Chukwu77

New Others Communications And Entertainment Sports And Fitness News And Politics Health And Lifestyle Law Business And Money Create

8 Advantages Of A Small Business

1. Faster Response Time To Customer Needs.In A Small Company, It Is Less Likely That Difficult Customer Problems Will Fester Becau...

Chukwu77 788

1. Faster response time to customer needs.

In a small company, it is less likely that difficult customer problems will fester because the owner will know sooner and take action. Big businesses often take an extended period to react to customer complaints. With no lengthy chain of command, complex bureaucracies filled with all sorts of policies and procedures common to big businesses, you can respond much quicker to your customersâ€™ concerns.

2. You can handle clientsâ€™ questions and concerns immediately.

You can be there when all the big boys can offer is a ringing phone and a voicemail; you can be available nights, weekends and holidays. Customers know that they can get in touch easily with you â€“ the owner â€“ to help them solve their problems with your product or service. That is a big plus!

3. Ability to offer personal ongoing service to customers.

The Secret Formula ForAny Business To Succeed Is NPS Score

Photo by Ãlvaro Serrano on Unsplash

An extremely important advantage to being small is that you are in a better position to provide a more personal service to your customers. Customers trust businesses that offer them sincere personal attention, and they respond well to businesses that know their names and remember details about former transactions. You put greater pride in customers who say, â€œIâ€™ve been doing business with this company since 1995;â€ whereas a mass marketing giant may less likely to care.

4. Can send the experts for a lesser cost.

Many small business owners are experts in their fields before branching out and starting a business: a small advertising business may be run by a former creative director of a large ad agency, or the owner of a video production house may formerly be a director of independent films.

You need to harness quality work, combined with reasonable fees â€“ two important aspects that create value and could form the basis for establishing a growing base of loyal customers. By niche marketing your services and specialty skills, your clients should see you as a specialist despite your size.

5. Lower overhead costs.

By being small, your business requires fewer resources to operate and maintain. Your lower overhead costs can allow you to offer a cheaper price, and even undercut a big competitor. You can outsell the big corporations by getting a higher percentage of business from within a very narrow niche. You can pinpoint your focus, and do well on a smaller profit margin.

Ways to Grow Your Home Business Successfully

Photo by Connor Limbocker on Unsplash

6. More nimble and flexible.

Small businesses are more flexible and less bound by policies and procedures. When a customer complains to a Best Buy saleslady, for example, the customer will most likely hear the statement, â€œOur policies state that so-and-so.â€ The employees are unable to extend better customer service as their hands are tied by company policies. As a result, unsatisfied customers who perceive that their needs are not important to the company leave.

You, on the other hand, can easily provide concessions to complaining customers. To keep the customers happy and satisfied, you can adjust easily a policy; no need to go through the board or the legal department to approve any change in policies of the business. This flexibility fosters confidence and loyalty among customers.

civil engineering

7. Quick to react to changing market conditions.

Being flexible also relates to the ability to react quickly to changing market conditions. Because of their small size, most small companies are forced to be innovative if they want to compete. Your small business lacks the resources of larger companies, and so the only way you can compete is to come up with something creative, new, and different.

Most mass marketers cannot react as quickly to changing market conditions, but you can. You can make changes in your inventory, billing, new product or other procedures more easily in response to changing customer needs. More importantly, you can make decisions NOW!

8. Can work more closely with customers to correct the companyâ€™s shortcomings.

In large companies, there is often a wide gulf between customers and policymakers. Small business owners are often on the front line, and policies can be changed as needed immediately. To keep ahead of the game, you can monitor customer feedback, especially those who have switched from larger companies to your small business and respond to them immediately.

The key to excelling against the big boys is to do the things that they donâ€™t do. Your small size has its advantages â€“ way more than listed above â€“ use them to outmaneuver and out service them every time and win the game!

8 ADVANTAGES OF SMALL BUSINESS

Lyve Alexis Pleshette

Lyve Alexis Pleshette is a writer for PowerHomebiz.com. She writes on various topics pertaining home businesses, from startup to managing a home-based business. For a step-by-step guide to starting a business, order the downloadable ebook â€œChecklist for Starting a Small Businessâ€ from PowerHomebiz.com

How To Start An Agent Banking Business

To Set Up Agent Banking Services, The Prospective Agent Must First Have An Existing Business That Is Up And Running. Then You Deci
...

Chukwu77 320

To set up agent banking services, the prospective agent must first have an existing business that is up and running. Then you decide on the bank to partner with.

The regulatory framework for agent banking in Nigeria allows an entity to be an agent for as many banks as the entity can comfortably serve.

Having decided on the bank to work with, you approach the bank and get details of their requirements for the appointment of banking agents.

The bank assesses the applicant based on its internal criteria as well as the general guidelines set up by the regulatory authority; in this case the CBN.

The Bank then applies to the CBN for approval. Individual agents are not permitted to apply directly to CBN for approval.

The bank will usually submit a list of its proposed agents for consideration and on approval by the CBN, enter into an agency agreement with the respective agents.

The Bank thereafter supplies the agent with the needed equipment for the operation of the agency banking relationship.

This will include POS terminals, relevant software where necessary, other gadgets, and other things the agent will need to carry out his duties.

The agent opens a bank account for the purpose of the agency relationship, buys floats from the bank, and start rendering light banking services to the bankâ€™s customers using its own premises and human resources.

There are three levels of agency relationships that exist in agent banking, namely: super agent, sole agent, and sub-agent.

The super-agent is an agent who is allowed to have other agents (sub-agents) in a network.

The super-agent can also be independently licensed by the Central Bank of Nigeria to conduct certain banking services within the limits of the prescribed regulatory framework.

To be licensed as a super agent, the operator is required to have a minimum capital of N50 million and a minimum of 50 sub-agents in its network.

The company is required to obtain a letter of reference from a financial institution.

MTN Nigeria, through a subsidiary company, Yellow Digital Financial Services, recently obtained a super agent license to offer super-agent banking services.

With her MOMO agent network program, MTN hopes to register 500,000 agents spread across the 36 states of the federation and the FCT rendering money transfer and bill payment services.

There have been other super agents operating before MTN MOMO entered the scene.

Sub-Agents work under a super agent.

A sole agent, on the other hand, is one who has a direct agency relationship with a chosen bank but does not have the power to recruit sub-agents.

In discharging his responsibility, the agent bank must adhere to important banking guidelines such as the anti-money laundering laws and the Know Your Customer KYC rules

Link socials

Matches

Stay Connected!

Chukwu77

8 Advantages Of A Small Business

How To Start An Agent Banking Business

Favorite