Posts

Why Business Owners Should Detatch From Banks

/in /by

StrategyDriven Managing Your Finances Article |Detach from Banks|Why Business Owners Should Detatch From BanksAs a business owner, working with your bank to fund, run and grow your business seems like it’s natural right? Well, it is, and it isn’t. Many people believe that entrepreneurism is all about private ventures, that don’t necessarily involve a bank. It can involve investors, the public in the form of an IPO, or even, family members that are backing you. But why not a bank? Well, banks are inherently linked to the Federal government, so one way or another, big brother has their hand in your pocket. Whether you are taking a loan or credit card from your bank to pay for things in your business, you should reconsider this approach.

Business loan vs investment

A business loan is quick and easy. But, it always comes with strings attached. But so does investment money. So what’s the difference? Well, with a business loan that a bank or lender provides, you can rarely ever negotiate the terms. It’s usually on a take it or leaves it basis. The upside is, that you get to have the money in your account in just a few hours. However, with investor’s money, you can set some of the rules. An investor may want a piece of the company, you can negotiate how much of it you can give away and what kind of creative control you will retain. You can also commission growth reports that can stagger or step the amount of investment put into the business in accordance with success, and how much the investor is to receive in profits from the same correlation.

Banks can pull the plug

Bank loans are usually entirely in the favor of the financial institution. This means you are kind of at the mercy of a bank that is also at the mercy of the government. Essentially, the buck doesn’t stop with the bank, so they feel they can abuse their relationship with you. Take a look and read any business loan contract, and you will find clauses that allow the bank to pull the plug and ask for early payments that were not in the initial structure or payment. The Debt to Success System reviews banking scam, and in an orderly manner lays out how the banks have gone to a debt-based ‘growth’ system. As global debt mounts up, banks will be more inclined to pinch their purse strings and that in turn means, being more aggressive in their actions towards business loan recipients. DSS can also help you overcome your debts, with their unique debt discharge system that banks and governments don’t want you to know about.

YOU are the investment

Rather than going to the bank for a loan, they should want to invest in YOUR business. Banks go to corporations like Tesla, Apple, Mercedes and Microsoft, not the other way around. But how could you become like them? You need to show consistent profits and a brand that has the potential to spread like wildfire. Banks will be flocking to you to invest and you’ll be contacted by their investment firms.

Banks are not the savior of any business. They do provide some financial services that are useful, but before you turn to them, exhaust all your other options first.

Can You Verify Mobile App Users and Is It Worth Your Time?

/in /by

StrategyDriven Online Marketing and Website Development Article |Verify Mobile App Users|Can You Verify Mobile App Users and Is It Worth Your Time?As an entrepreneur with a mobile app as either part of your business model or the whole thing, it’s a difficult part of the business to actively embrace. It’s certainly beneficial when people wish to engage with the brand in any fashion, but what’s it worth if it’s not known who they are? For this article, we look into verifying users, and what value it may hold.

Mobile App Strategic Business Models

Some companies offer mobile apps that will proving a meaningful way to interact with customers. The business models may include:

Advertising Based

An app that is monetized using advertising such as the Ad Mob platform from Google can be a primary revenue driver. This requires the app to be highly adopted and sticky enough that it’s frequently opened and used most days of the week. This leads to enough activity that ad revenue is reliably generated. However, millions of users are usually needed to profit substantially. It doesn’t require identification to be usable.

Subscription-based or Premium

A subscription-based model is essentially a premium version of the mobile app. There may also be a free version or a “freemium” one that is upgradable. Scant information through permitted access to certain aspects of the information stored on the mobile device provides little clarity. Taking a payment for the premium app may provide more, but it’s still not verified.

Lead Generator for Main Business

An app that acts as a lead generator for the main business serves a useful purpose. Being able to verify that they’re a real person either representing just themselves or on behalf of a business is useful. It ensures that valuable staff time won’t be wasted.

Supplemental to Main Business

An app that’s offered as a supplement to the main business is helpful too. It’s not always necessary to verify the user if they’re already a customer. However, it can provide greater clarity by using an automated tool to match their name to the phone number provided.

How Are Mobile App Users Verified?

