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Friday, July 19, 2013

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Three Skills that Will Save Your Business Money

Skill is a word with multiple contexts, all of which are applicable to reducing costs of operations and retaining revenue. Skills in the business world revolve around types and qualities of transactions companies offer to customers.
Acquired customers should be retained. Maximum benefit comes from retaining a customer's lifetime loyalty which translates as giving the business repeat transactions. The person who is planning a business' future understands the objective of customer retention and will develop the company's employees with a focus on training skill sets that will assist in ensuring customer loyalty.
Social Skills
Customers enjoy feeling valued and they like to identify themselves as more than just a monetary transaction. Customers should be valued. Customers are the revenue source that ensures a company's continued success and are in fact the true employers of any business. Social skills include the ability to personalize an experience, extend empathy and understanding and to make the customer feel welcome time and again.
Retaining a customer costs less than continually acquiring new customers. Developing a base of loyal customers can save a company money in terms of time and labor. The steady income repeat customers can bring a business can be used both for operations and expansion.
Soft Skills
Another skill set useful for saving a company money is soft skills. Soft skills refer to how a person conducts a social interaction. The delivery of empathy and understanding as well as personalization in a transaction will require different approaches depending upon the customer's frame of mind and present being.
Labor Skills
A third skill useful for retaining revenue is labor skill. If the business has a workforce that can do the job rather than focusing on the ability of finding people to do the job for the business' customer then the business can save money. It costs more to outsource some aspects of a business than it does to do the job locally.
Adding a middle man to a simple business transaction either increases the operational cost of the transaction to the customer so that the business and the middle man can each achieve a specific revenue percentage or if the cost of the transaction to the customer remains the same then the business decreases revenue because it had to pay the middle man his cut.

Developing or refining social, soft and labor skills can be accomplished with training such as those the University of Alabama at Birmingham offers.


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