business process improvement – Page 16

October 7, 2013

Marketing and Sales Needs System and Process Automation

Running a business means finding and keeping customers who will buy from you. This isn’t necessarily easy, particularly with the number and variety of “impressions” people get throughout their day. It used to be that simply locating a business in the right place would generate drive-by traffic, with location being the key to generating impressions and causing people to actually stop and shop. Impressions – yes, those brief instances where your brand or service is viewed – count.

The entire lifecycle of the customer relationship starts with the first impression, so it needs to be a good one. Marketing impressions expose your business and products to prospective customers, with efforts oriented towards the generation of sales leads. A lead is a business or individual that may ultimately develop into a sales or business opportunity. Rather than attempting to engage with businesses or individuals one at a time, businesses use marketing to target large groups in hopes of earning the permission to engage group members in more focused or individualized sales activities. When the business earns the ability to communicate directly with a prospective buyer, a sales lead is generated, and the business now has a prospective customer and the potential to make a sale.

Sales leads don’t stop becoming leads just because they purchase from you. Every customer remains an ongoing opportunity to generate new business directly or indirectly via referrals or recommendations. The best case scenario for your business is when you know when and why your customer buys from you, when the customer wants more, and that they will refer their friends or business associates to you.

Part of the problem with marketing and sales is that there are often too few people and/or resources to apply to the task. Most businesses aren’t in the position of simply throwing money at a problem (which rarely actually solves the problem), so it becomes essential that you find a way to get the job done with the same or fewer people and resources. The keys to solving this problem are systems and processes (automation). Automation doesn’t always mean that there is an “automatic system” somewhere which performs all of the tasks for you. In most cases, it simply means that the process is structured, efficient, and is able to be effectively repeated without significant deviation or loss. Structured systems and processes, along with a strong commitment to capturing activity data and measuring results, is the foundation which will support growth.

Marketing Automation Explained (Infographic) | The automation of business function is set to be the new trend in 2014. There are already dozens of sales, marketing and finance automation options, and for good reason: The quantifiable returns they provide are undeniable. Here is a look at marketing automation and how it works.

http://www.entrepreneur.com/article/227923#ixzz2ghHq9Qpn

From the very first impression through the conclusion of the sale and ongoing, it is essential to capture the data which describes the activities and events around doing business with your customers. It is important to track unsuccessful efforts as well as those which are successful. By understanding what does not work, you develop valuable insight which helps refine the process and the approach, resulting in fewer wasted efforts. The accumulated data tells the story of how you earn new business and how you create a customer relationship, which helps you understand how and where you are successful in earning new business and why you are able to retain loyal customers.

Joanie Mann Bunny Feet Make Sense?

October 2, 2013

Banks and Small Business: Finding the “Just Right” Fit Isn’t Easy

Banks need business customers because business accounts provide more profitability than consumer accounts. By volume, there are more small businesses in the US than mid-size or enterprise businesses, which you would think would be a good thing for the banks – more business customers, right? It seems not so much.

For many banks, the problem is that they don’t appear to really know how to service – or even identify – these small business customers. The majority of small businesses in the US don’t have employees, so direct deposit and payroll solutions aren’t something they are looking for. Many of these small businesses operate from the business owner’s home rather than an office, and don’t generate the revenues (=deposits) that bigger businesses do.

To a bank, most small businesses look like consumers. These small businesses are treated like consumers – are offered consumer-level services and are not educated on what business banking services might be able to do for them. In reality, the banks really don’t have much to say to these small business owners, because the services offered by the banks are simply not a great fit. There are studies which suggest that the small business market is fairly evenly divided, with approximately 50% using consumer banking services rather than those designed for business use. Given the inability of the banks to even identify those consumer banking customers who are actually small businesses, I would suggest that the percentage is even higher.

There are three primary elements tied to banking which should be better-positioned to assist small business owners in leveraging their banking relationships to the benefit of the business and not just the bank. If the financial institutions can find a way to meet these three essential needs for smaller businesses, they would likely find that more small businesses would embrace business banking services, resulting in greater profitability for the bank.

e-Payments

Use of electronic payments services represents a growing trend in small businesses and needs to be better-addressed by the financial institutions rather than purely retail providers. Small businesses are increasingly using the Internet and online technologies to service their various business needs, and payments processing is among the top sellers. Providing SOLO/SOHO and other small businesses with the ability to process payments at any time and from anywhere has become a big driver for this type of solution. The popularity of Pay Pal, Intuit GoPayment and Square payment solutions is a testament to the need for such services in the small business market, yet the broadest use continues to be within retail providers rather than directly via the financial institutions.

