Expert Tips For Effective CRM

Effective CRMToday’s store owners don’t need to manage their operations all on their own like the salespeople in more ancient times did. These days, technology is available to make everything from the simplest to the more complex retail processes easier and faster to accomplish, resulting in benefits all around. Here are some of the crucial software tools that make retail management a cinch for today’s enterprising individuals and organizations.

CRM. Most retailers require a system for effective customer relationship management which would enable them to keep track of every single interaction with their existing as well as future customers. At the most basic level, CRM software lets retailers store their current and prospective clients’ contact information, social media profiles, details on the calls made and emails sent, and such. More advanced systems would allow the creation of meeting schedules, display of sales forecasts and pipelines, and the like. Thanks to this solution, sales and customer service reps won’t have a hard time looking up client information for lead generation purposes and after sales functions, which helps them build stronger interactions and relationships.

POS. Step into any physical store, gather up the products you mean to buy, and take it to the store’s sales counter to pay for your purchases. You’ll see that the cashiers use specific equipment such as a barcode scanner, cash register or drawer, computer, touch screen display and receipt printer. This is the store’s point of sale or POS system, and it requires the appropriate software to successfully tally the cost, conduct the sales transaction and create and maintain records of all transactions. The best POS software makes managing multiple retail processes (business intelligence store operations, inventory control, payment solutions, merchandising, and such) smoother and more productive. The result would be simplified processes, reduced costs, and increased revenue for the business.

Ecommerce. Most retail businesses today complement the performance of their physical stores by incorporating the use of an online platform. Setting up the best ecommerce platform for your business lets you take steps toward valuable benefits: providing customers with a new and different channel to access your offerings, building customer loyalty, streamline inventory management, increase revenue, and improve overall customer experience. What’s more, this software can seamlessly integrate the management processes for both your physical and online store, making monitoring your sales across all channels simpler and more effective.

Strategy for Successful Merger and Acquisition

Successful MergerIn order to make a merger work, it is pertinent to have a sound strategic planning so that maximum benefit is taken out from the merger. Before signing on the dotted lines, the company doing the acquisition must evaluate the performance, market position, cash flows, future opportunities, technology, regulatory issues of the target company to fix the right price for the deal. The management of the company doing the acquisition must have a clear and well-defined strategy for their specific business.

It is always advisable to take lessons from the past deals if the company has done in the past, learn from the experience of peers and look into industry benchmarks. This can help in formulating a sound strategy which will pay off in the long run. One must look into the working environment, employees and other cultural issues of the target company so that all misconceptions are sorted out at the initial stage and employees of both the companies know what is in store for them. As the deal has to make sense for both the target and the acquirer, it is important to identify synergy between the two companies.

Most prominently, the strategy must lay out the business drivers of the merger and factor in all the risks associated with the merger. If any major restructuring is required after the buyout, it must be chalked out and shared with the target company. This will surely ensure that all those involved in the merger process like management of the merger companies, stakeholders, board members, investors, employees agree on the defined strategies set by the acquiring company. If the plan gets consent of all these stakeholders, then it will be easy to go ahead with the merger and complete the integration process without much hassle.

At the time of chalking out the merger and acquisition strategies, one must consider the markets of the intended business, market share that the acquiring company is eyeing for in each market, the products and technologies would be required to achieve the target, the geographic locations where the business will operate and the skills and resources that you would require to make the deal a success.

Once the basic strategy is in place, then the acquiring company must look at the finances. Financing the deal can be done from myriad sources like cash, own accruals, debt, public and private equities, minority investments, etc. One must evaluate the cost of the fund depending on the needs and the amount of returns that the deal can fetch in the medium to long-run. Always build a preliminary valuation model by calculating the estimated cost of acquisition and estimated returns from the merger. It will help you in understanding the relative impacts of the acquisitions. Knowing the value drivers of the deal is the most critical element for success of any M&A. The acquiring company must do all due-diligence earnestly and identify the sources of value like intellectual property, people, markets and brand from the deal.

