Boost Your Clientele – 5 Tips to Bring Back Lost Customers

As a business owner, you quickly learn where the majority of your profits come from – your loyal customers. Those are the ones that continue to buy from you no matter what. With a sale or not, they are there to support your business.

Unfortunately, not every client turns into a loyal customer. Some try your business out once and never return. Others may be loyal for a few months and then move somewhere else. You may even have customers whom you’ve lost due to problems arising.

Whatever the case may be, it’s in your company’s best interest to try and recruit back those lost customers. Reviews for Global Resources has a few tips to help you achieve converting them back into loyal customers.

First, Decide If You Need Them Back

You have a target audience for a reason because not every customer is suitable for your business. Just because the client paid for something a while back, that doesn’t mean they’re an ideal customer to have. Before reaching out to the client, decide if it’s worth going through the process of bringing back this client.

Learn Why They Didn’t Come Back

This can be a hard step because we don’t always want to hear what we do wrong. Keep in mind that if one customer doesn’t like what you do or how you run your business, that isn’t to say your business model is terrible. Consider your target audience and if this customer fits that model.

Reach out to the customer and ask those difficult questions – why did he or she leave? Don’t stop there, though. Dig deeper to find where the disconnect lies. If they tell you that your service is too expensive, then it brings the question of providing value for the cost.

Take Ownership of Mistakes and Your Business

You must take ownership of whatever happens with the customer. If they left because of a mistake you or your employees made, it’s up to you to the right the wrong. Taking responsibility for the situation can help rectify issues and boost the appeal of your company.

Research Your Competitors

If you lose a customer, they likely went somewhere. When that happens, it’s an excellent opportunity to look into your competition to see what others are doing.

Now, when doing this, the point isn’t to steal their ideas and implement them yourself. Instead, use it as an opportunity to find growth potential in your business model. Maybe they offer the customer something that they’re looking for, but you don’t currently offer. It’s a way to spark creativity and fill in any gaps your company may have.

Find Ways to Go Above and Beyond

Do you “wow” your clientele daily? If not, it’s time to brainstorm ways to do so. Giving that above and beyond experience to every customer is a way to attract new clients, keep current ones happy, and draw attention to the ones you lost.

Going above and beyond doesn’t have to be extreme measures. It can be little things like personally answering the phone, upping the value of your service, and reaching out to individuals to check-in.

Attracting new customers to a business is crucial for it to succeed. So too, though, is it essential for you to maintain loyal clients. When someone doesn’t return, spend the time figuring out why so you can bring them back and prevent it from happening again.

Business Analytics And Its Importance In Today’s Digital Age

When you’re running any business, relying solely on your intuition is a risky strategy. This is why business analytics is so important. It is the pivotal point that can hold a business together, showing results that allow business leaders to see their results and progress more clearly.

Any entrepreneur needs to understand how their company is functioning. They need as much data as possible to back up their vision and goals for their organization. This is where business analytics proves to be indispensable. The analysis gives business owners the chance to understand their customers, to discover what they want, and to learn about their problems in order to provide them with the precise services and products to cater to their needs.

Here at GR-US.com, our consultant team offers advice about why business analytics is so important in today’s digital age.

Companies Can Control Their Costs More Effectively

Many businesses fail due to poor financial management or poor planning. For any business to be successful, developing then implementing effective management and financial systems is vital. It’s essential to continue revisiting the business plan and updating it, and when reviewing finances, cash flow, cost base, working capital, growth, and borrowing, needs to be considered on a regular basis.

Decisions Can Be Made More Quickly And More Efficiently

Responding quickly needs to be balanced with a clearly outlined business strategy. This allows business owners to determine whether the action to be taken is appropriate. Entrepreneurs must ask themselves whether any internal factors are holding their business back, and when they are, what can be done about them.

Competitor Analysis Can Be Conducted Easily

Gathering information about competitors costs effort, money, and time, but it also offers many benefits. Understanding what your business rivals are doing is extremely useful. Questions to be asked about competitors include what, where, when, and who, while carrying out an analysis into their strengths, weaknesses, threats, and opportunities is also key to give business owners a clear view of how they’re performing when compared with the general market.

