Retaining Customers

As we all know the customer is the life of the company. It helps the company grow and it nourish it to success. As we all know nothing is permanent in this world so basically we also knew that not all customers stay in one company. Did you know that 68% leave because they are unhappy with the service they receive while 14% are unhappy with the product or service and 9% decide to use a competitor. The following nine customer retention strategies will give you some inspiration and practical examples to help you improve your customer retention rates. They address the above mentioned problems and provide you with actionable tips you can implement today to maximize your customer retention.


1 Set customer expectations

The first step to building better customer retention is to set client expectations early. The earlier the better. Don’t wait. So you can already estimate the energy and effort that you will exert. You can have the idea on what will your customers will want. It can also help you to become more motivated. It can help you to pursue yourself to be more productive so you can achieve the standards that you had given to yourself.

2. Be the expert

Know every little bit of details about your business. And find a thing that you can specialize, so can be expert. The more expert you are the more customers will be attracted to your product and services. For example if you are an IT Company, you should aspire to be the technology guru. Then your responsibilities will transcend the bare minimum your contract entails. If a customer wants advice on the most suitable mobile phone, you better be ready to assist that customer in choosing a device.

becoming a trustworthy company is very important. You build a trusted image of a company. Your customers will trust you, rely on you to give the best advice, and recognize you as an integral part of their business success.

Give your clients a quick courtesy call – inform them of upcoming changes and provide some insightful recommendations as to their best plan of attack. This proactive, personalized approach will bolster customer loyalty and render other customer retention strategies more effective.

3. Build trust through relationships

As the age old saying goes, you do business with people you trust. Trust is essential in business, and building relationships with clients will garner that trust.

Based on an African Journal of Business Management said that trust is increasing the commitment will grow as well. You can build a trust in a customer if you will be true to them If you are not a faked I'm definitely sure that many customers will acquire to you.

4. Implement anticipatory service

Anticipatory service is a proactive approach to customer service. Instead of waiting for problems to occur, a company that implements anticipatory service can eliminate problems before they happen.

Aspect wrote a white paper, Four Reasons Why Proactive Customer Care Means Customer Loyalty, which explains the science of customer relationships as being simple – the value you get is proportionate to the value you give

5. Make use of automation

Automation tools allow for time-consuming tasks requiring manual intervention to be standardized into repeatable processes. Companies that leverage automation are able to minimize downtime and keep clients’ networks performing at their best.

Companies are typically bound by contracts that guarantee their services and make them accountable to clients. By leveraging automation tools and streamlining repeatable processes, companies can better meet their commitments.

By standardizing your processes and setting expectations for service levels, you can increase customer loyalty, which will lead to improved customer retention rates.

6. Build KPI’s around customer service

A great way to improve customer retention is to improve customer service. As outlined at the beginning of this post, 68% of your customers leave because they are dissatisfied with the service. The team at R&G Technologies faced similar numbers. The team set out to rectify the problems right at the source.

7. Build relationships online
Nowadays many people are very active in the internet especially in the social medias. So why not start building a relationship easier with the use of technology. Connecting with your clients through these mediums makes sense. I recommend you to use twitter, LinkedIn, facebook, and instagram. The majority of your clients will have active profiles on at least one of these Web sites. Use this websites as a medium of your communication with your customers and use it to update them. You can also use them to see their feedbacks. Modernization is a very helpful thing that happened in our society when it comes to business.

8. Go above and beyond

Distance doesn't matter to the companies that wants to build a great image to their customers. Sometimes other companies overlook the small things. Like for example telling to the feedback of their clients. It also affects the number of your customers. So don't ever forget to look for small and big details. Always see beyond expectations.


9. Implement customer feedback surveys

For you to know their comments whether it's a good or a bad feedback. So you can improve the bad services that the customers are experiencing. It also strengthens the bond of the company and their clients. Replying to them means you do care about their comments and opinions. That you do appreciate them telling you the part of your service that needs improvement. It can also motivate you to do your job much well next time.

Things I learned before and after defense "Organizational management"

1. The first is easy to think, but difficult to take seriously, many ideas are coming into our mind to formulate a business plan. 

