We live in the era of technology, from the process of communication to the common household chores, everything is benefiting from advancements in technology. Now we can control most of the household appliances using our mobile phones. Like we can adjust the angles of our bed using mobile devices, we can control the room temperature, we can automate our washing machines using remote controls that use special applications. The aim of this rant is that technology is doing wonders in every field of life and business is one aspect of life which benefited from technological developments most. If we compare current business environment with a decade old corporate situations, it is not hard to notice how technology has changed our ways of doing business. The computerization of regular business tasks involves extensive use of one specific application and that application is a part of every business firm, no matter it
Business firms which embrace the power of online selling and offer their products to the customers using the internet, enjoy a competitive advantage over those firms which are selling the same products using traditional means. Some companies build their point of differential on the basis of online selling and yield high returns. There are a number of different methods that are used for paying online bills. When these whole phenomena of making online payments started, the first most widely used method was the paying through credit cards. Although credit cards are still in use, but there are some threats associated with it which are still present. For example, in the case of credit cards, cyber theft is a very common risk faced by credit card users, a countless number of cases are seen where hackers used details of someone else’s credit cards to make online purchases. Method Offered by VTiger
When a firm is carrying out its business operations in a country, it is the legal obligation of a company to pay the taxes according to that country’s constitution and law. There are several direct and indirect stakeholders that are affected by the operation of a company. List of direct stakeholders consists of customers, suppliers, distributors etc. And the list of indirect stakeholders comprises of the environment, general public, government etc. The government is an indirect stakeholder but is affected by the business firms and in return of facilities provided by the government companies have to pay something in financial terms to the government and that is where the concept of taxations comes. Using tax collected from firms and individuals government fund program for a better lifestyle of their citizens. “I like to pay taxes. With them, I buy civilization.”
What is the purpose of a business? Why do we market products? What benefits does customer service yield? Why firms spend large amounts on improving their distribution channels? The answer to all these questions is that the firms invest resources, in all other business related operations only to increase their sales. So, we can say all the operations a firm is performing revolves around sales. Because it is the area where the firm makes the profits for its shareholders. “To me, job titles don’t matter. Everyone is in sales. It’s the only way we stay in business” -Harvey Mackay The sales department is the backbone of profit making and plays
No one can deny the power of good customer service, business firms are yielding high profits only because of their exceptional customer service while offering the same product quality as their competitors. A good customer service can impact your customer perception about the product and has the power to enhance the image of your offering to your valued clients. It is an aspect of business where a little input can do wonders and you can easily surpass the expectations of your clients on a positive note. “Customer service is an opportunity to exceed your customer’s expectations” – John Jantsch, president at duct tape marketing While designing customer service programs, make sure to incorporate enthusiastic and motivated human resource in this department, because HR matters more than financial resources. Invest in your customer service and witness the wonders happening. Vtiger 7 Customer Portal Champ of Customer Service in Virtual World
The business environment is becoming more and more intense day by day. So, to stay ahead of your competitors business firms have to anticipate things like sales, raw material, labor force etc. Companies which fail to forecast correctly not only face serious pressure from competitors, but sometimes also encounter disappointment from their suppliers and distributors. To broaden your view, some of the most important benefits of forecasting are given below: Financial Estimation Forecasting helps in determining your financial needs, it helps to estimate how much finance you need to put in your business to achieve the desired amount of revenues. But, the point that should be taken into account while forecasting is to make it realistic; superficial estimation of future purchase and sales yield is not good. Cut down Expenses A good prediction about future business operations can save a firm from a lot of expenses. Like the company will
If we look at the past customer service trends, the normal behavior of firms regarding customer service was to develop a separate department whose duty is to cater customer’s queries and complaints. But, with the developing business culture, we can witness a major shift in customer service practices. It is considered to be an attitude rather than a job formality. Customer Service is not a Department; It is an Attitude On the customer side buying behavior is also very complex nowadays. They consider a number of different aspects before making a purchase and customer service is one of them. Take a look at the telecom industry; Samsung and HTC two mobile manufacturing giants provide almost same features on their cell phones. But, while deciding which phone to buy, customers give good enough weight to their customer services. Same is the case if we compare Thai airways and Emirates, a big
The most important development of the 21st century is globalization. This phenomenon made the world a global village and the constraints of its development did not remain restricted to social contact only, it also revolutionized the way people do business with each other. People started to embrace the power of the internet and started to incorporate it in their business dealings. They not only used it to communicate with other parties across the globe, but they also started to sell their products in more than one country, directly to the customer, without involving any third party. The term E-business is formulated on this basis it means conducting buying and selling of products using the internet. While expanding their business in other countries, people faced many serious problems and one of them is currency conversion. Imagine what could be more frustrating than losing a client only because he is willing to