Entitlements

Security and access controls to account and transaction information (frequently referred to as “entitlements” attached to business accounts) are hugely valuable for small businesses. Most small business owners engage bookkeeping or accounting professionals at some point, and the process of accounting for the business activities is improved dramatically when those professionals are able to access the information directly from the financial institution. Unfortunately, it is only with the more expensive business class accounts that most banks provide the means for account holders to grant access to account and/or transaction information for accountants and bookkeepers, financial advisors, etc. Allowing small businesses to benefit from this type of security and control of their accounts is tremendous, yet the overall costs of the associated business banking solutions are often simply too great for the small business to bear. The result is either a lack of privacy, security and control, where the business owner must grant unfettered access to account information to a 3^rd party bookkeeper or accountant, or the business owner simply continues to pay for manual bookkeeping transaction entry.

Cash Management

Most small businesses operate on cash, and expense and cash management is essential to maintaining operations. Consumer banking solutions may offer limited capabilities for expense and cash reporting, but the services offered through many business banking portals would be far more beneficial for the business, reflecting trends and providing more insight relating to business financial activities and business behavior. Unfortunately, many of these services designed for business customers are oriented towards the larger organization, and are far too complicated or expensive to provide real value to the owner of a small business.

Small businesses fuel the economy, yet remain a largely untapped market in terms of business banking and other services. Small businesses run “under the radar” of many service providers because they have not reached the point where the obviously available business services (e.g, the more profitable banking solutions) seem attractive to them. Banks need to recognize that serving the small business customer well – providing the services which help small businesses grow into bigger businesses – is ultimately the key to acquiring new customers for whom the big banking solutions fit.

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Read more about small business banking and credit

September 25, 2013September 25, 2013

Enterprise Functionality for Small Business | Relating to Customer Data

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Many small business owners are under the impression that most powerful business process management solutions are just for big businesses. A common misconception, for example, is that robust CRM products with turn-key functionality are too complicated and expensive. This misconception leaves most small business owners to frequently turn to inexpensive online solutions or to their favorite email client in order to store and manage customer information. In today’s competitive business environment, the intelligent and innovative use of technology and business information is often the determining factor between success and failure. Now more than ever, small businesses must leverage tools with the same capabilities as their enterprise counterparts in order to help the business perform at levels necessary to drive growth and maintain profitability.

The data developed within the solutions supporting various business processes is the key which unlocks business intelligence. This data may only be captured and used if the systems and tools in place allow for it. With far too many small business CRM solutions, the assumption is that simplicity of use is the equivalent of less functionality. Approaching the problem from the standpoint of what most small business owners KNOW they need to know, developers have sometimes failed in delivering the capability (and resultant data) small business owners didn’t know they needed or would benefit from. What business owners need to know about is the customer.

Customer Relationship Management (CRM) solutions help businesses identify, acquire and retain customers. Almost any business relationship or interaction represents a customer opportunity. Present customers are customers now, past customers are not just past customers but prospects and everyone else is a prospective future customer. Consider that vendors or resellers are different types of customers, too. Even employees and coworkers can be seen as “internal” customers. Keeping useful and relevant information about these various “customers” and documenting how the business interacts with them is essential to understanding the entire relationship lifecycle, which is a step towards understanding the business better.

When a small business elects to use a software solution to handle the various interactions with customers, it is often approach in pieces rather than in a comprehensive manner. Traditionally, Contact Management solutions are applied to sales efforts, providing tools for communicating with leads and prospects as well as current customers. However, related information is also often stored in accounting systems, which handle billing and payment processes involving customers (clients, suppliers, employees, etc.). Some businesses also may use other systems for time management, service or work order management, project management and to archive related documents and emails at various levels of the relationship, where customer information is used and data is created. With segmented pieces of information in numerous databases, it is hard to achieve true Business Intelligence and a comprehensive view of the entire operation. Smaller companies can easily miss out on the benefits that their enterprise counterparts possess.

It’s not really unusual for businesses to store some of the same information in several systems, generally in order to support specific job functions for workers in those areas, and delivering data on the equivalent of a “need to know” basis. For most small businesses, though, an integrated Business Management system that provides CRM as a component of its overall offering could be the answer to providing a single comprehensive solution for all departments. An integrated solution of this sort would seamlessly integrate with the accounting, email, and document management products Small Businesses use every day. Examples of such solutions include, but are not limited to, Results CRM, Method CRM and LeGrand CRM.

Beware, however, that not all integrated CRM solutions are created equally. If your organization delivers billable services, make sure that the integrated CRM system that you select can take a billable appointment that was scheduled in the CRM system and automatically place that on an invoice for you – without duplicate data entry and manual tracking of timesheets – so you’re not leaving money on the table. If you manage projects, make sure that the CRM system has the cohesiveness to include project and resource management functionality so that the full business relationship – from sales to the delivery of services to billing – can be managed and tracked in one system without duplicated data entry.

