Business Education

My Customers are Cancelling Orders Over Rising Prices and Long Delivery Times — What Steps can I Take?

Small business owners are always looking for ways to keep their customers happy. When prices go up and delivery times get longer, some customers may choose to cancel their orders. This can be a major problem for small businesses, as it can lead to lost revenue and decreased customer loyalty. In this article, we will discuss some solutions that small business owners can use when customers cancel orders over rising prices and long delivery times.

Biggest Small Business Advantages

One of the first things you can do is to gain some reasonable perspective. Put another way, think about the innate benefits small businesses have compared to large, corporate chains. You’re able to make independent decisions. Plus, having a small organization means being more nimble. What’s more, you can not only have but use personal relationships with your customers to your advantage.

No one wants to lose customers. You work so hard to acquire each and every one. After they sign up for your product or service, you pour your energy into meeting and exceeding their expectations. So when you get that call or email, it can be devastating — both financially and emotionally. A recent study by the Harvard Business Review states that a five percent reduction in customer defection has the potential to double profits. How could such a small decrease in cancellations result in a doubling of profits? Those customers that stay with you make more purchases, take less of your time, and refer other new customers. —Invoiced.com

The very fact that you have one-on-one relationships is a huge deal. This, not to mention the fact that you’re part of a shared community. So, you also share many of the same experiences. Basically, your small business might not have the monetary resources big companies do, but still have other means that can help you get through such challenging times. In other words, you do have some advantages and it’s very helpful to stay in a positive mindset.

Steps Small Businesses can Take to Deal with Customer Order Cancellations

When customers cancel orders due to rising prices and/or over long wait times, it can be frustrating (and of course, bad for the bottom line). Fortunately, there are steps you can take to either minimize or regain customers for your small business:

Offer discounts. One solution that small business owners can use is offering discounts. This can help to offset the increased prices and make it more affordable for customers to continue doing business with your company.
Offer VIP upgrades. Another solution is upgrading customers to VIP status. This can give them access to exclusive deals and discounts that they would not otherwise be able to get. They can pay a small fee for priority treatment, such as being the first when deliveries ship.
Offer referral rewards. Finally, small businesses can offer referral customer rewards bonuses. This can encourage customers to refer their friends and family to your business, which can help to increase your customer base.

Implementing one or more of these solutions can help small businesses keep their customers happy, even when prices are rising and delivery times are getting longer. By taking steps to address these concerns, small businesses can stay afloat during tough economic times. While no one solution is perfect for every small business, each of these solutions can help to address the issue of customers canceling orders due to rising prices and long delivery times. By taking action and implementing some of these strategies, small businesses can keep their customers happy and loyal, even during tough economic times. Do you have any other tips for small business owners who are facing increased prices and longer delivery times leading to customer cancellations? Let us know by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

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The 3 Biggest Social Media Marketing Mistakes

March 10, 2020 No Comments

The three biggest social media marketing mistakes small businesses make might surprise you. In fact, two of them seem contradictory, that is, once you learn their details. But, knowing about these unforced errors can help a business create brand awareness, reach a larger audience, and sell more. Read on to learn about the three biggest social media marketing mistakes small businesses make. The Importance of Social Media Marketing Social media marketing is an obvious necessity in today’s business environment. Consumers get most of their news and information from social media. It’s where 3 out of 5 consumers discover new products and services and/or are repetitively exposed to them on a regular basis. It’s also the place where literally hundreds of millions of people go day after day. Most modern businesses understand the importance of using social media to promote their brand and interact with consumers. Indeed, social media is at the core of many companies’ digital strategy, often delivering measurable results in terms of sales, leads and customer service. That said, there are many social media mistakes that we see time and time again: strategic errors that leave leads on the table and opportunities unexplored. —Forbes.com With such wide reach and exponential potential, it’s no wonder social media marketing is the preferred medium of the largest international brands. Small businesses can also tap into this powerful branding tool, by building a presence. However, it must be done with an effective strategy. 3 Biggest Social Media Marketing Mistakes The lack of strategy, unsurprisingly, is where too many businesses go wrong. Just having a presence and posting updates isn’t enough. It is very important not to commit these three huge social media marketing mistakes, too: Posting too little. If there’s one rule small businesses should follow in regards to social media marketing, it is consistency. Too many businesses start off posting regularly, only to update their pages less and less. Eventually, updates are sporadic, becoming few and far between. Hence, people don’t encounter them often enough and that’s a really bad thing. Posting too much. On the other hand, some businesses over do it. They post so frequently, there’s no discernible message or value to their target audience. These businesses make the mistake of confusing quantity for quality, and that too, is a huge mistake. Posting for the sake of it usually only serves to irritate people, not endear them to the brand. Not effectively branding. The last point plays into this one. It’s a well-known fact in the digital marketing world people often forget where they see things on social media, more particularly, not remembering the source. In other words, they might recall a product or service, but can’t recall the platform on which they saw it, and more importantly, which business it posted the content. Therefore, it’s imperative to have a consistent brand presence so people associate your business with its products and services. What other mistakes would you advise small businesses to avoid? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Biggest Pros and Cons of Employee Monitoring Systems Small Business Owners Should Know About