If people do not know about your product, how can you anticipate that they will buy from you? The answer to this question is an advertisement, it plays an integral role in business. The advertisement is crucial for both existing and new firms. For new firms, it creates awareness among the public, and for the existing businesses it is used to communicate how doing business with you is a better proposition as compared to your competitors. The current business era is very competitive and designing advertisement which just tell what is your product is not sufficient enough. Advertisements are becoming way more innovative as compared to the past, so creating an effective advertisement is one of the biggest challenge currently business firms are facing. Today I will tell you about some of the most basic yet effective factors incorporating which can enhance our advertisement campaigns quite significantly. Embrace the Power
Financials and accounts are the backbone of a business, its importance can be determined from the fact that every business needs accounts reporting and check n balance. Well-kept financials can help a business firm in a number of ways. For example, managing the cash flows of the firm, from where they are earning and the points where they are spending. Forecast about how any units you will sell in the future is determined by evaluating the revenue and sales of past years. The story does not end here; accounts can also be used to manage internal affairs of a firm. For example, using an accounting software to estimate how much tax your firm will pay this year, or what percentage of the total amount will be paid as direct and indirect tax Calibrating wages, or the distribution of bonuses can also be done using such softwares. Accounting and CRM To
There are a few things which are an essential part of your firm, no matter on what scale you are carrying out your business related operations, one of them is electronic mails. The benefits of emails are very convincing like it is a low-cost method of communication, it is used to keep a permanent record, it is used to target a wide range of people and locations does not matter when you are using emails. Moreover, it is an important tool which is used in formal communication. From announcing your new product arrivals to sending a notice to your client to renew his subscription regarding your services, all is done through e-mails. VTiger 7 Providing Solutions to your Email Related Problems VTiger 7 CRM understands the extent to which the emails are important for your business. Therefore, it offers a huge range of cool and highly effective features regarding the
Customer service is one of the most integral part of an organization. Unsatisfied customers mean a huge loss to business. It is the biggest reality of today’s business environment that only those firms perform well who cater their customers in the best possible way. “Courteous treatment will make a customer a walking advertisement” Customer satisfaction plays such a vital role in the business culture that some firms improve their customer up to the extent that it becomes a POD (point of differentiation) for them. Without a doubt, it is a potential area which can be turned into a competitive edge of a firm. The list of benefits of a satisfied customer is a long one, some of them are quoted below: – Excellent customer service yields repeated business, a satisfied one will do business again with your firm. – A satisfied customer will advertise your business, a positive word of
Sales department is the soul of a business firm, they carry out the most important activity of a business which is selling the product and the services to the customers. Selling product to the clients is the most difficult phase of a supply chain. For an organization to remain successful in this competitive business environment, an efficient sales department is required and managing sales are one of the toughest jobs in corporate culture. For managing current sales and for forecasting future transactions, sales reports are required. Sales reports are the tools using which progress of business is communicated from sales reps to the CEO, CFO, COO of the organization. Why Sales Reports are Important There are numerous reasons because of which sales reports are so critical for a business organization. From managing the day to day sales activities to prospecting future annual sales, all is done using sales reports. Some
VTiger 7 Acing in the Aspect of Subscription Based Model as well Business environment keeps on evolving; some business strategies became obsolete. On the other hand, some tactics gain the popularity. One of the most commonly used business models revolves around the subscriptions, in early days the tool of subscription was used by the magazines and newspapers. Customers have to pay a subscription fee in return for which the termly magazine is provided to them. Companies found this subscription model and started to incorporate it into their own businesses operations, now it is used widely in corporate sector, especially where services are offered (But it is not a hard and fast rule that uses subscription for services only, it can also be used for products). In simple words, in subscription business model, the user has to pay a certain price against which he can use the products or services offered
Email is an important part of today’s world. It is one of the most frequently used modes of communication. A huge range of tasks is performed using emails like submitting a math assignment to your university teacher, sending the quotation of your products to your client’s; everything involves the use of email now. There are a number of different reasons behind the popularity of the emails. The popularity of email can be determined from the fact that almost 205 billion emails are sent per day. Without a doubt, most of the emails people receive are of no interest to them and the percentage of useful emails to a person remains to be 30% (approximately) per day (for the active accounts). So this fact is established that emails are very important and one of the most common aspects of the virtual world. Emails in Business and CRM Business firms use emails
Some of the needs of the business firms are identical like every business will have some contacts, will generate receipts, offer a product or service etc. But, ever business will be different from others in some aspects, for example, may be a business belongs to the tech industry, while the other is performing operations in FMCG sector. So, the requirements of both the businesses will be different and because their business model is not the same. Even if take a look at two banks operating in the financial sector, it is not hard to observe that although their product types are similar but not the same. So no one can deny that the need of every business is different. Diversity of a CRM Different CRM available in the market claim that can cater your all needs, but the reality is that if you purchase an ordinary CRM it will hardly
Forms in Traditional use When business firms interact with their clients’, one of the most commonly used methods is forms. The reason behind using forms is that they are very easy to use, yet the information collected through them is very precise and accurate. The usage of forms in business is diverse and very vast from banks to the telecom service provider. Almost every organization uses forms. For example, whenever you visit a bank for depositing money, they will provide you a deposit form. In which you have to put information like account title, currency type, account number, signature etc. So, one fact is established that no one can deny the importance and usage of forms in business firms. How Critical Forms are in Cyber World The next question arises; do, in virtual world, forms have equal importance? And do they yield same benefits? The answer to the first question