2. I learned time management, you cannot give all your time to one thing. 

3. We learned how to divide works and not to depend on each other to finish it faster. 

4. I learned how to socialize, because we are together for almost the whole day. 

5. I learned to buy to market, humingi ka ng tawad kapag mahal mo, este kapag mahal yung bilihin. 

6. Everything should be planned so that nothing is needed to clarify. 

7. You have to be true, because in the end you will get caught when you did nothing. 

8. You have to be ready on the questions to be asked to you, you have no choice but to anwer questions at your best. 

9. Think positive 

10. You will learn things that you thought are easy, but in reality these are difficult. 

11. You should have long patience because if none, you will lose. 

12. You need strength. 

Our defense is all about business and I can say that the things I learned might be used in building real business. It must be serious, to have a good output. You also need to socialize when time comes that might help you. If you started a real business, you should be braver enough and can act in front of them that you can do it. The questions they asked when you were having your defense are for the problems that you should solve and not being taken for granted. The panels were your customers, you should know how to listen to them because all of what they will tell you are surely will be a big help for your product. Your system might ate you or feeling inferior because you thought you lose because you didn't able to answer the questions, that's wrong, you should turn your badvibes to goodvibes for you not to get tired in hoping for the second chance.

Forms of Business Organization with Advantage and Disadvantage (Hugot)

One of the first decisions that you will have to make as a business owner is how the business should be structured. All businesses must adopt some legal configuration that defines the rights and liabilities of participants in the business’s ownership, control, personal liability, life span, and financial structure. This decision will have long-term implications, so you may want to consult with an accountant and attorney to help you select the form of ownership that is right for you. In making a choice, you will want to take into account the following:

•Your vision regarding the size and nature of your business.
•The level of control you wish to have.
•The level of “structure” you are willing to deal with.
•The business’s vulnerability to lawsuits.
•Tax implications of the different organizational structures.
•Expected profit (or loss) of the business.
•Whether or not you need to re-invest earnings into the business.
•Your need for access to cash out of the business for yourself.
An overview of the four basic legal forms of organization: Sole Proprietorship; Partnerships; Corporations and Limited Liability Company follows.

1. Sole Proprietorship - This is a form of business which owned by one person. It is easy to set-up, and you don't have to think about your partner because you don't have and you solely own the business . The profit is all yours but then, if this business not grow and end to bankruptcy you are the one will shoulder all those problems. The sole proprietorship form is usually used by small businesses.

Advantages : 

• Walang sasalungat sa desisyon na gusto, kasi nga MAG-ISA ka lang.
• Kung gusto mo na tapusin, madali lang para sayo.

Disadvantages:

• Maaring dun mo nalang maigugol yung oras mo, at di mo namamalayan  na nawalan ka na pala ng oras sa ibang bagay dahil dun.
• Masakit kapag nalugi ang iyong negosyo dahil maaring buong buhay mo maapektuhan kasi dun mo nalang ginugol lahat, yun na nga lang yung meron ka, nawala pa.

2. Partnership - This is a form of business which owned by two or more person where they share ownership of a single business. The partners divide the profit of the business among themselves. They will decide how much time and capital each of them will contribute.

Advantages:

• Dahil partnership madali kayong makakapagpalago ng pondo para sa business, kasi may kahati ka, lagi mo tatandaan wag mo ibibigay lahat, magtira ka para sa sarili mo.
• kapag madaming skills yung nakuha mong partner, bonus na yun kasi magbebenifit yung business nyo, wag mo na pakawalan, ikaw din bahala ka baka maghanap yan ng ibang kapartner.

Disadvantages:

• May kahati ka na sa sa sahod, di mo na makukuha ng buo pero ang mahalaga nakinabang ka.
• Since magkapartner kayo, hidi mawawala ang pagtatalo, kailan ba nawalan ng pagtatalo ? lagi naman diba ? tiisin mo nalang masasanay ka din.
• Limited lang yung life nung partnership, kapag nawala yung kapartner mo, o kinuha nya yung bahagi nya sa buhay mo este sa negosyo nyo maaring di na ito mapatakbo ng maayos.

4. Corporation - A Corporation, chartered by the state in which it is headquartered, is considered by law to be a unique entity, separate and apart from those who own it. A Corporation can be taxed; it can be sued; it can enter into contractual agreements. The owners of a corporation are its shareholders. The shareholders elect a board of directors to oversee the major policies and decisions. The corporation has a life of its own and does not dissolve when ownership changes.