January 18, 2024 No Comments

Biggest Pros and Cons of Employee Monitoring Systems Small Business Owners Should Know About Small business owners are constantly looking for ways to improve productivity, streamline operations, and ensure a safe working environment for their employees. One solution that has gained popularity in recent years is the use of employee monitoring systems. Employee monitoring tools can provide valuable insights into team member performance and help companies to better manage their workforce. However, there are also potential drawbacks to consider. So, it’s important to know the advantages and disadvantages of such technology. Below, we’ll explore the biggest pros and cons of employee monitoring systems for small business owners. Pros of Employee Monitoring Systems Increased productivity. One of the most significant advantages of employee monitoring systems is their ability to improve productivity. By tracking employee activity and identifying inefficiencies, small business owners can make data-driven decisions to optimize workflows and increase overall productivity. Enchanced security. Employee monitoring systems can also help to protect sensitive company information and prevent unauthorized access to critical systems. By tracking employee activity, small business owners can quickly identify and address potential security threats.t Improved employee accountability. Employee monitoring systems can also help to improve employee accountability by providing a clear record of their activities. This can help to reduce the likelihood of time theft and ensure that employees are working efficiently during their scheduled hours. Better time management. By tracking employee activity, small business owners can better understand how their employees are spending their time. This can help to identify areas where employees may be struggling and provide opportunities for additional training or support. Reduced costs. Employee monitoring systems can also help small businesses reduce costs by identifying inefficiencies and streamlining workflows. This can help to reduce the need for overtime and minimize the risk of costly mistakes. Cons of Employee Monitoring Systems Privacy concerns. One of the biggest concerns with employee monitoring systems is their potential to invade employee privacy. Small business owners must be careful to balance their need for information with their employees’ right to privacy. Employee morale. Employee monitoring systems can also have a negative impact on employee morale. If employees feel that they are being constantly monitored, it can lead to feelings of distrust and resentment. Legal considerations. Small business owners must also be aware of the legal implications of employee monitoring. Depending on the jurisdiction, there may be specific laws and regulations that govern the use of these systems. Technical issues. Employee monitoring systems can also be subject to technical issues, such as software glitches and data breaches. Small business owners must ensure that their systems are secure and that their data is protected. Summing It All Up Employee monitoring systems can provide small business owners with valuable insights into their workforce and help to improve productivity, security, and accountability. However, there are also potential drawbacks to consider, including privacy concerns, employee morale, legal considerations, and technical issues. Ultimately, small business owners must carefully weigh the pros and cons of employee monitoring systems and make an informed decision based on their specific needs and circumstances. Want to Accomplish More? Do you want your company to grow faster and earn more while you spend more time with your family doing all the things you started your business to do? We can make that dream a reality. Give us 30 minutes and we will show you how to get your life back. Skeptical? Good! Put us to the test. You can call us for your free appointment at 602-435-5474, or, if you prefer, send us an email. You can also visit us at Waters Business Consulting Group to learn more about us and the services we offer.

Not Conducting Exit Interviews? Here’s What You’re Missing

August 6, 2021 No Comments

An exit interview is conducted for two principal purposes. The first is to learn about the soon-to-be former employee’s experiences at the company. The second is to determine the reason he or she is leaving. Those are pretty straightforward and can provide valuable insight into how a business operates from an employee’s point of view. This is why large corporations establish these separation procedures. However, even small businesses can take advantage of what exit interviews have to offer. Downsides to Holding Exit Interviews Now, there are of course pros and cons to conducting exit interviews. The first and perhaps most obvious is that a future former employee May be unwilling and/or apprehensive about the possibility of burning bridges. In other words, you might not get the unfettered truth to every answer. Plus, it’s possible the person will go out of his or her way not to offer honest answers. Then, there’s also the possibility he or she will hold back information and that of course can undermine the entire exercise. Exit interviews are conducted to generate feedback from employees with the goal to lower employee turnover rate, raise employee retention, and improves aspects of the organization as a whole. After conducting the interviews and reviewing the data, organizations will use the employees’ suggestions to create a better organization for which their employees want to work and succeed. —Work Institute.com What’s more, if you do get the whole truth, and nothing but the truth, your action on the other side can be very detrimental. After all, the departing employee might provide valuable insight into correcting certain issues or problems within his or her position that could benefit his or her successor and/or, the business as a whole. Failing to apply solutions could result in remaining employees knowing that nothing was done, and that can be quite damaging to morale. 3 Biggest Exit Interview Benefits Obviously, companies conduct interviews as part of their business practices for good reason. And, as mentioned above, even small businesses can reap the same benefits. Here are the biggest advantages of conducting exit interviews: Gain inside perspective. Managers, administrators, and owners are routinely surprised by what they learn through exit interviews. Because they are in charge at the top, they believe they have some sort of omniscient knowledge, but that’s certainly not always true. In fact, this is why third-party HR services offer exit interviews since they understand through experience that the upper echelons of companies aren’t always aware of everything that’s actually going on. Discover unknown issues. Along the same line, it’s not only learning the intricate dynamics or the minutiae of a certain position, but also the problems and issues that affect said position being vacated. It’s not at all unusual for the exit interviewee to reveal certain points of friction or areas of frustration with the position they are leaving. This too is very valuable information and gives the company and opportunity to make key changes. Increase employee retention. One of the main reasons companies conduct exit interviews is to gain knowledge of the benefits listed above in order to enact reforms or policy initiatives that serve the employees better. By doing so, the businesses are able to improve on their operational practices and that can also benefit other areas, such as employee cohesion, morale, and productivity. What other advantages do exit interviews offer? Please take a brief moment to leave a comment and share your thoughts and experiences so others can benefit from your input. Interested in learning more about business? Then just visit Waters Business Consulting Group.