Building Business Relationships

Building business relationships just doesn’t happen overnight. They are an integral part of success however, it seems as though many business owners don’t want to put the time and dedication into building trusting relationships. That attitude is a losing proposition. The network of business professionals that we develop should be our trusting advisors and someone we can count on for prudent advice, especially if we are struggling with a specific client or prospect scenario.

Be authentic and accept people for who they are, is always a good starting point. This will lead to mutual respect which is a building block. Let a business prospect and client know that you’re not only interested in their immediate need, but also in their business’s future. DO NOT overcharge or take advantage of your clients but instead, advise them and demonstrate how you add value to their business and why.

Overcharging clients will tarnish your reputation and sooner than later new business referrals will become nonexistent. At Capital Biz Solutions we believe in building solid business relationships. It has paid dividends for us, as we have been the recipient of repeat business from our client base. We invite you to visit us on the web at www.capitalbizsolutions.com. Please check out our Google Reviews and our BBB Rating. We look forward to assisting you with your working capital needs.

6 invaluable tips for creating a successful customer service strategy

6 invaluable tips for creating a successful customer service strategy

Wanting to place your customer at the center of your business sounds easy, but it is much harder than you think. For years, companies have been developing a specific company culture and have pursued a set of priorities that are difficult to change. Very often, putting the customer first means relegating shareholders and employees to second place. So, how can we bring about this transformation? Here are six strategies that will help you to achieve it:

1 – Demonstrate that the customer is important

Many of your co-workers (and even your boss) will tell you that the customer is the number one priority, yet two seconds later they are making decisions that do not take the customer into account. To really change the culture of a company and the reasoning behind important decisions, you have to prove to the entire company (without exception) that the customer is the lifeblood of every business.

There are a host of arguments you can use: it is the customer who pays everyone’s salaries, awards bonuses at the end of the year, and even serve the shareholders. Good customer service has a direct impact on the company’s bottom line. A company is nothing without its customers; they are its most important asset. Repeat these techniques over and over again (for example, begin each meeting by talking about a particular customer) and provide numerous examples to demonstrate that this is true.

2 – Establish fast and user-friendly customer service processes

Many companies have spent years building barriers and bureaucratic hurdles in customer service. If you want to make the customer the real boss in your company, you have to knock down all these walls and make communication as smooth as possible. Ensure that customer service is fast (no customer should have to wait more than 30 seconds on the phone), set up different touchpoints (telephone, chat service, email, face-to-face contact, etc.) and processes that allow you to deal quickly with product returns, customer complaints, and inquiries.

3 – Hire professionals that care about the customer

If you want to create a customer-centric company, bear this in mind when hiring staff. Ask candidates about their experience in customer service (even if they are never going to see a customer!), take advantage of the interview to tell them about the company’s values, and look for people who are empathetic, friendly, and good communicators. If you want to provide the best customer service experience, you have to hire the best.

4 – Empower employees

John Tschohl, regarded as the guru of customer service, never tires of repeating this: employees should have the freedom and power (empowerment) to make quick decisions for the benefit of the customer. Very often, employees dealing with the public are obliged to check with their supervisors or seek their approval for product returns. In Tschohl’s opinion, this is one of the greatest bottlenecks of customer service. Employees must be empowered to make decisions at top speed, on the spot, and always for the benefit of the customer.

5 – Use new technologies

While face-to-face contact is always important, when you have hundreds, thousands, or even millions of customers you are going to have to invest in technology. And we are talking about technology developed specifically to enhance the customer experience. This might include a live chat service 24 hours a day, automatic options for product returns (with a simple click), online warranty services, or free delivery. The goal, once again, is to ensure that your customers enjoy your service (and become fans of your brand).