Advantages:

• Shareholders have limited liability for the corporation’s debts or judgments against the corporation.
• Generally, shareholders can only be held accountable for their investment in stock of the company. (Note however, that officers can be held personally liable for their actions, such as the failure to withhold and pay employment taxes.
• Corporations can raise additional funds through the sale of stock.
• A Corporation may deduct the cost of benefits it provides to officers and employees.
• Can elect S Corporation status if certain requirements are met. This election enables company to be taxed similar to a partnership.

Disadvantages:

• The process of incorporation requires more time and money than other forms of organization.
• Corporations are monitored by federal, state and some local agencies, and as a result may have more paperwork to comply with regulations.
• Incorporating may result in higher overall taxes. Dividends paid to shareholders are not deductible from business income; thus this income can be taxed twice.

(source of some info: http://www.kcsourcelink.com/learning-center/starting-a-business/register-and-license-your-business/forms-of-business-organization)

What is Corporate Social Responsibility?

Corporate social responsibility, often abbreviated "CSR," is a corporation's initiatives to assess and take responsibility for the company's effects on environmental and social wellbeing. The term generally applies to efforts that go beyond what may be required by regulators or environmental protection groups.CSR may also be referred to as "corporate citizenship" and can involve incurring short-term costs that do not provide an immediate financial benefit to the company, but instead promote positive social and environmental change.

There are a few broad categories of social responsibility that many of today's businesses are practicing:

Environmental efforts: One primary focus of corporate social responsibility is the environment. Businesses regardless of size have a large carbon footprint. Any steps they can take to reduce those footprints are considered both good for the company and society as a whole. Philanthropy: Businesses also practice social responsibility by donating to national and local charities. Businesses have a lot of resources that can benefit charities and local community programs. Ethical labor practices: By treating employees fairly and ethically, companies can also demonstrate their corporate social responsibility. This is especially true of businesses that operate in international locations with labor laws that differ from those in the United States. Volunteering: Attending volunteer events says a lot about a company's sincerity. By doing good deeds without expecting anything in return, companies are able to express their concern for specific issues and support for certain organizations.

Corporations can have enormously detrimental effects on the environment. Oil spills are some of the most conspicuous examples, but industries as varied as chemical manufacturing, mining, agriculture and fishing can do permanent damage to local ecosystems. Climate change can also be attributed in large part to corporations. While their responsibility is hard to untangle from that of the consumers who demand electricity and transportation, it is difficult to deny that many corporations have profited from the deterioration of the global environment. In light of this often dark legacy, some areas of corporate culture have begun to embrace a philosophy that balances the pursuit of profit with a commitment to ethical conduct. Google Inc's (GOOG) slogan sums up the idea of corporate social responsibility nicely: "Don't be evil." The same money and influence that enable large companies to inflict damage on people and the environment allows them to effect positive change. At its simplest, a corporation can give money to charity. Companies can also use their influence to pressure governments and other companies to treat people and resources more ethically. Companies can invest in local communities in order to offset the negative impact their operations might have. A natural resources firm that begins to operate in a poor community might build a school, offer medical services or improve irrigation and sanitation equipment. Similarly, a company might invest in research and development in sustainable technologies, even though the project might not immediately lead to increased profitability.

Some think corporate social responsibility is an oxymoron. Others see corporate social responsibility as a distraction of a different sort, that is, from the lawful pursuit of profits. To them, a corporation's sole responsibility is to generate returns for its shareholders, not to try to save the world or to fret over its own impact. Laws and regulations must be followed in all jurisdictions in which the company operates, but management should not go beyond that, as that could hurt its bottom line and violate its duties to the owners. Some counter that this concerned is misplaced, since responsible initiatives can increase brand loyalty and therefore profits. This may become increasingly true as ethical consumer culture gains wider acceptance.

In order to account for the importance of social and ecological considerations in doing business, some organizations advocate the concept of the "triple bottom line": social, environmental and economic – or "people, planet, profit." In 2010, the International Organization for Standardization released ISO 26000, a set of voluntary standards meant to help companies implement corporate social responsibility.