Market And Customer Analysis Allows Effective Targeting

When any business owner launches their company they create a business plan, and a marketing strategy forms part of that plan. However, that plan needs to be revisited and reviewed regularly. When reviewing business performance, assessing customer databases and market position is vital. Updating the marketing strategy on an ongoing basis is essential since business reviews allow the chance to step back for a moment and look again at such factors as emerging and new services, new technology, the economy, and customers’ changing needs.

Strategic Reviewing To Develop The Business

Reviewing business performance every so often is essential for progress. Market performance, direction, services and products, operation issues, financial matters, and staff management are all areas that need to be reviewed on an ongoing basis. When all of these areas are strong, planning can be carried out for the next phase of business development, while if areas are identified that require improvement, steps can be taken quickly to address them in order to move forward.

Small Business Company Valuation And Price – What Are The Differences?

Although it may seem to some that the price of a company and its value are the same thing, this isn’t the case at all. In fact, the differences are simple but crucial. If you understand the distinction between the two, you can have greater leverage when negotiating and can avoid making a poor investment.

If you read our Global Resources reviews, you’ll see that our consultant team are experts in helping entrepreneurs with their business valuation needs, and here, we look at how to determine the difference between price and valuation when it comes to your small business so you can be better informed.

Understanding Value

Value is easily broken down into two subdivisions – market value and book value.

As you might imagine from the name, book value refers to what is shown in the company’s books. Accounting shows the value of a company by subtracting its liabilities from its assets. The amount remaining if the business was to sell its assets off and settle all its debts represents the company’s book value.

Market value, meanwhile, refers to the company’s value on the stock market. The simplest way of calculating this is to multiply the current market price by the number of shares. Sometimes, this is known as the business’s market cap. Typically, the market value represents the value referred to by analysts since it reflects the amount that would be paid for the business if it was being purchased.

There is another type of value to consider too. This is the intrinsic or fundamental value. This represents the firm’s estimated value based on the expectation of future cash flow. This estimate is based on an evaluation of investment needs, earnings potential, business models, and financing opportunities which are adapted then inserted into the chosen valuation model.

The Link Between Fundamental Value And Market Value

When considering the link between fundamental value and market value, there are a few key principles to bear in mind. If the company’s market value is lower than its fundamental value, it means that, for some reason, the market is undervaluing the organization. Some investors actively seek out companies like this since they’re seen as an excellent investment opportunity. If the reverse holds true, the market typically believes that the company’s potential earnings are good. If the fundamental and market values are both equal, both your fundamental valuation and the market itself have agreed upon the company’s value.

Knowledge Determines Price

When considering market value, it’s fair to say that the price of a business, product, or service has for some time been seen as a compromise between the price the seller is prepared to sell and the amount the buyer is prepared to pay. In practical terms, several factors come together in determining the price. For example, the number of potential buyers, a sense of urgency in the deal, and the involved parties’ negotiation power all have a role to play.

Reaching Agreement

At the end of the day, both price and value fluctuate during any business’s lifespan, and especially so during negotiations. A business’s fundamental value will be based primarily on trust and belief in the company. If potential buyers believe that the organization is able to grow and remain profitable, it will be worth more. Also, a price spike can be precipitated due to the industry itself as well as timing. Therefore, when it comes to evaluating a company’s price and deciding whether an investment is worth it, potential buyers need to weigh up all of the factors and establish links between the company’s fundamental value, its future prospects, and its accounting data. Based on that information, sellers and buyers can reach agreements on price.

The Five Key Types Of Corporate Training Your Company Needs

The world of business is continually changing thanks to fluctuating political forces, economic conditions, and new technology. Organizations that fail to keep up with the pace of change risk falling behind. With progressing pushing businesses forward, it’s never been more important to ensure that employees are benefiting from high-quality training.

Corporate training is designed to develop your workforce’s skills. As a result, the organization benefits from greater longevity and efficiency, and its value increases exponentially. But, how do you choose the right type of corporate training for your workers? The Global Resources LLC consultant team recommends these five types.

  1. Change Management Training

When transformational change takes place, organizations must go through the process of change management. While sometimes these changes are planned – for example, an acquisition, merger, leadership change, or new technology adoption – others can’t be planned in advance. The COVID-19 crisis is just one example of how disruption can arise without any kind of warning.

