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Broker vs. loan officer: Whose client is it?
Resolve to exceed your customer's expectationsRyan Florioshortcomings and limitations, profitability, improvements, telephone communication, professionalism
It's February, and by now, enough time has passed since New
Year's Day for us to easily assess how well we are doing with the
New Year's resolutions we signed up for on the first day of
January. By the time this goes to print, I will have focused some
energy on completing the modern concrete countertops for my new
kitchen - something that has been a work in progress for longer
than I care to remember. I'm especially motivated, because having a
great new space to prepare healthy meals for myself will ensure
that I am also moving toward my health and training goals.
Of course, writing these words in a public forum does add an
element of accountability. But in the end, I am the one who will
have to live with the consequences of my action or lack thereof. By
the time mid-February rolls around, either I will be keeping pace
with my goals or time will have passed me by. Thinking about the
possibility of eating takeout for another six months creates just
enough leverage to make my commitments non-negotiable. If I cannot
find the time to complete my kitchen projects in a reasonable
timeframe, I will hire someone else to finish the job. The outcomes
of my goals are most important to me, and I will find a way to
succeed in reaching them, even if I must outsource a task that I
view as a steppingstone.
The same outlook can be applied when assessing this year's
business goals. How much progress has been made in the first two
months of 2007? Taking a realistic look at shortcomings and
limitations is imperative if you wish to position yourself toward
growth and increase your standards of profitability. If time is
getting away from you or your time is too valuable to be spent
detailing improvements in your business operations, delegate the
necessary responsibility to an individual or business that has a
successful track record in the area of your need.
Today's business environment offers a plethora of services that
are available at competitive rates and may be used on a temporary
basis or absorbed into your company's standard operating
procedure.
One area of customer service that typically suffers with
business growth is telephone communication, yet it is an important
impression of your company's professionalism that will with either
attract new customers or repel them. If you cannot hire a live
administrator to greet your customers and handle their requests,
then consider implementing a phone system that will allow your
customers to reach their salespeople directly. Otherwise,
subcontract a 24-hour live answering service to take messages and
provide urgent responses. The most frequent customer service
complaint by consumers is the inability to speak to a live company
representative when dealing with a problem. Evaluating your current
telephone protocol may be the first step in positioning yourself
toward steady growth.
Staying competitive in a changing marketplace is important to
any businessperson, but the changing environment can be difficult
to monitor. In this case, outsource your market research to a firm
that can provide you the information you need to position yourself
as a market leader. Perhaps your consumer value is already high,
but the public has not recognized your services. If so, consider
hiring a publicist to help create awareness. Media coverage can
gain instant credibility and help a company to develop its
reputation. An important, yet overlooked, area of customer service
is accessibility. Your customers want to feel good about whom they
are doing business with, and a solid public image helps satisfy
this need.
Finally, consider whether your company is capable of executing
an effective customer follow-up program that will enable you to
capitalize on repeat and referral business. If you cannot hire a
department to facilitate communications after the sales close, hire
a company that specializes in unique customer-retention programs
for your specific industry. Staying in touch with your client after
the initial sale will increase your profitability by 300-400
percent in just a few years.
A seasoned and very wealthy businessperson told me once that the
biggest mistake one can make in his business approach is thinking
that he must reinvent the wheel in order to be successful. From the
beginning of his career, this gentleman surrounded himself with a
core group of experts that could assist him in the areas in which
he lacked experience or resources. By capitalizing on their
expertise, his company bypassed the growing pains typical of most
new businesses, and he became a recognized market leader within a
few short years.
So rather than resist an honest look at our progress since New
Year's, let us resolve to re-evaluate our business approach and put
a premium value on our time, with a focus that optimizes our
profitability. In doing so, we can also align with experts who will
pave the road to our success and create a plan to ensure our
long-term business health.
Ryan Florio is president and CEO of Cleveland-based SpecialClient.com, a
Web-based company that offers automated client relationship
programs as a vehicle for client retention. He may be reached at
(216) 598-0934 or e-mail [email protected].
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