Customer Communication: How to Improve your Company’s Site

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In the entrepreneurship sector, customer communication has become one of the hall markers for success. While as much as we would like to focus our attention in creating the best product and service for our client, in reality, this is just half the battle. The second half requires the day-to-day operations of customer communication. When we look at customer communication in a bird’s eye view, the overall procedure plays a grander role in building that much needed rapport for company-client relationships. It allows customers to gain the necessary information they need, while also giving the company the essential communication in how we can improve each and every day.

As you have probably noticed in your business, the customer will, and will always be, king. In addition to what you are doing now, there is always ways in which you can improve and maximize customer communication channels, especially on your website. To compete with them, start taking a different approach in how you market and communicate your brand, your product, and your company online.

Below, I have provided five tips for you can improve your company website. These tips break down the overall logistics you need so that your customers have a holistic understand of your company and your services.

Get Into the Mind of the a Customer

Like in any business, you want to make sure you are looking at things in the perspective of your client, especially for your website. Having this holistic open-minded outlook will allow you to fix any tweaks or misunderstandings clients may have when viewing your site. Start off by signing onto your site. Ask yourself a variety of questions:

  • Will they be able to get in contact with us?
  • Does our site highlight our Vision, Goals, and Beliefs?
  • Do we showcase our product and service to the best of our abilities?

If you are able to answer the following questions, your site is in good hands. If, however, you are struggling to find detail-oriented answers for these questions, then this may be a great starting point in revamping your company site.

About, Contacts, & Vision and Goals Pages

Regardless of what field or industry that you are in, you want to make sure your customers have a strong understand of your company and your services. To accomplish this, make sure you have a page (or pages) that showcases your company history, your products, and your vision and goals. Having this type of information allows customers to understand the type of people they are doing business with while also adding a level of trust and faith for the reputation of your company. To enhance this even further, make sure you have a contact page where your clients and customers can communicate their questions, concerns, or thoughts about your business and your services.

Showcase your Work

To help build up a strong and sound reputation, you should try and provide videos, photographs, and reviews on your company site. This will once again prove to your customers how trustworthy you are as a company. Make sure that these videos, photographs, and reviews highlight your mission and customer satisfaction. One thing I would advise is to not over do this process. Two to three videos are enough to showcase your company’s services. Anything more can be overwhelming, or worse dishonest, to your clients and customers. Be natural and organic. If there are some flaws, make sure you stay ahead of the game and highlight what your new product will do to overcome this problem.

Live Chat Feature

Now, some of the best customer service sites are those that have live chat features. When a visitor lands on your site, you want to make sure they are able to get their questions answered easily and conveniently. To enhance this without simplify your content, try and add a ‘Live Chat’ software where a person can communicate freely with someone at your company. Having this option can help guide and support those visiting your site and provide them with that much needed information.

Stay on top of your Social Media

Like it or not, we live in the digital age where social media is one of many marketing tools for the future. For many people, this concept can be unfamiliar. While it may be daunting to jump into a new field, familiarizing and enhancing yourself with various SEO tactics can be the game changer you need in improving customer communication. To optimize this to its fullest, make sure you have the following

  • Facebook
  • Twitter
  • Blog (on your site or a new site)

These big three social media platforms provide your customers with real-time communication. In addition, it gives your company an opportunity to branch out and tap an online market that can benefit your sales and your image.

Once all of this is done, be sure to test out these features. As you navigate through your company site, you want to once again assume the perspective of your customers and make sure you are able to go through each page with ease. Having this constant mentality of your customer’s perspective will help you refine and enhance any glitches so that your business’s customer satisfaction can improve each and every day.

Knowing the Numbers to Evaluate Your Business’s Financial Health

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The beginning stages of any entrepreneurial life are always filled with obstacles, hesitation, and uncertainty. While many news headlines, shows, and 30-Under-30 listings create an idyllic stereotypical image of a young CEO with thriving company, the harsh reality is actually quite shocking. Statistically, 90% of all startups tend to fail. While there can be a variety of reasons of why so many startups tend to fail, such as lack of management or lack of public interest, the main reason can attribute to the fact that their business leaders do not look at the numbers.

When running a business, you need to make sure that you are internalizing the overall value of your company. By understanding the financial health and financial position of your company, you will be able to move your business to the right path for the future. Many business leaders assume that because of their success from the previous months that their business is growing, if not stable. This is a huge mistake. Regardless of where your company stands, make sure you know your numbers. As we enter into a new year, you want to make sure you are gaining a strong stance over your finances. This type of organizational understanding will give you the ability to outline your personal and financial goals while additionally altering any necessary steps so that you can further better your company. One incredibly beneficial way to do this is by analyzing your company’s balance sheet.

“It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.” Warren Buffet

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A balance sheet is the primary financial tool for assessing the relative financial health of a business at any given point in time. Oftentimes, this is referred to a snapshot because it provides a business leader with a clear and accurate picture of where the business is at that current moment. When looking at your balance sheet, the figures are broken down into three figures: assets, liabilities, and equity. When we are talking about assets, we are generally referring to the economic value that an individual, firm, or company owns and controls. This figure is often compared against a company’s liabilities. Liabilities, by definition, are a company’s legal debt and expense obligations that arise during the course of a business operation. These two figures are then compared and contrast to calculate the overall equity and net worth of the company. Equity is found by simply finding the difference between the assets and the liabilities. By evaluating these numbers, you will be able to plan and strategize big managerial, operational, or financial decisions to further better your company for the 2016-year.

Once you have analyzed and understood the overall figures for your company, begin preplanning for any big expensive moments. Remember, there is always room and growth for saving. Review the quantitative monthly expenses through your liabilities and begin mapping out any future expenses for the year. For example, rent increase, office materials, company expansion etc. This will allow you to prepare for those financial speed bumps later on and recover when need be.