62 different types of corporate transformation were studied by The Harvard Business Review, and the conclusion was that battles have to be wisely chosen in order to ensure that organizations don’t suffer a negative impact on their performance. While many companies launch streamlining and cost-cutting transformations, these can kill innovation and dampen employee morale.

Yet, when carried out properly, change management improves the willingness of employees to adapt to change without compromising on productivity. As a result, the organization can emerge even stronger following a disruption.

  1. Communication Skills

Training in communication skills is often overlooked in the corporate world, yet it’s something that is incredibly important. Being able to communicate well is vital to an organization’s morale, revenue, and productivity. When communication training is put in place across every level of a company, ut can help departments, teams, and individuals improve their ability to share information and exchange ideas. It also gives the organization a whole power to boost its operation effectiveness, increase employee morale, and reach its strategic objectives.

  1. Employee Retention Training

High staff turnover has a high cost for any business, from benefit payments to the cost of advertising for new staff. Not only are there direct costs, but there are indirect costs too, and these have longer implications for the business. Damaged worker morale, poor corporate reputation, and dampening of creativity and innovation are just a few of those potential implications. Corporate training in employee retention is therefore essential.

  1. Project Management Training

Time and money are wasted constantly on projects in all organizations and industries. Frequently, projects go over budget or fall behind schedule. Effective project management training better equips teams by improving their competencies to finish projects on time and within their scope and budget. It teaches employees how important prioritization, goal setting, and time management are, and this ensures that resources are maximized.

  1. Strategic Planning Training

For senior leaders, middle management, and executives, strategic planning corporate training is vital. It helps the organization to focus clearly on a single destination and to develop actions and goals that ensure the whole company is moving together to reach it. With effective training in strategic planning, it’s possible for organizations to transform themselves thanks to alignment around common values, actions, goals, and visions.

With these five types of corporate training, any company can strengthen and develop its workforce and take itself to a whole new level of success.

The Top Strategies For Creating Long-Term Value In Small Businesses

Companies that focus too heavily on their short-term results are said to be suffering from short-termism. When business owners work towards short-term goals at the expense of value creation and long-term interests, problems will inevitably arise. For any business, creating long-term value is key to success, and this is especially important when it comes to small companies.

If you check out our Global Resources LLC reviews, you’ll discover that our team of consultants are experts in helping companies to focus their efforts and align their teams for long-term growth and success. Here are nine of the top strategies they recommend.

1.Keeping Profits In Perspective

The first strategy to create long-term value for your small business is to use your profits to pay down your debts, to create new services and products, to reward your team, and, most vitally, to save for future lean times.

  1. Increasing Sales From Existing Customers

When a business has already captured an audience, it makes sense to use them. Rather than relying on putting all your attention on the people who’ve never heard of your business, you should be focusing instead on existing customers who are regularly purchasing from you. They’re an ideal way of increasing revenue, so consider loyalty programs, customer recognition, discounts, and new product releases specifically for existing customers.

  1. Avoid Reinventing The Wheel

If you want to expand the services and products you offer, avoid reinventing the wheel. Rather, create synergies with what you already do. This reduces your costs and speeds growth. So if, for example, you’re running a café, offer event catering as an additional service.

  1. Value All Your Relationships

Every person you meet should be seen as important. After all, they could become a customer, an investor, an advocate, or a mentor. Although not every relationship will have these results, trying those angles with different people is always a good idea. This helps you to learn more about yourself and your business, and it also helps you to grow your network more quickly.

  1. Building Mentor Relationships

The world of entrepreneurship has seized on the word “mentorship” as a buzzword. One easy mentor relationship that you can build is with fellow entrepreneurs, giving everyone the chance to learn and grow.

  1. Don’t Hire Anyone Who Does Something That You Don’t Understand

It sounds obvious, but many small business owners fall into the trap of taking on the very first candidate they see. It’s important to understand the reasons for hiring someone, to have a clear idea of what they do, and whether they’re a good fit for your company. This is especially important in a small company where everyone needs to be singing from the same song sheet to ensure the growth of the business.

7.Making The Business A Happy Place

Rapidly growing small businesses are extremely dependent on their employees, and this means that staff needs to be happy. Creating a positive culture is therefore vital. By including team members in decisions, allowing greater flexibility, and being open to listening to their ideas, you can motivate your team and, thus, improve your output.

