit Gross profit Revenue/ revenue growth rate Number of customers/clients/users Customer/clients/users growth rate Systems and processes Total amount invested in business Return on investment The result from the analysis of these parameters says a lot about the potential of a business idea that has been set in motion. These parameters can also be used to see how well a small business/startup is doing. This is why recordkeeping/bookkeeping is important in business, it lets you keep track of progress. If your business is funded by personal funds/friends and family, I recommend checking these parameters as you use the bootstrap model to develop your business.
How to use media platforms to grow your business
[bctt tweet=”Build your public presence and reach new customers with these tips” username=”SheLeadsAfrica”] Public relations can be used to protect, enhance or build reputations through the media. The world of business is characterised by fierce competition. In order to win new customers and retain the existing ones, companies not only have to distinguish themselves from the competition but must also create and maintain a positive public image which helps create a strong relationship with the customers and in turn increases the sales. How to build your public presence All you have to do is let others know you exist and that you are an expert source of information or advice about your industry. Being regarded as an industry expert can do wonders for your business. These six steps will be useful; Start by making sure you know everything you can about your business, product, and industry. Talk to as many groups as possible such as with public speaking engagements. Do it free of charge, of course, and keep it fun, interesting and timely. Contact industry trade publications and volunteer to write articles, columns or opinion pieces. Offer seminars or demonstrations related to your business. For example, a travel agency may recommend the best and safest destinations for the Christmas holidays. Host or appear as a regular guest or contributor to a local radio or TV talk show. Capitalise in well-run platforms such as Facebook, Twitter, and Instagram where you can post about your current specials, discounts and new products around the clock. Preparing media or press kits Effective publicists have great relationships with many different journalists in many different industries. Keep ready-made kits at hand for the media. Your kit could include executive profiles, quick facts about your organization, such as its company history, photographs, detailed product descriptions; even samples and business cards. How to prepare a pitch to the media for publication If you’d like media platforms to cover the work the work you do, you’ll need to first pitch to the media. These steps should come in handy. Write your positioning statement. This sums up in a few sentences what makes your business different from the competition and what your Unique selling point (USP) is. List your objectives. What do you hope to achieve for your company through the publicity plan you put into action? List your top five goals in order of priority and be specific and set timelines. Identify your target customers. Are they male or female? What age range? What are their lifestyles, incomes and buying habits? Where do they live? Identify your target media. List the newspapers and TV and radio programs in your area that would be appropriate outlets. Make a complete list of the media you want to target, then call them and ask whom you should contact regarding your area of business. Develop story angles. Keeping in mind the media you’re approaching, make a list of story ideas you can pitch to them. Develop story angles you would want to read about or see on TV. Brainstorm ideas for example, if you own a clothing store, one angle could be to donate clothes to the local women’s shelter. Make the pitch. Put your thoughts on paper, and send them to the reporter in a “pitch letter.” Make the letter short and include your contact details so the reporter can contact you. Following up is the key to securing coverage. Wait a few days then follow up your pitch letter with a telephone call. Always be courteous when speaking to journalists bearing in mind that they are busy individuals. Send a thank you note to the reporter after the publication of your story.
6 ways to improve your stakeholder relationships
[bctt tweet=”In business you need more allies than adversaries, keep your allies happy with these tips” via=”no”] For any business to succeed, stakeholders must be well taken care of. These are your clients, suppliers, partners, investors, employees and the broad community who have an interest in your business. When a stakeholder is not taken care of, the effects can be felt in various parts of the business. Building strong relationships with stakeholders and maintaining them takes effort, time and a well thought out action plan. Below are six tips you can use both to build and maintain healthy stakeholder relationships. 1. Actively build strong relationships from the start You know what you would like to achieve, and you know what it will take to achieve that vision. Share this vision with your stakeholders on a more regular basis than you typically would. Don’t wait for structured meetings, use every opportunity you have with them to get them on the same page. [adsanity align=’alignnone’ id=144658] 2. Involve your stakeholders Yes, it may be your vision but remember its execution and success depends on how enthusiastic your stakeholders are. Ask for their advice. A very powerful question you can ask is, “How can we best serve you…?” the answer is forward looking and guess what, you have a real chance of doing what is asked. 3. Schedule periodic touch-base sessions We sometimes underestimate the importance of staying top of mind, especially where clients are concerned. To support the first tip of actively building strong relationships outside structure, have a structure built in as well. Regular meetings keep you and your stakeholders on the same page and this means you are able to pick up on potential challenges before they even arise. [mailerlite_form form_id=14] 4. Keep your word Do you deliver on your promises? When you say you will call back, do you call back? When you say you will have something important finished by a particular time, do you do it? If you want to build lasting stakeholder relationships, do what you said you would do. Remember it is about your integrity, your trustworthiness and the respect you have for yourself and the other person. 5. Have an open mind When you are after win-win relationships, understand that the job of the other party is not to feed your ego. They will have contradictory opinions, they will say things you don’t like, accept that. It is actually a good thing because the last thing you want is to surround yourself with ‘ego feeders’ who don’t help you grow. Always have the big picture in mind and listen to suggestions, thank people for their inputs and genuinely consider what they have to say. 6. Address issues as and when they arise There is nothing worse than hearing about a ‘transgression’ months after the said event took place. Not only may you have forgotten about it, but also the fact that the other person brings it up says a lot. In keeping with positive relationship building with all your stakeholders, make sure you are open and transparent. If something is bothering you, talk about it and clear the air. When you approach all your stakeholder relationships with the view to continuously improve them, the other party will know it and this will set the bar on how they respond to you. In business, you need more allies and champions than adversaries. For your vision to be realised, you must constantly work on your relationships.