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Last but not least, create various financial goals for the 2016-year. Many companies already do this with quarterly evaluations. Like them, see this as a window of opportunity to improve your company in hitting stronger financial objectives. This, of course, goes back to the numbers on the balance sheet. After attaining a holistic understanding of the previous year, try and set up specific financial goals you want to hit at the end of three months. For example, say you want to hit half a million in sales. Ask yourself how that number compares to the previous year and what you can do to attain that objective. When planning these goals, keep in mind that number in mind and plan out an overall attainable action plan. The main idea is to be both ambitious and realistic. Take those numbers and create a tangible goal that you know your company can hit, especially for the end of the year.

Five Main Economic Terms You Should Know

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Regardless of your industry or field, economics plays a large portion in our lives. It is the reason and strategy of the decisions we make in our lives each and everyday. Because of that reason, it is imperative that you have a basic understanding of some of the big economical terms used all throughout the world. Below, you will find five basic economic concepts that everyone should understand. By knowing them, you will be able to optimize your decision-making skills in every aspect of the day.

Supply and Demand

Supply and demand is the amount of commodity, product, or service that is available and desired for buyers and sellers within a particular market. Depending on the amount available and the demand ask, the overall regulation price of a product can fluctuate throughout time. Take for example the iPhone from Apple. Because of its high demands, the price for a particular phone or package will be at a constant high. To go beyond the scope of the product, we also need to encapsulate the overall cause and effect relationship supply and demand can have on a market. Continuing with the example of the iPhone, the materials and products needed to make the phone itself can also increase simply because of the demand. By understanding this relationship, you will be able to conceptualize the impact that products, prices, and demands can with each other.

Gross Domestic Product (GDP)

The gross domestic product, commonly referred to as the GDP, is the broadest quantitative measure of a nation’s total economic activity. More specifically, the GDP represents the monetary value of all goods and services produced within a nation’s geographic border over a specified period of time, usually annually. This number is one of the primary indicators used to gauge the health of the country’s economy. To have a quantitative number on the total dollar value of all goods and service produces gives business and political leaders the necessary ideas and strategies of what they can do to improve or change the economy for the better.

Cost-Benefits Analysis

Cost-benefit analysis encompasses the cornerstone of our rational expectations and logistical decisions. By definition, it is a systematic approach to estimate the strengths and weaknesses of alternative options that can satisfy transactions, activities, or functional requirements of a business. In simplistic terms, it is the idea of finding the most beneficial situation that can benefit an individual with the least amount of cost. Take for example you are running a business and you need to produce one hundred million products. If you can produce that same amount in the same quality for a cheaper price, wouldn’t it make sense to go for the cheaper option? This type of sound thinking is something entrepreneurs and business executives utilize in their everyday life within the private sector.

Inflation

Inflation by definition is the rate at which the general level of prices for goods and services is rising and, consequently, the purchasing power of currency is falling. Take for example if the inflation rate is 5%. If a candy bar cost $1.00 in a given year, the cost will be $1.05 next year. This means that as goods and services require more money to purchase thus impacting the value of the money, which will decrease.

Scarcity

Scarcity is the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources. Think of this within the gas and energy sector where we are dealing some of the world’s most limited resources. With such limits, this of course impacts the overall price. Go back to the idea of supply and demand and how much effect it can have on the price of goods.

House Votes to Lift Oil-Export Ban, White House Vetoes

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The beginning of October 2015 was an absolutely historic moment in the power and oil sector where the House voted to lift the 40-year-old ban on the export of U.S. crude oil that has been in place since 1975 during the height of the Arab oil embargo. Lawmakers voted 261 to 159 to ending the 40-year prohibition. For oil producers and lawmakers from oil-producing states, the repeal is seen as a way to find new markets for American energy and to bring back jobs to districts that have been hit hard from the excess supply by allowing American fuel to be sold overseas.

(Learn more about the benefits here.)

While many Republicans have come out in favor of the idea, the vote has fueled a clash with most Democrats, including President Barack Obama. President Obama sent out a powerful message to Congress and to the American public regarding the issue. He states that the administration is unlikely to sign off on any measures expanding fossil fuel production and sales even if those measures carry economic benefits for the country. Presidential candidate Hillary Clinton added on with the negative ramifications that the lifting of the ban could have on the environment. This supports many environmental groups who also oppose the lifting of the ban, arguing that doing so could further stimulate production of fossil fuels.

George Baker, executive director of the coalition of more than a dozen oil companies such as Marathon Oil Corp and Apache Corp states, “this is a vote to level the playing field for U.S. workers and businesses who should be allowed to compete against foreign oil suppliers like Iran and Russia.” Baker continues by stating various benefits that the lift could have on the American public. Allowing oil exports would not only provide equal opportunities but also eliminate the market distortions, create jobs, and stimulate more U.S. petroleum production, which has increased significantly (80%) since 2008.

(Learn more about the vote here.)

Regardless of the benefits, the White House plans on threatening to veto the bill. They believe that Congress should focus its efforts on supporting transitions to a low-carbon economy.

Currently, 235 Republicans and 26 Democrats supported the bill. These numbers are short of the 290 needed to override a presidential veto.

While this is currently still a heated topic, some politicians are going a different route stating the ban no longer holds value. According to a report released this year by the Energy Information Administration, the U.S. may achieve energy interdependence between 2020 or 2030. For them, tinkering with the import and export won’t change things. What matters is who has the oil and how much.

So the questions remain. Should the ban be lifted? Do the benefits outweigh the costs? Is this the right move for the American public? For now, we can only just watch. The chess pieces are already at play. Let’s just hope we see our futures with a checkmate.