Main goals of businesses are to maximize profit and minimize cost, but we shouldn't focus in here directly. we must also consider the customers and the environment. through corporate social responsibility (csr), we can build a good image for our company that is one way to attract new customers and retain present customers.


Source of some info : http://www.investopedia.com/terms/c/corp-social-responsibility.asp

21 Success Tips for Young and Aspiring Entrepreneurs

Being successful often means learning from those who have already achieved their goals. Having a mentor is an amazing blessing to an entrepreneur, but not everyone can find one in person.


If you haven’t yet found your personal business guru, here are 21 tips for young or aspiring entrepreneur to help get you started.


1. Challenge yourself.


Richard Branson says his biggest motivation is to keep challenging himself. He treats life like one long university education, where he can learn more every day. You can too!


2. Do work you care about.


There’s no doubt that running a business take a lot of time. Steve Jobs noted that the only way to be satisfied in your life is to do work that you truly believe in.


3. Take the risk.


We never know the outcome of our efforts unless we actually do it. Jeff Bezos said it helped to know that he wouldn’t regret failure, but he would regret not trying.


4. Believe in yourself.


As Henry Ford famously said, “Whether you think you can, or think you can’t, you’re right.” Believe that you can succeed, and you’ll find ways through different obstacles. If you don’t, you’ll just find excuses.


5. Have a vision.


The founder and CEO of Tumblr, David Karp, notes that an entrepreneur is someone who has a vision for something and a desire to create it. Keep your vision clear at all times.


6. Find good people.


Who you’re with is who you become. Reid Hoffman, co-founder of LinkedIn, noted that the fastest way to change yourself is to hang out with people who are already the way you want to be.


7. Face your fears.


Overcoming fear isn’t easy, but it must be done. Arianna Huffington once said that she found fearlessness was like a muscle -- the more she exercised it, the stronger it became.


8. Take action.


The world is full of great ideas, but success only comes through action. Walt Disney once said that the easiest way to get started is to quit talking and start doing. That’s true for your success as well.


9. Do the time.


No one succeeds immediately, and everyone was once a beginner. As Steve Jobs wisely noted, “if you look closely, most overnight successes took a long time.” Don’t be afraid to invest time in your company.


10. Manage energy, not time.


Your energy limits what you can do with your time, so manage it wisely.


11. Build a great team.


No one succeeds in business alone, and those who try will lose to a great team every time. Build your own great team to bolster your success.


12. Hire character.

As you build your team, hire for character and values. You can always train someone on skills, but you can’t make someone’s values fit your company after the fact.


13. Plan for raising capital.


Richard Harroch, a venture capitalist, has this advice for upcoming entrepreneurs: “It’s almost always harder to raise capital than you thought it would be, and it always takes longer. So plan for that.”


14. Know your goals.


Ryan Allis, co-founder of iContact, pointed out that having the end in mind every day ensures you’re working toward it. Set goals and remind yourself of them each day.


15. Learn from mistakes.


Many entrepreneurs point to mistakes as being their best teacher. When you learn from your mistakes, you move closer to success -- even though you initially failed.


16. Know your customer.


Dave Thomas, the founder of Wendy’s, cited knowing your customer as one of his three keys to success. Know those you serve better than anyone else, and you’ll be able to deliver the solutions they need.


17. Learn from complaints.


Bill Gates once said that your most unhappy customers are your greatest source of learning. Let unhappy customers teach you where the holes in your service are.


18. Ask for customers’ input.


Assuming what customers want or need will never lead to success. You must ask them directly, and then carefully listen to what they say.


19. Spend wisely.


When you spend money on your business, be careful to spend it wisely. It’s easy to spend too much on foolish things and run out of capital too soon.


20. Understand your industry.


Tony Hsieh, the founder of Zappos, once said, “Don’t play games you don’t understand, even if you see lots of other people making money from them.” Truly understanding your industry is key to having success.


21. Deliver more than expected.

Google's Larry Page encourages entrepreneurs to deliver more than customers expect. It’s a great way to get noticed in your industry and build a loyal following of advocates.


Being a successful entrepreneur takes a lot of work, a lot of vision and a lot of perseverance. These 21 tips, from entrepreneurs who have already found success, will help you navigate the path much more easily.






Reference : https://www.entrepreneur.com/article/247540