The Art of loyalty: How to build brand love and engagement with content marketing
[bctt tweet=”Few people are loyal to brands, here’s how to get people to love yours with content marketing” username=”SheLeadsAfrica”] What brand of seasoning cube was in your home growing up? Right now, if you took a random survey, odds are your respondents will tell you they saw only one brand of seasoning cube. When I surveyed my colleagues -mostly 90s kids- the results match up. Most remember seeing only just the Maggi seasoning cubes or the Knorr seasoning cubes. It used to be that people were faithful to brands because they have a history with their products and services. They bought only one brand of cars; one brand of toiletries or picked groceries from only one store. Lots of factors are responsible for this loyalty; top on the list being limited choices. But that’s beyond the scope of this article. The point simply is that people are buying differently than they did in the 90s or as early as the turn of the millennium. These days, few people are loyal to brands. According to Accenture, only 28% of customers are loyal to brands. When one considers that it costs up to 25x more to acquire new customers than it does to keep one, this trend provides a unique challenge for business owners. For small businesses, the way to level the playing field with tough deep-pocket competition is to build brand loyalty. Customers will return to you come rain or shine when your brand inspires loyalty. How do you solve this problem as a small business? Enter content marketing. Engaging positively and consistently with customers along their different purchase journeys will nurture brand loyalty. This is most true for millennials; 62% of whom feel that online content drives their loyalty to a brand. Triggering loyalty might just be the core of content marketing. What is content marketing? “Content marketing is a strategic marketing approach focused on creating and distributing valuable, relevant, and consistent content to attract and retain a clearly-defined audience — and, ultimately, to drive profitable customer action,” – Content Marketing Institute. If you received an e-mail update from your spin class instructor this morning, you’ve been exposed to a form of content marketing. If you’ve read a guide on “how to make Bantu Knots when your hair is only two inches long” – that’s content marketing. Combined with a top-class customer service, content marketing will create a community of rabid fans around your brand. [bctt tweet=”Customers will return to you come rain or shine when your brand inspires loyalty” username=”SheLeadsAfrica”] How do you begin? The first step is to outline your typical customer journey. There are many frameworks that explain the process from consumers’ awareness of your brand to transactional engagement with it. My favourite is Google’s “See, Think, Do, Care” framework. Understating this funnel helps you shape your message for the right customer in the right context. If you had a business selling lactation cookies, your communication at the “See” stage is to “all pregnant women.” At the “Think” stage, your communication is to “pregnant women or new mothers who are unable to lactate naturally.” At the “Do” stage, your communication is to “New mothers who want to buy lactation cookies right now”. Finally, at the “Care” stage, your communication is to “new mothers who bought and are taking lactation cookies from me.” At the last stage of the process, the goal is primarily to build loyalty. But nevermind this, elements that build loyalty should be baked into content at every stage. Shared value To consistently infuse brand loyalty triggers in your content is to develop and share content that is useful and conveys shared value. Shared value is about focusing more on people and their beliefs and less on your product. The focus on the product is why many contents from brands are ignored. According to a Corporate executive Board (CeB) study published in 2012, most consumers say that they were loyal “not to companies, but to beliefs.” From the text on your landing page to the call-to-actions on your ebook, your beliefs (and that of your audience) should shine through. [bctt tweet=”Content that engenders loyalty is more than a blog post, find out more here” username=”SheLeadsAfrica”] The types of content that engender loyalty Content that engenders loyalty is more than a blog post. Although those play a big role, loyalty-driven content marketing is driven by a deeper understanding of your customer motivations, their engagement behaviors, and your company goals. Some of the short examples I will proceed to share may not fit snugly with your brand, but you can deploy them based on your specific needs. 1. Culture blogs Culture blogs reveal the safe internal conversations of a company. For our example with our lactation cookie company, a culture blog could be “Why we keep our cookie cutter in the top drawer” or “What our new teammates taught us about cookie counting.” Or consider this super-honest culture blog from Buffer; “What We Got Wrong About Self-Management: Embracing Natural Hierarchy at Work.” The core idea of culture blogs is to put the culture, beliefs and thought processes of your company on full display. Culture blogs (like all other content types) can be deployed at every level of the customer journey but are suited for the “See” and “Think” stages. 2. Newsletters Newsletters are one of the most profitable pillars of content marketing. Emails have been known to provide an overall higher conversion rate when compared to other content channels. They can often provide functional purposes along every level of the consumer journey. You can use them to share product updates or nurture your leads. How ever you use them, ensure that you are helpful. 3. Product marketing kits What series of content will help your consumer live better, do their jobs better or increase their preferred variable of customer success? Combine them into one big digital folder (or ebook) and share with your audience. These kits are more instructional than sales-y. They have high production value