  1. Keep Innovating

Today’s world is changing constantly, so it’s vital to keep on top of product popularity. Monitoring trends and understanding the way in which your company can develop to fill market gaps and solve brand new problems is key.

  1. Plan In The Long-Term

All small business owners are busy, but it’s vital to make time for long-term strategic planning. Having a clear outline for the future is essential and when goals are set out on paper, more can be achieved over the course of a single year.

The Pros and Cons of Discounts: Should You Offer Them?

Who doesn’t love a good discount? It’s an opportunity to save a few bucks on your favorite products and services. Many consumers even wait for upcoming sales before purchasing something.

Companies will frequently offer discounts to draw in new clients and customers. The hope is that you sell enough to make the discount worthwhile.

With that said, there are downsides to discounts that you want to pay attention to. Not every business could benefit from a sale as significantly as others.

Before jumping on the discount train, weigh the pros and cons provided below from Global Resources Reviews, and see if it is worth it for your company.

Pro: Attract New Customers and Clients

The biggest pro that many see from a sale is the ability to draw in new customers and clients. They’re usually highly effective for this reason.

Very few people will say they would rather purchase something at full price and will wait for the sale to finish.

Con: The Type of Client Attracted

As excellent as it is to draw in new people, are they the types that you want for your business? This isn’t to say that the sale is going after the wrong target audience. Instead, are the discounts bringing in people simply because of the bargain and not because of the company?

You want to gain loyal customers that will support your business during and after a sale.

Pro: Quick Increase in Sales

If you keep track of your finances, you’ll likely see a boost in sales when offering discounts. So, if you’re low on cash for the month, a flash sale could give you the help you need to finish the month off strong.

Con: Expectation for Future Sales

The frequency of sales is something to watch for. Too many of them and your customers will become so used to it that they’ll wait for the next one. If you’re going to run sales, it’s best to keep track of how many you do and how often.

Pro: Rewarding Loyal Customers

It’s a good business practice to reward loyal customers. These are the ones that stick with you, whether there’s a discount or not. They support you in many ways, and realistically, without them, your company may not be as successful as it is.

You can set up a sale or discount in a way that is rewarding to your long-term clients and customers. Not only will that keep them happy and more inclined to support you, but it also can draw in new long-term customers as well.

Con: Perceived Lower Value

Have you ever seen those Facebook ads where there’s a sale on a course that’s usually thousands of dollars, and for a short period, it’s available for $50? If you look at the comments, you’ll likely see many users questioning the value behind it if they’re offering it for so cheap. Not only that, many question the mark up if the company is willing to slash the prices that drastically.

You want your sale to draw in new customers, not have them question the value of what you’re offering.

As you can see, for every pro of a discount, there’s likely a con and vice versa. Offering them comes down to your preference and if it’s good for the business.

It’s best to keep track of a sale. See if you gained any new clients and customers and if you saw a boost in sales. That will help you dictate if you do another one

Take Control of Your Finances with These 5 Tips for Entrepreneurs

Although money is not the answer to everything, it does plan an essential role for every entrepreneur.

Without it, how do you expect to run a company?

Managing finances is not an easy task. Watching where your expenses go, making sure have enough income for the month to pay bills, and everything in between, your finances can be the one aspect you don’t like about the business.

Whether you have a financial manager or are doing everything yourself, GR-US.com has a few ideas that may help make life a bit easier.

Set Yourself Financial Goals

If you don’t already, you should set yourself goals for basically everything. Goals are an excellent method to keep you on track, hold yourself accountable, and keep you in the right mindset.

Financial goals are no exception.

Write out clear and measurable goals that you can easily refer back to. Where do you want to be financial in six months, one year, or even 10 years down the road?

Learn Your Cash Intakes and Outflows

Now, this is one that can make or break a business because it comes down to this – spending more than you’re making will lead you to have no money.

Your cash intake will be all the money you earn in a month. The outflow, on the other hand, is where all your money goes when it leaves your bank account. Once you understand these two, you can make cash flow projections for upcoming months to see how you’re doing.

Cash management is critical to the success of every small business.  You should build a cash management spreadsheet that allows you to predict what your cash flow will be for the next 12 weeks, which can be done by building a system that accounts for every payable and receivable within those 12 weeks. As this is updated every week, you create a rolling cash flow report that becomes a critical management tool that needs to be monitored at the beginning of each week. Cash is king for small business and knowing how to predict your cash position up to 12 weeks out will allow you to make decisions, such as calling in advance to extend a payable, to ensure that you operate your business with positive cash flow at all times.