Only those firms perform exceptionally well in this tough business environment which make great use of management hierarchy. Hierarchy also identifies the working boundaries and jurisdictions of people working in an organization. Within a firm, every bit of information is not exposed to all the members of the firm. The reasons behind this approach are varied greatly. Some firms follow the previously mentioned approach for privacy issues and some implement it with an aim not to overburden its staff members with excessive information. For example, the information regarding the financial of a firm is related to the accounts department only, so such information is exposed only to human resource related to the accounts department or the top management. This information will not be made available to the sales reps because they have nothing to do with. There is no need to make sales reps aware of the fact that how
Growth is the sign of a startup of business; success or failure. There are many authentic case studies and researches for growing startups of successful business. Although no one can find everything 100% true but we are pretty confident about these stats. In light of these studies you should learn from these amazingly successful companies, to shape your thinking process and hopefully instigate you when it gets nearer to your business startup growth. So here is the review of few essential points taken from different researches about the fastest growing business startups globally. These can be a reference to get the correct method to build your own business. Product is Essential for Growth In all fastest growing companies, product experience is a common feature in all. A great user experience attracts more loyal customers of your product. Sustained growth is impossible without a good product. Growth is an Endless Process
In recent years, it is a big challenge for advertisers to get more attention of customers on social media. Advertisement is all about psychology. In advertisement, advertisers use words, people, emotions, and images to influence target people that they need, want, and desire a company’s goods and services. Mostly advertisers have quick understanding of social media marketing tools that they use. Facebook gives small real estate to advertisers to post their ads and grab attention to customers. Creative writings and images are very important for advertisement. So be selective and careful when you create Facebook ads. Only throwing up images and some random content is not the correct strategy for business. The core idea of advertisement is to be thinking and visualizing your content to get more benefits with Facebook advertising. So there are some psychological techniques to make your ads more effective on Facebook to grab more attention of
Competition among the business firms is becoming fierce day by day and the speed of this changing business environment is more than ever. When a business environment changes, it means that several new players, numerous new tools emerge, and firms which fail to adapt to these changes are Gone with the Wind. In the past, a new business tool emerged whose importance is rising with every passing day and almost every organization is in pursuit of incorporating that tool in their businesses to raise their benefits and the name of that tool is social media. It is a platform which can impact greatly in the process of shaping the image of a brand in people’s opinion. The question arises what do social media offers that made it so lucrative for the business firms. While in past the most common point of interaction between the business firm and the clients was
One of the most critical factors which can be used to determine how well an organization is performing is the quality of data they are sorting. Firms who are more efficient at gathering of quality data always have a competitive edge on others. Data entry is not only an integral part of a business firm’s but, it plays an important in every race of life like hospitals use the data entry to a very high extent. Well, data entry means inputting data into computers. Usually, it is a common point of view that data entry means recording data into the computer from the physical records. But, that is not the case, data entry means storing data into a system from any other systems like mobile applications, emails, internet forums and even physical records. One of the key features of a CRM is data entry, almost every CRM facilitates the data
When we look at real life scenarios, it is not hard to notice that only those people influence others more, who have great communication skills. Same is the case with business firms, an organization with superior communication setups yield far greater profits than ordinary ones. How better communicating process helps business firms? Well, there are numerous reasons behind this phenomenon, but I will like to quote some of those: A better communication process helps business to identify their needs more effectively and take decisions accordingly Good communication leads to comprehending the customer needs with more accuracy and then respond to them with product they want Effective communication model increases the productivity of employees and helps in maintaining better relationships among them Customer service depends on upon how efficiently firm’s representative can communicate with the customers, so in this regard organizations with strong communication image gets a competitive edge. We can
Determining roles are a crucial part of establishing any business, regardless of scale on which that firm is performing operations. Roles provide the basis on which hierarchy of a business is developed. Consider an organization in which there are no roles, from the concept it sounds very interesting. You are allowed to do whatever you want because there is no specific role attached to you according to which you must perform your duties. It is like a map is provided to you on which the treasure is marked, but you are not told about your position and the path you should follow to find the treasure. On paper you will say it is a better idea, you can make your own path etc. but reality does not work this way. Roles provide a non-materialistic foundation on which companies are built. Why Roles are Essential Part of a CRM Roles play
Effects of Accounting Systems on Business Accounting systems are an integral part of business firms, from a small scale business like a bakery service operating at a local shopping mall to high-end Multi-national Corporation, all of them require an accounting system to streamline their operations. These accounting systems not only help you with cost management, but they also influence a positive impact on your value chain. On the basis of data collected by these accounting systems, future forecasts and financial reports are generated. This clearly shows the sheer power of an accounting system and how it can play a vital role in maximizing the profits of your business firm. Accounting Systems and CRM You can imagine the potential of a good accounting system from above-provided information and you are no alien to the sheer strength of a good CRM like VTiger 7. Now it is time to embrace, witness and