Lastly, one must remember that employee turnover in target company is usually very high in the initial years after the merger. The acquiring company must put in place an effective retention programmes for the key employees who drive growth and value for the company. As a substantial number of M&As fail, one must keep the acquisition strategy ready at the time of signing the deal and reap the benefits later on. It is naive to think of an acquisition as a panacea. The work of integrating an acquired company can take anywhere from 6 months to couple of years, before you begin to realize any benefits. There will always be complications, hurdles and disappointments, but one must keep the focus on the end result.

Strategies For Ensuring Ongoing Industry Compliance

Strategies For Ensuring Ongoing Industry ComplianceMaking sure that you are compliant with the standards of your industry is important for avoiding serious penalties and fines. It is vital to note that industry regulations are designed for keeping people safe and for promoting ethical business practices. Thus, concerted efforts to remain compliant can also bode well for companies in terms of both productivity and their overall commercial images.

It is important to have a clear outline of all the specifications for compliance that your companies must adhere to. You cannot adhere to the regulations of your industry if you do not know what they are. Create an outline of these and all the areas that they encompass and then distribute this outline to all relevant personnel including department managers and safety control officers.

Start shopping for an innovative compliance software that can be integrated with all other programs that are designed to assist with overall operations management. This will simplify the entire process while ensuring that no single area of your operations is neglected and overlooked. It will also establish accountable by providing a platform for tracking all compliance efforts and the parties responsible for implementing and maintaining them

Hire a compliance manager who can oversee these efforts and all the related responsibilities. If necessary, staff your company with two or more of these professionals. This way, your trained talent is never juggling multiple responsibilities and struggling to find the time to handle these efforts.

Make sure that all of your employees have received adequate training, particularly your most recent hires. As your business grows and changes, you must make sure that all adaptations are on par with the expectations of regulatory bodies. This is one of the most common reasons for companies being penalised and fined.

Schedule regular meetings and reviews so that all parties can be made abreast of any areas in which your organisation has fallen behind the industry standard. If problems have arisen, you can address them at this time. You can also solicit suggestions and feedback from workers at all levels of your organization for improving these processes.

Take stock of your supply chain to ensure that any companies you are outsourcing to are compliant themselves. When you outsource as part of your supply chain, you lose a certain amount of control over how compliant your efforts are overall. That is one of the top reasons why it is vital to choose businesses to outsource to with tremendous research and care. If you don’t, you could wind up being responsible for mistakes that aren’t actually your own.

Whether you are using waste water filtration services or mere payroll services to assist in the completion of important and ongoing business operations, it is important to remain cognizant of the impact that these professionals can have on your business and your brand reputation. Failure to comply on the part of these entities can have serious repercussions all around. Thus, you should only ever work with companies that have diligent quality control measure in place and that are just as knowledgeable of industry regulations as you are.

Two Great Tips To Build Your Business

Build Your BusinessTwo ways to build your business faster

Hi guys, how do you feel about your business today? That is a question you should ask regularly, because if you are not in love with your business how can you possibly interest others.

We all have off days, but they should be the exception rather than the rule, so to cheer you up here are two corking ideas to revitalise your business.

GO PROSPECTING WITH OLD CUSTOMERS

It never ceases to amaze me that so many people spend fortunes on trying to get new customers and never bother to keep in touch with previous happy clients.

Get your old receipt book out and just check how many potential customers that know you, are lurking there.

Dependent on what business you are in, create something that you can offer to these old clients that not only gives them some value but also says HELLO I would love to do business with you again.

You will be surprised at how many will react to your reaching out to them and once they respond, you will have opened a conversation that could well end in more business.

Don’t keep trying to load up the front of the truck, if potential clients are falling off the back.

BE CREATIVE NOT COMPETITIVE

So many people get too involved at being competitive. My suggestion is that you find your point of difference and enhance that. People are looking for solutions to their problems and are time strapped, so if you can point out a problem and offer a solution you are in a field of one and not in competition.

A mistake many people make in business, is to constantly monitor other businesses prices and although this should be loosely monitored it is not so important if you are offering something different.

Once you find out exactly what problems your clients have and offer them a solution, it is amazing how far down the line price becomes a deciding factor.

Have faith in what you are doing and tell your customers with confidence how your goods or services will benefit them.

Business is changing and the more effort you put in to communicating with your customers correctly, the easier your sales will be.

Once you have belief in your business it is so easy to convince others.

Do these things properly and you will notice that you feel different and your business will grow without too much extra effort.