Client management is the care and attention a business (micro-enterprise, small, mid-size or large) gives to their customers. It is often overlooked or neglected by sales focused organizations. Best of Breed businesses understand the importance of of the proper management of customers. Good client management policies will have an impact on both the financial success and recognizing market opportunities:
- Financial Impact
- Increase in client retention thus lowering the cost of sales and increasing the growth rate of the venture
- Lowers operation costs associated with issue resolution
- Establishment of re-occuring revenue streams which is critical for raising funds or expansion plans
- Opportunity recognition
- Development of warm referrals
- Identification of of potential clients and markets
- Obtain crucial client feedback for new products or services
For micro-enterprises the establishment of good client management policies will define how fast you grow by lowering the pressure of a sales only performance measurement. Establishing best practices early on will help keep clients sold and thus help avoid cash flow issues.
For ongoing business ventures, poor client management can result in the loss of crucial clients derailing growth objectives, lowering of the corporate image and will increase the cost of sales.
Talk to The Entrepreneur’s Advisor™ today to see how changes can have immediate impact on your business.