Do you spend sleepless nights worrying about your business debt? If you do, then you’re not alone. Recently, Gallup, a research-based global performance management consulting company, conducted a survey and found that 49% of small business owners find it extremely difficult to manage their current debt. The fact is, handling debt can be one of the most difficult challenges a small business owner can face.
When things get really tough and there’s no way out, historically, many ailing businesses declared bankruptcy. But, new laws have made it more difficult to simply declare bankruptcy to get out from under piles of debt. Furthermore, bankruptcy is no easy way out, as it comes at a high price. Typically, a bankruptcy filing costs thousands of dollars in court and attorney fees. Even worse, your credit scores, not to mention your business reputation, will take a severe hit, making it nearly impossible to regain business stability.
Fortunately, there are ways to avert this type of financial disaster. Here are a few helpful tips to control your debt before it controls you.
Every business, no matter the industry, eventually needs a CRM. As a company that has been in the CRM space for a decade now, we are always pleasantly surprised when customers from across various verticals tell us how our system works for them. It inspires us to create a product that is so flexible and customizable, that it fits everybody’s needs. That’s why we believe in #CRMforAll
Don’t believe us? Here are 5 unique companies that use Zoho CRM:
“The team at Zoho Campaigns, in particular, has been fabulous to work with–highly responsive and dedicated. With their assistance we have been able to deliver professional looking and highly-effective communications without having to invest in outside resources,” says Angie Kearns, Brand Manager at Noxilizer, Inc.
Founded in 2004, Noxilizer, Inc. is a provider of an advanced, room-temperature nitrogen dioxide (NO2) based sterilization technology. With a flexible, advanced technology that sets them apart, Noxilizer’s goal is to drive awareness of NO2 technology, a clear understanding of its advantages, applications for its equipment and services and overall acceptance of the technology globally.
Noxilizer is committed to personalized, customer-centric selling and utilizes Zoho CRM to help manage their sales activities. Additionally, the company augments direct sales activities with email marketing. Using Zoho Campaigns, they’re able to reach out to industry decision makers with professional looking communications and reinforce their key selling points.
What challenge did they face?
Typical of most fast growing start-ups, Noxilizer is challenged with availability of resources and scalability. As a result, their choice of CRM software needed to address these challenges and provide effective solutions. Read more
If you plan to thrive in the era of the customer, now is the time to improve your customer service. Regardless of how your customers view you today, to position your brand for the future you first need to examine your company culture and ensure customers are properly considered, i.e. squarely in the center.
Instead of waxing philosophical about the value of a customer-centered culture and its power to revolutionize your customer service, let’s look to and learn from real-world examples.
Let me introduce you to 10 of the best customer service organizations in the world.
These beloved brands, who have each built their company around a strong customer-centric culture, will be our guide. As a direct result of their similar cultures, these companies share a relentless dedication to delivering exceptional customer service with each-and-every interaction.
Your customers love your service. They use it every day. You have been charging their credit card each month for the services they consume. Let’s assume that one of your customers’ payment failed. Now, what do you do in this situation?
It is unfair to cancel their subscription just because their card didn’t go through. You also cannot afford to forget the charges. You might be thinking, why can’t I just follow up with that customer? Sure, that sounds like a good option when you only have one payment failure to deal with. But, what happens when your customer base grows and you have to deal with multiple payment failures? It’s not feasible for you to keep track of all card failures and follow up on each of them manually. If this is not handled carefully, it could lead to involuntary churn.
Let’s take a look at what involuntary churn is all about and how you can solve it. Read more
When Roger had his living room remodeled, he handed the key to his house to the crew after locking all other rooms because he didn’t want them snooping around.
Now, think why you should grant all your staff access to your accounting software in its entirety, when you only want them to handle a part of it.
It’s not possible for a single person to perform all the functions concerned with business like setting budgets, accounting, well, at least not efficiently. It’s key that these functions are delegated to bookkeepers, accountants, sales staff, and contract workers and performed independently by all members of the staff.
The problem with giving them all unrestricted access is that there is every chance that your financial data is under risk. And there lies an impasse! Limiting access too much could make it hard for your staff to do their tasks efficiently.