10 tips for excellent customer service
[bctt tweet=”Customer care can make or break a business, here are 10 tips to win at customer service” username=”SheLeadsAfrica”] Do you remember the last time you had an unpleasant experience with a service or product? Of course, you do. As paying customers, we’re looking to get value for our money. Yet we may find that at times the service or product fails to live up to the sales pitch. Perhaps the company does not answer emails or phone calls, the staff is clueless and disinterested, or you are given the run around when you called to report a problem. It does not matter how low your prices are, if the customer service is poor you will still lose out on repeat business. When you have outstanding customer service; happy customers are more than willing to pay for quality and a pleasant experience! Excellent customer service is what will set your businesses apart and improve your sales figures. Here is how to improve customer service for your hustle. Get your staff trained It is important to ensure that your staff members are trained in how to interact with customers and how to solve problems in a professional manner. You may want to train your employees on the following; Greeting and interacting with customers Answering the phone Staying calm in a crisis Managing emotions in a difficult situation Solving problems in a professional manner. Capitalise in effective and reliable training tools and on-going refresher courses. When staff members are properly trained, they feel empowered and motivated to serve to the best of their ability. Create a welcoming environment Companies who create a personalised service not only attract new customers but are able to retain their customer base. Invest in friendly, patient and courteous staff. Sometimes it’s the little things that matter such as offering a cold glass of water on a hot day, comfortable seating in the waiting area or a children’s area with toys for example can go a long way towards winning them over. In order to make lasting connections with customers, it is very important that the staff exude an authentic personable feel as opposed to animated robotic performances which may come out as fake or acting and put off the customer. Know your products/services It is important that the staff know your products and services in and out, how they work and how they benefit the customer. Be aware of the most common questions customers ask, and know how to articulate the answers that will leave them satisfied. Keep your points clear, simple and leave nothing to doubt. This way you will also be in a position to assist them when they run into problems. Persuasion skills are also valuable in excellent customer service. This is the ability to convince interested customers that your products are right for them. It is also important to honour your commitments, do what you say you will do, for example if you offer a guarantee then you must honour it. A sure-fire way to ruin your relationship with a client is to go back on your word. Polish your internal organisational systems Set clear goals and expectations so there are no misunderstandings, regularly communicate with your staff and find out what challenges they experience. Rectify problems and maximise on your strengths. Have a clearly defined and uniform company culture. An organisation that is disjointed and at loggerheads with itself will soon show its cracks to the outsider and can never succeed. All involved must pull together to one direction. It is crucial to have a well-defined organisational structure for communication and decision-making purposes. [bctt tweet=”Build trust by focusing on customer relationships and not sales” username=”SheLeadsAfrica”] Know your customers Know your target market very well; what they look for in a product and what their buying habits are. This will put you in a great position to not only match their needs but exceed their expectations! Build trust by focusing on customer relationships and not sales. Think long term when dealing with customers. By keeping customers happy, they will be loyal and through word of mouth, will do the marketing for you. It is also very important to be able to read your customers, whether face to face, via email or over the phone. Apart from what the customer is saying out loud, some basic understanding of behavioural psychology helps you to look and listen for subtle clues about their non-verbal communication, what they are not saying, their current mood, patience level, personality etc. This will go far in keeping your customer interactions positive and fruitful. Get customer feedback and solve problems Remember the customer is always right. Invest in easy and swift communication channels such as a suggestion box, customer surveys and feedback forms. Besides asking them directly, you can do this by putting a suggestion box, customer surveys, feedback forms where customers can report back about your service and offer suggestions. Offer many different ways for your customers to contact you: like phone, email, and your business’s social media pages. Also ensure management is easily accessible and reachable to resolve any matters when the need arise. Use the feedback to create a better experience and improved service. Use social media wisely Capitalise in well run platforms such as Facebook, Twitter and Instagram where you can post about your current specials, discounts and new products around the clock. As much as social media can build your brand, posting recklessly can easily tarnish your image. Engage with customers responsibly, with great diplomacy and prudence. In the event of any complaint whether received publicly or privately, acknowledge the problem, apologize, even if you think you’re right, accept responsibility, adjust the situation with a negotiation to fix the problem and assure the customer that you will follow through. Your customers will appreciate this! [bctt tweet=”Treat employees as you would treat your customers & more tips to improve customer service” via=”no”] Look after your staff Treat employees as you would treat your customers. Employees take on