There are companies that can provide a solution to enable quick verification in real-time on mobile app users. One such company is Cognito, found at https://cognitohq.com, which provides an SDK to developers to incorporate their sophisticated technology into their apps. By checking the entered information from a user such as their name and contact number, it’s possible to get a quick confirmation score on the validity of this information. Dummy phone numbers and even incorrectly types names will get appropriately flagged.

Does Verification Change the Game?

Yes, it does. With the number of mobile users growing every day and up to 40 percent of online shoppers now, companies realize that they cannot ignore this kind of growth.

Being able to “automagically” identify the users of a mobile app when they supply a couple of pieces of information is a game-changer. The company can then understand where they are located and glean some statistics that are officially known. This helps the business to offer advanced features in response to the supplied information as an incentive to users.

Identifying at least some of the users of your mobile app proves extremely beneficial to companies, especially when the app is publicly available, and anyone could be using it. They can then build more reliable profiles about whom their users are, including their demographics, and shape their offering accordingly.

Reputation And Entrepreneurship- What Startups Can Do To Enhance It

/in /by

StrategyDriven Starting Your Busines Article |Enhance Reputation |Reputation And Entrepreneurship- What Startups Can Do To Enhance ItStarting up a new business is never easy but this wouldn’t dissuade someone born with an entrepreneurial streak. When you establish your dream venture, there’s always a lot to handle. Apart from the financial challenges and hard work to be invested, you need to be very careful about managing your reputation at all times. One slip at this stage can throw your reputation off track and your company may never be able to take off.

On the other hand, a solid reputation right from the start can build the trust, credibility, and loyalty of your customers. Also, it can present you as a reliable prospect for suppliers and partners. Together, these factors can give you the growth push that your startup needs. It makes sense to put all the effort you can in building your reputation. Here are some measures that can help you enhance the reputation of your entrepreneurial venture.

Invest in consistent branding

Branding serves as the bridge between a business and its customers. It is all the more important at the startup stage when you want the potential audience to know, recognize, and recall your business. Investing in a consistent branding initiative makes it possible to build a reputation for your product and brand. Start by creating a compelling narrative that highlights your value proposition. Encourage the first customers to stay with your brand and propagate it with word-of-mouth recommendations. Incentivize them for spreading the word around because people tend to trust other people rather than brands. Ensure that the tone of voice and messaging is consistent across all the branding channels.

Have the right people on board

While a great branding plan gets you a head start with your reputation, you cannot sideline the value that people can add to your brand’s presence. This is one more reason why entrepreneurs should prioritize having the best people in their team. Hard skills do matter but you should onboard people who are great with interpersonal skills as well. Customer-facing roles, in particular, require extra care and attention. After all, these are the people who will interact with your customers. Moreover, those dealing with suppliers, vendors, and partners should also be capable of keeping up your reputation with positive and friendly interactions.

Steer clear of legal issues

Legal hassles are one of the most common reasons why any business may face reputational damage. Startups are at a higher risk because they aren’t aware of the issues they may come across, from intellectual property breaches to founder disputes, workplace discrimination and more. The legal risk can be unexpected, like personal injury cases from customers and third parties. The injured victim will probably get a law firm offering top-notch legal solutions to represent them for a compensation claim. While lawsuits have financial implications, the loss of reputation can be a bigger issue. So you must do everything you can to steer clear of them in the first place.

Get the basics right

Besides avoiding specific legal issues, getting your basics right is equally important to protect your reputation as a startup. This is something that a majority of founders overlook and end up paying a heavy price. Double-check your calculations while doing sales figures, financials, and taxes. Go the extra mile with product design safety and testing and avoid service errors that may bring bad reviews. Do everything possible to keep customers happy because a single bad review can send your reputation plummeting. Even if you do get a negative review, address it immediately and try winning the customer’s favor.

Grow at an optimal pace

It may be great to experience booming growth and have a huge customer base quickly. But an unrealistic speed of growth can actually lead to unrealistic expectations that you may not be able to handle in the long run. Your efforts should be to move ahead at a consistent yet optimal pace, focusing on long-term relationships rather than only immediate revenues and profits. Keep a close eye on your growth graph and ensure that you are always on the right track. The processes you have in place should be scalable and reproducible with other people, rather than being dependent on only a few people.

Your reputation depends on your business and it works the other way around as well. So it becomes important to follow the best practices and be committed to giving the best to your customers. Avoid every small slip and admit your mistake even if you make them. A proactive approach towards resolving issues goes a long way in giving you a healthier reputation.

