How to Handle Customer Complaints

Customer complaints are unavoidable in any business or enterprise and handling such issues can be very challenging. Even careful operation does not make you immune to having unhappy customers. To handle customer complaints effectively, here are some points that you can follow:

– Listen. Listen and put yourself in the customer’s shoes and understand the situation from his or her point of view. This is the first step in successful resolution of a complaint.

– Show ownership. Avoid referring customers to other departments, blaming others or making excuses. Assure customers that your company will attend to their complaints.

– Empathize and resolve. Apologize to customers for the inconvenience if there was indeed a mistake. Offer solutions to the best of your abilities but make sure that it is still withing the bounds of company policy.

– Learn and improve. Make your company more attuned to customer needs and look for permanent improvements. Complaints point out your company’s shortcomings to help it improve its systems and procedures to satisfy your customers.

Mutual Fund as an Investment vehicle

A mutual fund is a professionally managed fund where a money of a group of investors is pooled and invested several securities. It is considered one of the more reliable investment vehicles in the world of finance through which an individual or institutional investors can expand their assets.

Depending on the mutual fund’s investment objective, the fund manager invests in different types of assets (like stocks and bonds) to provide investors with optimum returns. Mutual funds provide investors he opportunity to generate stock market and bond market returns. It is also safer for individuals to invest through mutual funds, as qualified professionals with proven expertise and knowledge manage them. Because mutual fund companies invest in a wide array of securities, an individual instantly has a diversified investment portfolio. Take note that everyone has a different view on risk, so it is a case of choosing the right fund for you.

Mutual funds are an ideal investment tool for investors to accumulate and build wealth over the long term. It is a popular vehicle for retirement savings as well as building lump-sum amounts to achieve one’s financial goals.

Knowing your Opportunity Cost

OpportunityOpportunity cost refers the cost of missed opportunity. Scarcity of resources such as time, capital or people forces us to choose something at the cost of giving up another. Opportunity cost is always quantified in financial terms, and it is a crucial component in every decision-making process.

When opportunity cost rises, the expected return from the business rises too. Opportunity cost exists in every business decision. If your business resources were to be used in a different way, you could always compute if the opportunity cost is worth it. Your resources may include not only working capital and fixed assets, but also quality of people and time. If you have employees who are not competent for the job, or lack proper training to handle certain tasks, then your opportunity cost is high. What you can do is to hire more competent staff or invest in training to improve productivity.

Marketing through Networking

Networking is a marketing technique done by an individual, rather than a company, to enhance contacts or personal connections for promotion of a product or service. Networking utilizes interpersonal relationships and social networks, and make the most of these networks to bring in more customers to the business.

Networking a great way to expand one’s business to a wider market beyond your current contact. You can extend your network by attending the right business networking activity or group for your business to secure you the most benefit. Avoid aggressive sales talk as this reflects the tactics of a desperate salesman. Learn to create perfect business spiels that may last only a few seconds but are still appealing. Learn to listen to other people and do not interrupt. Get into the business services when they are already called for. In attending networking events, be ready to present your business card as it is your primary networking tool.