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24 Oct
Building A Customer Focused Business
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Building A Customer Focused Business

What is the #1 asset in your business? Your customers, of course! They provide the revenue that keeps your business afloat and enables growth. Without your customers, you would not be in business.
Who does not like to feel familiar and appreciated? People in general like to be acknowledged and made to feel that they matter. The same goes for business. Getting to know your customers personally and showing interest in their business will make them more likely to stay with you. Personal attention is crucial and will result in referrals to other prospective customers. People who know your business and hold you in high regard are the best referrals.
Building a customer focused business is easy.  Focus on the customer, first.
1.  Get acquainted with your customer and learn about their business.  Understand their needs and show them how you can offer support.
2.  Be accessible.  When customers call, they want immediate answers  A customer focused business will have someone answering the phone and directing them to the appropriate person to solve any issues or  handle other needs.  Lack of accessibility will result in the     customer moving their business to your competitors.          
3.  Listen and understand questions and concerns.  Show them you are interested in them and their business and finding solutions for their issues.
4.  Do them a favor.  Customers  will often call with a critical request that may be against normal protocol. Don’t make it a habit, but accommodate them when the request is feasible. Be clear that this is not usually something you do, but that you want to help  and will make an exception this time. Accommodating them will show them that you really are focused on their needs.
Remember, the success of your business is a result of your customer’s success.
23 May
How Technology Has Improved Invoice Factoring

How Technology Has Improved Invoice Factoring

In today’s time, many people cannot imagine running a business without the aid of technology, and the evolution of technology has changed the way we do business on a daily basis. Computers, software, apps, video, etc. have allowed companies to expand their businesses well beyond the borders of their home base. For factoring, it has created endless possibilities for how and where business can be done.

In the late 70’s early 80’s as factoring was just coming to light as one of the newest options to assist businesses with cash flow, everything, for the most part, was done by hand, limiting the amount of business that a factoring company could take on. Because computers were relatively new to the business world and incredibly expensive, many companies used what they knew best, pen and paper. It took hours to process schedules, write checks, post payments and create and sign contracts. Face to face time was not lacking and allowed companies to build relationships with their clients, but it limited the number of clients one could take on.

As technology advanced, the factoring industry began to explode. Software programs began to take the place of pen and paper, allowing for more information to be processed faster, giving companies the ability to take on more clients. The use of email was a game changer for all industries. Faster communication with their clients created an avenue for growth. While face-to-face time is often lost, factoring companies could now expand their factoring efforts across the US and beyond. Online banking has given clients the ability to be funded immediately, right into their bank accounts. Social media has given the freedom to advertise and reach mass markets reducing marketing budgets.

Technology is an ever-advancing force that will continue to allow companies and industries to push beyond what they ever thought was possible. Factoring has grown exponentially and will only continue to reap the benefits that technology has to offer benefiting small businesses across the world. While technology has its positives and negatives, in the world of business, it’s again for everyone.

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