6 Ways To Improve Your Customer Service

/in /by

StrategyDriven Customer Relationship Management Article |Improve Customer Service|6 Ways To Improve Your Customer ServiceCustomer service has always been an important part of any successful business but in an economy that is struggling due to the Coronavirus pandemic, it has never been more vital to provide a flawless customer experience.

Have the right systems in place

Being available to your customers at the right times and on the right platforms is crucial. Most businesses have call centers and an online presence in the form of live chat, social media listening, and email. If your phone system is outdated then contact some specialist VOIP providers who will be able to advise you.

Learn to listen

Many companies can fall into the trap of just seeing their customers as faceless voices at the end of a phone or email. There is a real person with a real problem on the other side of any conversation.

Train your employees to actively listen rather than just read a script. Interact, engage, and empathize with your customers.

Use the right language

It can be easy to fall into an overly formal standard of language. It is seen as a way of communicating clearly and leaving no room for misinterpretation. It often has many negative effects on your customers. It is difficult to create a level of trust and friendliness, which is not good for your brand. When training your customer service reps, ensure that you create an atmosphere of friendliness and positivity.

Create experts in your customer service team

As a customer, there is nothing more infuriating than talking to someone who doesn’t know what they’re talking about or their lack of product knowledge. Even your first line support staff should know your products and services in-depth.

Respond in a timely manner

The time it takes for you to respond to a customer will have a huge impact on overall customer satisfaction. Not just the time it takes to answer the initial call but when responding to a customer’s query. Even if you don’t have a resolution to their issue right now, you should contact them to let them know you are still dealing with their issue.

Analyze customer feedback to improve

Continuous improvement cannot happen if you do not learn from your customer interaction. Rather than conduct a huge survey on an irregular basis, try building feedback into your daily customer service. Using feedback tools at the end of every customer service interaction will give you a real-time view of how you are performing. Changes can be made in a timely manner and improvements observed quickly.

Conclusion

Great customer service comes from really connecting with your customers on a professional and personal level. Customers expect speed, product knowledge, and a swift resolution to their issues. If you are failing to provide all of these, then you are going to start seeing the detrimental effects on your customer base and client retention. Use customer service as a key component in your business strategy.

Listen to your customers and improve your customer service levels accordingly in order to continue to improve.

How to Handle Back to Work Anxiety

/in /by

StrategyDriven Practices for Professionals Article |Work Anxiety|How to Handle Back to Work AnxietyAre you returning to the office? Businesses in many industries are starting to welcome employees back either on a full-time basis or a few days a week where remote working has been successful, but after months of working from home, it is understandable that many employees are feeling anxious.

So, what can an employee do to feel less anxious about returning to the office?

Learn About Changes

The fear of the unknown can be what causes the most anxiety, so it is useful to learn ahead of time what changes have been made to the office environment. It is likely that your manager/HR have been in touch but you can also speak to them directly which also gives you a chance to communicate your worries and work together to find ways to reduce stress and anxiety.

Socialize with Colleagues

Everyone is in the same boat so it is likely that you are not the only person feeling anxious which is why it is a good idea to speak to your colleagues and see how they are doing – of course, you will want to do this in a manner that you are comfortable with and by adhering to social distancing guidelines.

Prepare for the Commute

It is understandable that the commute is causing stress and anxiety, especially those using public transport. Wearing a face mask and having hand sanitizer is important, but it might also be useful to book online and try to travel at a quieter time. If you are getting on a train going to Portsmouth Harbour then you can book online which will give you one less thing to do on the day.

Have Something to Look Forward to

As with any type of anxiety, it is always helpful to have something to look forward to as a reward. This could be anything, but a few ideas include getting your favourite takeaway after work, going for a drink in the pub or buying yourself new clothes. You might also find it helpful to have a nice lunch planned in the middle of the day either with a colleague or by yourself if you are more comfortable.

Breathing Exercises

Breathing exercises are a proven way to reduce anxiety and can be done easily while on the train or simply sat at your desk so it is a good idea to teach yourself these exercises.

It is perfectly natural to have some anxiety returning to the office after months of working from home and with the virus still a threat. Hopefully, this post will give you a few ideas for ways that you can reduce anxiety and return to work with confidence – once you have done it once and got your feet under the desk, it is sure to feel like before.