6 – Measure, measure, and measure again

If you want to identify the strengths and weaknesses of your customer service, you will have no choice but to measure, measure, and then measure some more. This exercise will help you to understand the importance of the customer and the huge impact they have on your organization. To do this, assess basic indicators such as the Net Promoter Score (NPS, or recommendation rate), use the mystery shopping technique, measure the number of complaints, average waiting time, number of interactions needed to resolve a problem, and the key performance indicators. This will not only help you to enhance the customer experience, but also to raise awareness of the “cult of the customer” throughout the organization.

Equity Financing vs. Debt Financing: What's the difference?

Equity Financing vs. Debt Financing: An Overview

To raise capital for business needs, companies primarily have two types of financing as an option: equity financing and debt financing. Most companies use a combination of debt and equity financing, but there are some distinct advantages to both. Principal among them is that equity financing carries no repayment obligation and provides extra working capital that can be used to grow a business. Debt financing on the other hand does not require giving up a portion of ownership.

Companies usually have a choice as to whether to seek debt or equity financing. The choice often depends upon which source of funding is most easily accessible for the company, its cash flow, and how important maintaining control of the company is to its principal owners. The debt-to-equity-ratio shows how much of a company's financing is proportionately provided by debt and equity. At Capital Biz Solutions we have financing options for both debt & equity funding. Kindly visit us on the web at www.capitalbizsolutions.com or simply call us at 508 864 7758. We look forward to assisting you with your working capital needs.

KEY TAKEAWAYS

• There are two types of financing available to a company when it needs to raise capital: equity financing and debt financing.

• Debt financing involves the borrowing of money whereas equity financing involves selling a portion of equity in the company.

• The main advantage of equity financing is that there is no obligation to repay the money acquired through it.

• Equity financing places no additional financial burden on the company, however, the downside is quite large.

• The main advantage of debt financing is that a business owner does not give up any control of the business as they do with equity financing.

• Creditors look favorably upon a relatively low debt-to-equity ratio, which benefits the company if it needs to access additional debt financing in the future.

"Cannabis Lending"

The Cannabis Industry appears to be exploding with medical marijuana legalized in 34 states. Eleven states have also legalized it for recreational use. The industry is comprised of growers, producers, cultivators, processors and a retail businesses that continues to grow. Several states have legalized its use for medicinal or recreational use. Some states have legalized both uses.

Several other states are attempting to legalize marijuana this year in 2020. The global legal marijuana estimate could reach $145.5 billion in sales by FYE 2025 according to Grand View Research. Capital Biz Solutions has cultivated lender affiliations throughout the US and Canada in the Cannabis Industry. Whether you’re looking to purchase equipment or close a commercial real estate deal for your cannabis business, Capital Biz Solutions has the precise lending solution for you. Equipment leasing options are also available. Please visit us on the web at www.capitalbizsolutions.com. Feel free to contact me directly at gene@capitalbiz.net. We look forward to helping you grow your cannabis business.

Working Capital Post (COVID-19)

We have seen the unemployment rate rise north of 16% with over 40 Million unemployment claims filed. A staggering amount! The government has flooded the economy with 10 trillion dollars in stimulus money with PPP loans, and several other loans from the Cares Act. Some of this liquidity has been a saving grace for many business owners who were at least able to stabilize some parts of their ongoing enterprise. Other businesses will find it difficult to continue and will be forced into bankruptcy. Most of the liquidity on the PPP loans will be exhausted in the next 90 days or so.

The question is how is your company positioned, and how much more liquidity will you need to continue to grow or stabilize your business? Traditional banks will be tightening their lending parameters as underwriting guidelines have changed and risk measures continue to increase.

At Capital Biz Solutions, we have a multitude of lenders that are still lending in this difficult environment. Whether your seeking to purchase an asset, fund your receivables, or acquire a business., Capital Biz Solutions has several lending solutions that can help create cash flow for your business. Please visit us on the web at capitalbizsolutions.com or simply call us at 508 864 7758. We are happy to help because satisfied clients are the key to our success, and we achieve our goals, one client, at a time.