When systems are not tightly and intelligently integrated, sharing data between them becomes very problematic. Without the ability to check for duplicate records or properly map data points and related fields between systems, there is a great potential for errors in or duplication of data. The result could be a large amount of unrelated and unusable information, which is often what happens when list or transaction data is simply copied between applications without the necessary logic to understand changes in various records, record types, or record states.

There’s a reason why “legacy” integrated software solutions made sense for businesses, and why many enterprises continue to hold on to their solutions – they include the wide variety of tightly integrated functionality and logical data sharing that has been a benefit to the business for years. As organizations seek to start up or reassess their software and systems, they would be wise to keep in mind that generating “big” data with a bunch of loosely connected applications isn’t enough. The data must be intelligently related – just like the business and the customer.

A tightly integrated and well-managed CRM and Business Management solution, whether in-the-cloud or on premises, is not out of financial reach for small business. While a solution of this type is not free, the reasonable investment in a quality solution will provide the Business Intelligence necessary to build and maintain a competitive advantage.

Joanie Mann Bunny Feet Make Sense?

September 18, 2013

CIO, CFO, IT and Procuring the Cloud | buildingUp.biz

CIO, CFO, IT and Procuring the Cloud

For as long as there has been high technology use in business, there has been a struggle between the enterprise CFO and CIO for the power to make IT purchase decisions. It isn’t rocket science… the reasons for the challenge are fairly straightforward. The CFO wants to know what the expected return on the investment will be. The CIO, on the other hand, recognizes that there is rarely a straight line to be drawn between IT expenditures and near-term positive business outcomes. Sometimes it takes a while to fully realize the benefits of an IT project… and sometimes it’s necessary to spend the money just to maintain status quo.

While there may be indicators that the CFO’s influence in the enterprise is extending into areas where the CIO traditionally ruled (due – at least in part – to SaaS and the Cloud) there are also indicators that the role of the CIO is evolving rather than losing relevance.

A survey performed in 2011 by Gartner and Financial Executives International revealed a number of interesting results which indicated that the balance of IT procurement power was shifting within the enterprise. 344 senior financial executives were surveyed, and they revealed that:

in 45% of organizations, the CFO makes or leads IT investment strategy
about 75% of surveyed CFOs said they have little confidence in their own IT departments

A CFO.com article on the subject also mentioned a KPMG study from April 2011, in which it was reported that “73% of CFOs identified IT as the greatest risk to finance meeting its objectives”.

With the emergence of “cloud” computing solutions and the plethora of application and service options now available to businesses, some businesses have concluded that “the CFO is better equipped for the cloud world”. The belief is that the CFO is more attuned to the processes of vendor management and contract term and condition negotiations, which are primary areas of focus when looking to obtain outsourced IT and application services. The process of comparing pricing and service level agreements is more of a business process than a technology process, placing it squarely in the realm of the CFO.

The real issue here isn’t a struggle for power and influence; it’s a change in business priorities fueled by changes in technology and service models. IT and the role of the CIO must focus on innovation and improvement of processes and profitability through efficiencies gained with technology, not on defragging hard drives and running software updates. Brocade.com discusses this evolution of roles and focus with enterprise CIOs and CFOs in the release entitled The CIO Is Dead. Long Live the CIO. The Cloud Redefines the Role of the CIO

“ … the CIO role will evolve and policy enforcement, technology evangelism and mediation between business units and their services providers will become the key responsibilities for the CIO by 2020…. And rather than being replaced by the CFO in this shift in IT provisioning, two-thirds of respondents predicted that the roles of COO and CIO will merge as technology continues to become more operationally vital. http://newsroom.brocade.com/press-releases/the-cio-is-dead-long-live-the-cio-the-cloud-rede-nasdaq-brcd-977455

Who understands better than the internal IT department the time-consuming and frustrating nature of maintaining user environments and applications? Who in the organization has the technical understanding, coupled with a direct business understanding, sufficient to explore new ways of approaching various process or workflow problems? I think most business IT managers would agree that addressing issues that have a potential to radically improve the way a business operates is much more challenging and interesting than selecting the right make and model of server.

via CIO, CFO, IT and Procuring the Cloud | buildingUp.biz.

September 9, 2013

Intuit QuickBooks 2014: Another Move Towards Unification of Features and Software as Service

Intuit QuickBooks is the recognized standard for small business accounting, and the introduction of the QuickBooks Online Edition was a testament to Intuit’s understanding that users are looking for SaaS solutions as well as traditional desktop products. While it may seem that the entire market is moving to online applications and everything-as-a-service, the Intuit desktop products remain the leading business computerized accounting tools. Intuit does seem to recognize that many things can be done better with a “software-as-service” model , and that the number of businesses seeking purely web-based solutions is growing, and this is evidenced by the fact that many features and presentation elements in the Online edition are making it into the desktop editions. Creating consistency throughout the product line makes sense for users, and leveraging the benefits of shared service makes sense for Intuit.

