Repeat business plays a vital role in the success of small business revenue growth. According to recent research by Gartner Group, just a 5% boost in customer retention can increase business profits by 25%-125%. In addition, 80% of your future profits will come from 20% of your loyal customers. If you want to focus on increasing customer retention, consider the...
From fickle customers to changes in supply lines, and from tax increases to regulatory changes, there’s a lot of risks involved in running a small business. How a company feels about its chances for success or its likelihood of failure is often called business confidence. Small business confidence reflects how small, “mom and pop” companies feel about their future. In...
Running a business is all about balancing money in and money out with the ultimate objective of generating maximum profits. However, due to delayed customer payments and frequent expansions and restocking, it is normal for a business to need more capital than it can afford from time to time, which calls for the borrowing of business funds. While credit has...
It doesn’t matter how big or small your business is or what sector you operate in, you can challenge your competition in the digital age using a combination of technology and business awareness. There is no secret to how to make the most of your business and offer a real challenge to even the most established of competitors, and by...
Businesses are consistently being grinded under expenses that rise every year. Many businesses tend to counterattack this but end up compromising on their quality, production and customers, too, because they have no knowledge on how to reduce expenses. Reducing expenses has become a necessity for both smaller and bigger businesses because cost of various things keep on rising with time...
In America, annual costs relating to loss of productivity due to employee absence are estimated at $84 billion. When you are running a high risk company, it is important to keep employee absence to a minimum, so that it doesn’t have a financial impact. Increasing your business profits means having staff that you can rely on, that are committed to...
Becoming your own boss can be both an exciting and scary prospect, but if you’ve got talent, vision, and persistence, having your own business can free you from debt. However, it all starts with good debt management because the 452, 835 businesses born in 2014 mostly got their startup money from their own savings. Based on the report, entrepreneurship has...
Where it used to be that you would need to leave your home and go to your place of employment in order to make money, today, more and more at-home businesses are being started. Whether you are looking to create an at-home business that is your sole source of income or it’s meant to be more of a side job,...
It won’t be easy to provide a great experience to callers after they’ve been put on hold. Most customers will tolerate a little hold time but will lose patience quickly, which will result in either an angry caller or even worse – an abandoned call. This will lead to a poor customer experience, which is something not a single company...
The revised Directive on Payment Services (PSD2) is to be implemented in January 2018. PSD2 is going to introduce new rules focused on opening access to payment account information to 3rd parties. The Payment Services Directive (PSD, 2007/64/EC) is an EU Directive, administered by the European Commission (Directorate General Internal Market) to regulate payment services and payment service providers throughout...
