Measuring and encouraging customer retention is important for businesses in many industries. There are a couple of great measures to see how you are doing in this area. We’ll explain those and provide some tactical tips in this article. Measuring Customer Retention The most common metric to measure customer retention is the customer retention ratio. The best report to run to gather the data for this is a Revenue by Customer Summary Report. Each customer
Most large businesses have developed mission, vision, and values statements to help guide them and inform stakeholders about the company’s strategic direction. Going through this strategic exercise is a wonderful idea for even the smallest business as well. A company’s mission statement lists its core purpose and desired impact for employees, customers, owners, and other stakeholders. A vision statement defines what the company wants to be. A values statement describes what the company stands for.
Collecting money from customers is a key function in any business, and the more automated this process is, the better. The payment function varies by type of business, but more and more, there are online options available for collecting money over the internet. Here are few tips on what that looks like. Your Website The perfect place to collect money from a customer is your website. Or is it? Actually, it’s not, but wait, let
Most entrepreneurs would agree that owning a business is an incredible privilege, and they would likely never want to go back to working for someone else. However, we all have our days! And sometimes those rough days can turn into weeks. If we’ve temporarily lost a little bit of our entrepreneurial passion, how can we get that back? Here are some tips. Customer Reviews Reading reviews left by customers about your business can help you
There’s more to being financially resilient than simply saving enough money for a rainy day. A part of being financially responsible is maintaining good financial records – and making sure people who need access to your records know where to find them if something happens to you. Here are some ideas for your consideration. Communicating your goals Too many families spend little to no time talking about money, and this habit lowers the financial literacy