Launch Your Business toward Success

Entrepreneurship is an admirable endeavor, one that is open to anyone with an idea. The bad news, however, is that the pathway to success is a razor-thin line. If you try to undercut your competition too drastically or restrict quality for quantity, you may end up bankrupt before you even begin. Despite this, it is important to remember that success is possible with the right attitude and tools. The following is a short list of products that are often overlooked, but are exceptionally helpful in keeping your budding business on track.

 

Procure the Proper Licenses

Depending on what it is you intend to sell, you may need more than just a business license. Restaurants, real estate agents, and liquor stores each need separate documentation to vend their wares, for example. Having all of the right credentials shows your customers that you are fully trained and capable to assist them in whatever it is you are offering. Most states also require that these documents be displayed for the public to see.

Stay Digital

Running a business is a lot of paperwork, so the best thing to do is take the paper out of it. Set aside a portion of your start-up funds to purchase a decent organizational computer, complete with point of sales system and invoice software. Seeing as every other major company will expect you to take credit cards and make electronic transactions, this cannot be overlooked.

Know a Decent Lawyer

Aside from the fulfillment that comes with running a successful business, there are other things that should be on your mind. The business is an entity that you have to protect, and that others may try to harm. Robbery, vandalism, and other such problems may lead you to taking legal action. Unfortunately, business litigation is very different than other types of law and will require a specialized lawyer.

Larry Buckley Talks About The Banking Industry With BankPhD

DataOceans’ founder Larry Buckley was recently featured in a podcast for the blog BankPhD.  Bankphd.com was founded by John Aranowicz, a banking industry veteran who blogs about all things related to the finance and banking industries.  In the podcast Buckley mentioned his professional background and his vision for our company, but he mainly focused on the data transformation and print solution services we provide for companies in the banking industry.

Buckley began talking about the work the company does for banking clients by explaining what our products and services aim to do.  Overall DataOceans’ products and services can help the banking industry improve customer experience and customer self-help, while reducing operating expenses and generating additional non-interest bearing revenues.  Much of what the company does revolves around what Buckley calls DOCCM: Document Output Customer Communications Management.

In the past people physically had to walk into banks and interact with tellers to use their services, but now thanks to developments in online banking most banks primarily interact with their customers through the monthly statements and invoices they send.  Making invoices effective, efficient, and pleasing to customers can be difficult for banks to do on their own, that’s why so many banks come to DataOceans to handle their invoice and document needs.

Making effective documents and statements for customers doesn’t just involve making them look nice, a lot of work goes into how DataOceans develops each statement.  After collecting important data and analyzing it on an atomic level, we’re able to give customers their documents that they need.  Our data mining techniques can help banks see trends and other useful information that they may not have been able to see without our help.

Buckley goes into much more detail about these important topics during his podcast.  If you want to listen to the podcast follow the link.  If you can’t listen to the podcast, you can read the podcast transcript here.

Customer Satisfaction and the Banking Industry

It’s a tough time to be a banker or credit card company in this country.  When Gallup did a poll on American opinions about the 25 biggest industries in the country, banking was the third least beloved industry in the survey.  There could be an array of reasons why Americans are dissatisfied with banks, but there are some ways you can ensure that your customers stay happy and stay loyal.

Improved banking statements, effective invoice software, and a different approach to customer satisfaction and interaction could be what you need to keep your current account holders and future clients happy with your services.  Take a look at Consumer Complaints Database the Consumer Financial Protection Bureau set up and see some of the complaints people have about some of the nation’s largest banks.    Customers are upset that banks seem to lack consistency with their documents and procedures, they’re unhappy that they aren’t learning about new and helpful services that banks offer, and all of those problems make customers think that banks aren’t being run as efficiently as they should be.

A lot of these problems could be solved by taking a different approach to how your company presents the documents you send your customers.  The American Banker recently did an article on how banks and credit card issuers should be paying more attention to their customer’s usage habits so that they can use them to better the individual customer experience.  If you kept track of how your clients use their accounts, you could use their invoices and account statements to advertise relevant services to them.  Instead of having blank white margins, put an advertisement for refinancing services on the account statement of the client who has an interest fee that could be reduced.  Or put an ad about your new and improved frequent flyer options on the monthly statement of the client who uses their credit card to travel.

Even though a personalized touch can be helpful, you can still utilize extra white space on your documents to communicate with your customers in general.  You can announce upcoming changes to company policy in margins that would usually be left blank, or you could put ads about upcoming services your customers could use.  Your customers will love having a predictable and reliable way to learn about information, and you may even start to notice your customers utilizing services they wouldn’t have otherwise known about.


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Customer Experience Management Through Documents

Customer experience management is as important as employee management is. If you think about it, the experience your customers have with your business will influence a lot of different factors. Customers who have good experiences are more likely to do repeat business with your company, and to also refer you to their friends and co-workers.

Customers favor simplicity and consistency when choosing companies with which to do business. They like to know what to expect and they don’t want to deal with anything that’s too complicated. Businesses and companies seem to frequently run into trouble with the documents they give their customers. Whether they’re billing statements, advertisements, or other important documents, the problems often fall into the same category. Companies either they don’t give their customers enough options to receive their documents, or they don’t properly utilize all of the space available on the documents.

In a world where smart phones and tablet computers reign, not providing your customers with electronic, portal, and mobile options to view documents is bad for business. Businesses and companies that don’t take advantage of these tools when they send out their documents are making a big mistake. Every document companies send should be consistent, prominently display their logo, and should also utilize extra space for advertisements. The extra white space on documents could be an advertising gold mine. It’s an excellent place for companies to tell clients about new offerings, upcoming sales, and other important company news.

If you want to learn more about the characteristics of a good document, visit our website so you can learn about how we can help you improve your customer’s experience, and your business.


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