In a previous blog article entitled Changing How We See Software: QuickBooks 2013 interface frustrates power users, I had suggested that many of the interface changes introduced with the 2013 QuickBooks desktop editions were a step towards unification of interfaces (to the degree possible) between desktop and Online editions. Additionally, integrations with various connected services, Intuit payroll and payment solutions, and other online service elements clearly demonstrate that certain functionality and service offerings will be provided consistently through either solution set. Another new “unified” feature announced for QuickBooks desktop is the Income Tracker, a feature that originated with the QB Online edition.

The Income Tracker provides you with a fast way to see the status of your unbilled and unpaid transactions, and provides you with features to improve billing/collections as well as perform a number of batch procedures… This feature was first developed in QuickBooks Online, and this year Intuit has brought it into QuickBooks Desktop

http://www.sleeter.com/blog/2013/09/quickbooks-2014-income-tracker/

The introduction of a purely subscription licensing model for the desktop products is yet another move towards enabling the pay-as-you-go subscription model for purchasing software. Businesses are able to purchase “plus” subscriptions, which provide not only perpetual most current version software but also deliver support for the life of the subscription. This is another change from the more traditional boxed software approach, where the product was a one-time purchase and came with short-term or limited support.

It seems that many of the changes introduced with 2014 indicate that online service and subscription pricing models will continue to introduce themselves into the QuickBooks desktop products, and users who change from one solution to another in the product family will find more familiarity and consistency in the attached Intuit services they also use.

Many independent software vendors and developers of business applications are recognizing the value of subscription service models and the benefits of leveraging web-based applications and shared services within their solutions. For software companies, turning a one-time sale into a recurring revenue stream is highly desirable. From a development perspective, one project could service the entire product line, rather than efforts being divided among multiple products. From an operational perspective, infrastructure and personnel are able to centrally service the functional requirement, providing the same benefits of shared service that users of SaaS solutions experience (it may simply be internal rather than external customers being served).

The point of the discussion is that, while QuickBooks desktop editions may not be going away any time soon, there is wisdom (and business necessity) which is likely to drive even more subscription model SaaS inclusions in those products that were once purely and firmly planted on the desktop. Even good old QuickBooks must change, and for the most part, users are seeing benefit in those changes.

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September 4, 2013

Angry Customers, Angry Tweets | Social Media Gives Customers A (Loud) Voice

Social Media is the new form of communication, and appears to be having more impact on business behavior than an email or letter to the company president ever did. Whether it is through personal interaction or on a public forum, social computing has given a voice to consumers around the world – and that voice is often an angry one. In previous years, consumers would fight their customer service battles directly with the vendor – quiet battles that, more frequently than not, left the participant feeling like they were the only ones experiencing problems. But not any more. Social brings the conversation to the masses, and the masses are more than willing to speak up.

from Entrepreneur.com:

‘ British Airways is getting a sharp reminder that social media is a bully pulpit that welcomes big companies and little guys alike, after one disgruntled customer used promoted tweets to complain that the airline had lost his father’s luggage.

Promoted tweets are typically used by brands to gain visibility for their products and promotions. But Hasan Syed, whose Twitter handle is @HVSVN, used them to call out the airline for allegedly ruining his European business trip and failing to address the issue.

Syed reportedly bought his tweets in the New York City and United Kingdom markets, aiming to reach other British Airways customers on both sides of the Atlantic. As the hours went by and the airline did not respond, his one-man campaign attracted attention, much of it admiring and supportive.

According to The Guardian and other news outlets, the airline finally woke up to the problem and made haste to address it, saying in a statement Tuesday: “We would like to apologize to the customer for the inconvenience caused. We have been in contact with the customer, and the bag is due to be delivered today.” ‘

Read More: http://www.entrepreneur.com/article/228175#ixzz2drcRCj8k

via Angry Customer Used Promoted Tweets to Chastise British Airways | Entrepreneur.com.

Social media is a sword that cuts both ways, offering a platform for both positive, and not so positive, discussions and conversations.

Using social media for customer service has become just as, if not more beneficial than, having an army of agents in the contact center. This is especially true when a crisis hits a company. Gone are the days when a customer service issue was aired solely between a consumer and the company’s contact center (and maybe a few friends within earshot). When things go wrong, consumers take to a brand’s social media channels for several reasons. Forbes.com

Particularly when you factor in the viral nature of social media interactions, and the amazing speed with which ANY message can gain broad visibility, businesses should understand that all those “friends” can turn into an ugly mob pretty quickly if an effective communications strategy isn’t in place.

read more at https://coopermann.com/2012/08/16/getting-results-social-media-for-customer-service-is-a-sword-that-cuts-both-ways/

via CooperMann.com | Getting Results: Social Media for Customer Service is a Sword that Cuts Both Ways