How is Your Customer Service?

When asked such a question, how do you answer it? Merely saying good or great is not enough! Instead, use metrics to stress your performance in this area.

Customer Service should be a strategic goal to make it a more prominent part of your company’s Mission. One should develop SMART metrics to track the progress of improvement towards this objective.

While your metrics can be related to internal benchmarks in providing customer service – such as wait time in answering phones, que time of service lines, speed in responding to client communications, timeliness in resolving issues, errors in shipments – also consider external measures of customer satisfaction.

How does the customer feel about doing business with your company? Is the client’s experience pleasant and rewarding? Measuring your customer’s experience is a critical part of evaluating your service levels.

Are you measuring your customers’ experiences? How? Should you? Every company serves customers in different ways; thus, the measurement metrics and process need to be customized. The important step is to start that process to analyze and improve customer service in your company.

Entrepreneurs – Do the Right Things to improve your Bottom Line!

Ravi Patel

Managing Your Cash Flows

Cash flow management is the most critical factor in an Entrepreneur’s ability to successfully grow a business. Yet more often that not, Entrepreneurs react to cash flow problems rather than actively managing this area.

Entrepreneurs need to ask themselves what metrics they are using to monitor cash flow. Are these the appropriate measures? How timely and useful are such metrics?

What type of tools are Entrepreneurs using to manage and more importantly increase the available cash in their business? Are these tools continually refined to make them effective?

Entrepreneurs would be better served to proactively manage their cash flows, or at least monitor this important area if such management is delegated to others in their organization. Don’t ignore cash management or it could become a critical issue for your business.

Ravi Patel

http://www.patelcfoservices.com

Published in: on August 25, 2015 at 4:10 am  Comments (2)  
Tags: , , , , ,

Managing your Cash Flow

Cash flow management is the most critical factor in an Entrepreneur’s ability to successfully grow a business. Yet more often that not, Entrepreneurs react to cash flow problems rather than actively managing this area.

Entrepreneurs need to ask themselves what metrics they are using to monitor cash flow. Are these the appropriate measures? How timely are such metrics?

What type of tools are Entrepreneurs using to manage and more importantly increase the available cash in their business? Are these tools continually refined to make them effective?

Entrepreneurs would be better served to proactively manage their cash flows, or at least monitor this important area if such management is delegated to others in their organization.

Ravi Patel

www,patelCFOservices.com

Published in: on June 25, 2013 at 4:51 am  Leave a Comment  
Tags: ,

You Can Improve Only What You Measure

Entrepreneurs might have heard this expression before. What does it imply?

As discussed often in this blog, implementing solid business processes is crucial for superior performance and growth. But, how does one know that the processes are continuously improving?

Do you have metrics in place to evaluate how well the processes are functioning? Have you identified and picked the relevant metrics? Are the measurements timely and widely communicated? Do you analyze the results and brainstorm ways to further improve the procedures?

If Entrepreneurs do not have effective measurement systems for their business processes, it will be difficult to analyze and improve your performance.

Ravi Patel

Honest Feedback for Entrepreneurs

In order to continuously improve themselves and their business operations, Entrepreneurs need honest feedback.

While their other employees may be somewhat reluctant to do so, hiring key management personnel who can provide honest feedback may be quite valuable. Obviously there is a fine balance that senior management employees need to maintain between being perceived as criticizing their boss versus being loyal to the company.

Entrepreneurs need to surround themselves with key neutral advisors who are open to providing honest and realistic feedback to Entrepreneurs. Such advisors could be informal friends and business associates, members of a Mastermind Group, or Board of Directors.

It is of course necessary for Entrepreneurs to be ready to accept such honest feedback.

Ravi Patel

www.patelCFOservices.com

Keeping Informed of Company Operations

Although I advise Entrepreneurs to let their key managers run their departments within broad operating parameters, it does not mean that the CEOs should be unaware of what is going on.

Entrepreneurs might want to set up a periodic reporting system with their key managers so they can stay informed on the operations of their businesses. Such reporting systems might include a summary of key accomplishments, planned upcoming activities and issues that might require assistance from the CEO.

A periodic reporting system allows Entrepreneurs to keep informed without micro managing their key managers on a daily basis.

Ravi Patel

www.patelCFOservices.com

Fix Your Credit to Obtain Credit

Although the principle seems too simplistic, I am amazed at the number of Entrepreneurs who get into situations where their personal or business credit affects their ability to obtain lines of credit or loans.

Entrepreneurs start their business ventures through personal funds or credit, hoping to repay themselves from the profits from their companies. However, as they continue to grow, the need for working capital compounds the problems often affecting not only their personal credit but the credit rating for their businesses.

These situations become a vicious cycle where getting out is often very difficult and expensive. Entrepreneurs need to get a handle on their personal and business credit to afford them the opportunity to fund growth for their businesses.

Ravi Patel

www.patelCFOservices.com

How Will You Deal With Potential Inflation?

Given the extraordinary and irrational current and planned government spending levels and resulting deficits, it is not abnormal to anticipate severe inflationary pressures on the economy.

If the other anti-inflationary factors do not not kick in over the next few years, Entrepreneurs will be faced with huge inflationary risks for their businesses.

Does you planning process take such inflationary risks into account?  What type of counter measures are you planning? Entrepreneurs may want to be proactive and start now to develop strategies to deal with potential inflation.

Please contact us at Patel CFO Services (www.patelCFOservices.com) if we can assist you in this process.

Ravi Patel

www.patelCFOservices.com

Are Vacations Mandatory?

Vacations are offered at almost all companies as a benefit to the employees. Employees use this time to spend leisure or social time with their families. Employees can hopefully recharge their batteries to come back to work rejuvenated.

Do you require vacations to be mandatory or can employees use the unutilized vacation time as extra cash compensation? If it is the latter, you might be doing a disservice to your employees. Vacations are meant to be used as a benefit for relaxation and should be used as such.

There is another important internal control feature in requiring mandatory vacations. It allows companies to uncover any irregular activities, if there are any, during the absence of  employees. Entrepreneurs should keep in mind this internal control aspect.

Ravi Patel

www.patelCFOservices.com

Is Your Banking Relationship Changing?

Entrepreneurs may want to get a pulse of their current banking relationship.

Given the tightening of government control over the banking industry, many banks are required to strengthen their capital:debt ratios. As a result of this, banks are reevaluating credit lines and debt relationships with clients.

Entrepreneurs may want to sit down with their banker and get a sense of what is going on at their bank. It might be prudent to draw up backup plans if Entrepreneurs get a feeling that the banking relationship is about to change.

Ravi Patel

www.patelCFOservices.com