Make a Budget

Making a budget also ties in with learning your cash intakes and outflows. A budget provides a preview of your financial situation. It’ll show you whether or not you’re in a surplus each month.

Once you’ve figured out the point above, you can put it down into a budget. Start with your average monthly earnings, as that is what you have to work with. Then, you can divide that amongst your fixed expenses (the essential ones that never change), before moving on to your variable costs.

After you have your budget filled out, it’ll show you if you have any remaining funds to work with, or if you need to cut back somewhere.

Keep Note of Taxes

It’s easy to forget that at some point, you need to pay taxes on everything you’ve earned. When you purchase something as a consumer, it’s automatically added, and you don’t have to worry about anything until tax season.

As a business owner, you need to pay attention to all the taxes you collect. It’s up to you to manually pay that amount on a monthly, quarterly, or yearly basis. Keeping track of this will not only make things easier when you have to pay, but it’ll also ensure you have enough money to actually pay taxes.

Ask for Help

Don’t let pride get in the way of your finances. When first starting, learning about your finances, cash flow, budgeting, and everything in between can get overwhelming. It’s never a bad idea to get a second opinion from a professional. Erring on the cautious side could save you a ton of money.

The above five tips are a way to get you started on managing your finances. Each situation is different, so it may take some time to figure out what works best for you.

Staying in Control: 5 Ideas to Help You Manage Your Time Efficiently

Time Management is one of those things that you spend all your life figuring out. You probably spend countless hours reading, watching videos, and implementing new ideas to help you become more efficient.

As a business owner, no matter the size, managing your time efficiently is a huge skill asset to have. Without it, the smallest tasks build-up, and you’ll find yourself completely overwhelmed.

So, how do you prevent that from happening and learn to manage your time? The following five tips provided by Global Resources LLC Reviews may be the key to get you started.

Use a Day Planner

It’s nearly impossible to remember everything happening at any given moment while planning your future appointments. At some point, you’ll forget a task or miss a meeting. Let’s just hope that it wasn’t important.

A day planner is a way to organize your thoughts and keep track of what’s happening throughout your day, week, month, and even the year. That way, you’re less likely to miss something and overbook yourself.

Plan Ahead

Many successful entrepreneurs swear by planning ahead. From Sunday night planning to the morning when you wake up, taking the time to create a plan of attack will do wonders for your time management.

Planning out your day can help keep you on track with everything you need to accomplish. Start by planning all your appointments, meetings, and tasks you need to achieve for the week on Sunday evening (assuming your week work starts on Monday).

When you wake up each morning, take a few moments to look at your day, and schedule in tasks that are urgent for that day. It’s also a moment to move things around in your calendar that aren’t as important as other tasks.

Schedule More Time Than You Think

How often do you take on a task to only find out it’s going to take you twice as long as what you anticipated? Then what?

It’s easy to underestimate how long something will take. To avoid this, err on the side of something taking longer than you expected. That way, you can avoid cramming in too many tasks and feeling rushed through everything.

Delegate What You Can

If you’re at the point in your business where you can afford to hire and divide up tasks, then do it. Wouldn’t you rather spend more of your time focusing on more significant projects that you have to do, rather than fighting to make things work with all your smaller items?

Delegate smaller tasks that don’t necessarily require your attention. You’ll be amazed at how much time you now have for the more essential items on your to-do list.

Eliminate Distractions

If you had a timer going for each time you picked up your phone, how much time do you think you wasted in your day?

Distractions are one of the quickest ways to lose control of your schedule and make you fall behind. So, do what you need to do to eliminate as many distractions as possible.

Managing your time and taking control of your schedule is not something you’ll master after one day. However, staying consistent and dedicated to becoming more efficient will help you reach that goal. You’ll quickly see the benefits from it that you’ll want to keep going.

How’s Your Customer Service? 4 Tips to Amp Up Client Relationships

If you’re a business owner, you know right away there are a few aspects that can make or break a company. From how you conduct yourself, your team, and their productivity levels, all of these elements can keep your company running full force, or, have it quickly come crashing.

