Customer Service + Longevity
Trying to get new customers is a full-time job. Potentially, prospective customers are everywhere, but getting their interest and attention can be extremely time consuming. Sometimes there isn’t much time left over to focus on other customer service and sales related aspects of managing your business. One strategy many businesses use is to try to obtain repeat business from former or existing customers. It’s far easier to get a sale from someone who has already purchased from you, especially if they had a great experience
When Was The Last Time You Checked On An Old Customer?
Existing customers can easily get lost (and forgotten) in the shuffle when a business is trying to grow. Unfortunately, when we lose an existing customer for a new one, we haven’t gained anything. We have however, lost time, money, and effort by letting one get away. With every customer that goes somewhere else, their investment (in you) goes with them. They will also be the hardest customer to get back. In Entrepreneur Magazine, Gary Vaynerchuk’s blog reminds us of the difference between farming and hunting when it comes to repeat customers,
“Farming is focused on nurturing your customer through a caring relationship. Hunting is trying to close another deal…”
Retention
In a challenging economic environment sometimes all you can hope for is retention, when it comes to market share. Customers will only be loyal to you if you are loyal — and attentive, to them. A loyal customer base is what creates the foundation … READ MORE ...
Discover Unknown Benefits of Having a Travel Insurance on Canada Trip
Canada is a land of scenic beauty. However, a badly planned trip to Canada can give one a sour time. In the itinerary checklist, one should never forget to get travel insurance. Travel insurance for Canada can save you from unforeseen expenses. A wide range of cover can be availed in travel insurance such as cover for damage from an accident, medical emergencies, theft of personal belongings or cancellation of flights. While evaluating travel insurance plans, make sure to look for different categories of policies based on factors like category of the person traveling – senior citizen, businessmen, etc. A frequent traveller, for example, can choose an annual plan. Tailoring an insurance policy so that it covers a group is also available. Some of the major benefits that you can avail on buying travel insurance Canada are:
Get a Cost-Efficient Comprehensive Cover
The mundane task of buying travel insurance can actually sometimes help you avoid grave financial losses. Begin by listing down the covers that you need. Then, if you are traveling in a group, list down the categories of people. In case you are a frequent flyer, list down the number of trips. Buying a policy that suits your needs means avoiding buying an expensive policy that does not meet your demands. It also assists in avoiding cheap policies that do not provide adequate cover.
Travel Policy Covers Medical Emergencies
Traveling overseas can mean falling prey to unfamiliar illness. For anyone who is travelling to another country, this is … READ MORE ...
Alternatives and Tips for Working Capital Financing by Banks
Canadian business owners and financial managers who seek finance by banks or other sources generally experience growth in sales and profits. That’s the good news, which of course is offset by the fact that this type of success requires additional working capital.
Liquidity has become the name of the game and ‘money is king’ even today never seems like an old-fashioned cliche? . A recent study by the Conference Board of Canada shows that the main concern of business owners is working capital cash flow. (Also referred to as ‘regulatory and competition issues’)
So you have assets … but can those assets generate cash flow by banks or other alternative sources.
For working capital needs, this is all about ‘current assets’ which includes receivables and inventory. When you invest in these two assets to generate sales, your working capital needs increase, and your ability to manage and hand over those assets plays a key role in the provision of working capital by banks, and non-bank institutions.
You don’t need to be afraid to get into traditional or alternative working capital solutions if you have managed your current assets correctly – you only make money for liquidity, and that is rarely a bad thing.
So, Canadian chartered banks are the solution for your needs. Maybe, maybe, maybe our answer, which means that if your company is able to meet the bank’s criteria for a revolving credit line, your needs can usually be met. What is even more concerning for our clients … READ MORE ...
Alternative Sources of Finance for Uganda: Mara Launch Fund
One of the alternative sources of finance for Uganda is the Mara Launch fund. For many Ugandans, particularly those starting out in business with only a concept, this is a good place to start.
Basic information
Target: Start ups and early stage businesses
Sector focus: All
Amounts provided: UGX 5,000,000- UGX 10,000,000
Funding type: Venture capital
Means, rather than providing a loan, the fund takes a % of shares in the company
Key criteria
Model can be repeated across Africa;
Profitable business within 3-5 years (exit period for fund);
Strong management
Further information
search online for “Mara Launch Fund”
Tel: +256(0)414 233 700/800
Who is behind the fund?
Ashish J. Thakkar; CEO,Mara Group;
Alex Rezida, Partner at Nangwala, Rezida & Co. advocates; and
Peter Mukiza, Managing Partner in Uganda for Quantum capital.
What is the process like?
1. Submit business plan should include information consistent with the key criteria for the fund.
2. Introductory meeting. If the fund likes the plan, the investor will meet the fund team.
3. Due means the fund “verifies” the information presented in the plan.
4. Term sheet. Document spelling out the basic terms and conditions.
My view/tips for success in accessing the funds for your business
1. Team:Venture capital funds like Mara know that a great team will develop and implement the idea successfully. If you have no internal capacity, have a professional join you so that your plan includes a strong team.
2. Executive summary. Investors are busy people and so … READ MORE ...
What is Manufacturing Financing?
The manufacturing industry as we know it is one of the most important and biggest industries in the world. In fact, it is so large that it has a value of over 2 trillion dollars, and is known to make up 11% of all the industries that exist financial though this is an industry that is very valuable and worth a lot of money, some manufacturing companies find it hard to keep financial sustainability. Financing is no doubt important for every industry, especially for manufacturing companies that have a lot of product production expenses. Financial organizations can be complex for manufacturers to keep up with since they have multiple factors that have a lot to do with funding. This includes completing purchase orders, paying bills to run the factory, buying essential tools and materials and of course running the projection of the machinery and equipment. Once all of this adds up, the price and total can make almost any manufacturing business feel pressured in their finances. But fortunately, there are ways that manufacturers can get help in their financial area so that they have balance in their business. Here are details about manufacturing finances and also how to get a loan for financial help :
First, What Is Manufacturing Financing?
If there is no excellent financial health when managing a manufacturing business, it is most likely that the manufacturing production will be unsuccessful. But the problem that most companies find with manufacturing is that others can come in very rapidly … READ MORE ...