Your customer service and client relationships are other aspects as well.

Now that we know how essential this is, what can you do to boost your customer service? Global Resources LLC has a few ideas to help.

Training Means Everything

A reliable customer service team, for any business, comes down to how they were trained. You need to provide them with the best tools for the job, so set them up for success from the start.

To work in customer service, you often need skills like empathy, patience, excellent communication, and a good work ethic. Some people will come to you with these skill sets and instantly fit into the customer service team, while others will need a little help.

Communicate in a Way That Relates to the Customer

Want an easy way to irritate your customers and clients and have them never come back? Speak to them in an arrogant tone. Customers don’t appreciate this.

When you’re on the phone, face-to-face, or even online, your tone of voice can dictate the outcome of the conversation. The best tip is to talk in an empathetic way (without pitying the customer), that makes them feel like they are the only important thing to you right now.

Give the Customer Your Full Attention

With that said, the customer should be your top priority. If they are taking the time to reach out to you with a concern or even praise, then you should return the favor and give them your full attention.

Stay Positive – Always

Those who have spent even the shortest time in customer service will likely admit that it’s hard to stay positive. When emotions are high and tension rises, it’s easy to let emotions take over and start to react to the customer rather than trying to keep cool.

Staying positive, though, doesn’t just mean with how you handle a situation. It also involves your language (and we’re not just talking about appropriate words).

Using words like “I can’t” is considered more of a negative language. For example, you have someone who wants to order a product currently sold out. Instead of simply saying it’s sold out and you can’t order it, phrase it more positively. Let them know it’s sold out by saying when it’s next available, and you can get them on the order list.

So, how do you amp up your customer service? One of the most straightforward steps to take is to put yourself in the customer’s shoes. If you were to approach your customer service team, how would you feel at the end?

Make your client feel like they are number one to you. Use the tips above to help reshape your customer service team and keep your client relationships high and positive.

What Is Best Practice When It Comes To Business Exit-Planning Strategies?

Whether you decide you’re going to sell your small business to another party, opt for an ESOP, or transfer it to a co-owner, key employee, or child, having an exit strategy in place is imperative for any business owner. It couldn’t be more important to ensure that you’ve chosen your exit path instead of allowing the exit path to choose you.

Meeting Your Exit Goals

If you read Global Resources reviews, you’ll find that our consultants offer advice regularly to owners of small businesses about how to plan for exiting their company. After all, any exit will be a disaster unless it can give the owner greater financial security as well as the ability to meet their other exit goals.

Not only should any business owner’s exit goals include financial security, but they should also include being able to leave at a time of their choosing, selecting their successor, and being able to achieve all of the other “soft” objectives that relate to community, family, legacy and favorite charities.

Whichever transfer strategy you opt for, it must keep you in control of your business with minimal risk until you receive full value. Without these elements, it’s not going to be a successful strategy.

The Top 10 Best Practice Features Of A Successful Exit Strategy

  • Having involvement and commitments from the board and the CEO. All board members should make contributions to the process through questions, feedback, and ensuring the CEO remains accountable.
  • Having regular talent reviews to identify rising stars and deal with poor performers.
  • Identifying possible successors for C level positions.
  • Taking the “pipeline” development approach, identifying and developing talent at every level of the company.
  • Holding the executive team fully accountable by measuring key activities and results achieved.
  • Aligning with the business’s strategy to articulate the case for succession planning clearly.
  • Managing the emotional, political, and irrational succession dynamics effectively.
  • Assessing potential and performance consistently.
  • Integrating succession planning with recruitment, development, rewards, selection, and performance management.
  • Making genuine resources and time commitment to development.

The Dangers Of Making Your Exit Plan

On your own, it’s virtually impossible to plan and execute your exit strategy. Attempting to do it all yourself will cause you to spend a lot of energy and time on minimal positive results. You need to find a team of consultants who are experts in the field and who have the necessary experience and knowledge of financial planning, ESOPs, family transfers, estate planning, tax mitigation and motivating employees to be sure that you’ll be able to exit your business successfully when the time is right.

Global Resources LLC are on hand to ensure that you have all of the support and guidance you need to design an exit strategy that aligns with best practice and that ensures the result that you desire so you can have peace of mind about how you’ll eventually leave your company when the time is right.