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Business Landscape

How to Make Your Customers Smile

Happy customers are critical to the long term success of a business. Am I stating the obvious? It should go without saying, yet few businesses demonstrate an understanding of the impact that happy customers have on a business.

Greg Mason

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Happy customers are future customers. You don’t have to market to them, sell to them, convert them, or spend money on acquiring them. It is much easier to sell to an existing customer than find a new one.

Related: What Do Customers Want to Hear?

Happy customers will buy more from you, again and again, and are often willing to pay more. They will recommend your product or service to others, and ultimately become your outsourced sales team!

But the formula to create happy customers seems to escape most businesses.

How do you make customers S-M-I-L-E?

S – Service Culture

Happy customers are created by companies that subscribe to a culture of customer service. If service is not one of your company’s values, the chances are that no one is thinking about it. Businesses need to define the concept of customer service in the context of the industry and the business.

Ask your good customers what turns them on… why do they do business with you? What do they want and expect from your company? Then create a service system that aligns what you offer to what the customer needs.

M – Moments of Truth

Take time to work out what the touch points are in your business.

  • At what point in your customer interaction can you win or lose, impress or disappoint, make or break?
  • Is it the first impression when they walk through the door or get through on the phone?
  • Is it at the point of delivering the product or service?
  • Is it the way you communicate throughout the process?
  • Do they need reassurance that they made the right choice after making the purchase?

Once you have identified your moments of truth, you can structure your approach to ensure you win, impress and solidify the relationship.

I – Innovation

This is about staying on top of your game and finding points of differentiation that continuously surprise and delight your customers.

It is not good enough to offer the same service as your competitors – that makes you mediocre, one of the pack, same-old-same-old. Think out of the box and find an unexpected new wow factor to impress your customers.

L – Loyalty

Remember that your customers could get the same product or service from a multitude of competitor businesses.

Related: How to Tighten Cash Flow Management in a Difficult Economy

 

What are you doing to secure your customers’ loyalty? What can you throw in as an added extra? What reward system can you implement? How do you make your customers feel like they are on your A-list?

E – Expectations

Service is about meeting your customer’s expectations. Service excellence is about exceeding your customer’s expectations. Here, the most common error businesses make is to over-promise and under-deliver. Expectations need to be carefully managed. There is no greater way to lock in repeat business and referrals than to deliver more than what was promised.

Greg Mason is the CEO of bizHQ – The Business Headquarters – and is one of the most experienced and acclaimed business and executive coaches in the country. He draws on his diverse experience in business, including accounting, HR, IT, strategy and business planning, change management, project management and programme management to assist businesses in identifying their business objectives and coaching them through a process to realise their potential.

Business Landscape

Never Mind The New Dawn – The Sun’s Shining For Brave SA Entrepreneurs

How do you manage risks and where do you find opportunities where the ‘sensible’ money fears to tread?

Marc Wachsberger

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We’re planning to open two new apartment hotels each year, which is a pretty aggressive growth strategy in an environment where land expropriation without compensation is the hot topic of the moment, and investors are looking beyond our borders for growth opportunities.

However, I believe that smart entrepreneurs find opportunity in every financial climate, no matter how dire it may seem on the surface. For example, current investor caution means that those who are willing to take calculated risks face less competition – now and in the long term.

In our sector, international hotel groups are slowing or even halting any investment in improving existing properties or developing new ones. For us, that means our competition is thinning, and that there are more opportunities for us to build on prime sites for which we would have had stiff, if not insurmountable, competition in the past.

Related: 10 SA Entrepreneurs Who Built Their Businesses From Nothing

How do you manage risks and where do you find opportunities where the ‘sensible’ money fears to tread?

  • If an issue seems to be an obstacle, do your research to understand all the implications. In the property business, we’re finding out how to structure our new builds and acquisitions so that they’re unlikely targets for any potential expropriation, including focusing on transformation, job creation, and promoting tourism – all elements of the National Development Plan.
  • Find ways to make your investment opportunities appealing. For example, Section 12J of the Income Tax Act offers scope to create investment options that reduce tax liability and offer alternative sources of return.
  • One of South Africa’s biggest challenges is a shortage of skills. We’re changing that by investing in our people, giving them access to training and career growth opportunities, and teaching them how to be entrepreneurs. We believe that these skills will either help our business grow, or they’ll give the individuals the courage they need to launch their own businesses – yet another great outcome for the country.
  • While South Africa is developed in many ways, it still has many characteristics of an emerging market. This means that there are still many opportunities for brave entrepreneurs here, equipped with the ‘can-do’ attitude for which we are famous, that wouldn’t likely be available in more developed markets.
  • Even though countries like Nigeria and Kenya are gateways to their regions, South Africa remains a gateway to SADEC countries and markets beyond. Adapting your products or services to appeal to those travelling through South Africa is a way of growing your client base too. For example, we have found that our apartment hotels in the Sandton district are particularly popular with visitors from the continent who come to the city to shop – but who don’t like local food. They choose our hotels because they can prepare their own favourites in our apartments’ fully equipped kitchens – clear example of how adapting to meet the needs of a potentially ‘lost’ opportunity can carve a niche for your business.
  • Work harder than your competitors to convince bankers and shareholders that you’ve done everything possible – and then some – to manage risk. If you can tell a compelling story supported by solid facts, investors are likely to make decisions more quickly, giving you the edge over your competitors.

Related: 10 Successful SA Women Entrepreneurs’ Top Advice On Balancing Work And Family

Ours is truly a homegrown business, with long term plans to continue our growth throughout South Africa. Current risks have certainly made us sharpen our proverbial pencils but using these risks to identify opportunities and research them into reality has seen us stand out from our competitors.

Any business that takes the time to interrogate challenges properly will find opportunities where others flee in uninformed fear. Do your homework and you’ll agree with me: South Africa really is one of the best places in the world to build a new business.

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Business Landscape

Saving Time When You Need It Most

With the right tools in place, thanks to TomTom Telematics, the company’s Emergency medical technicians can reach the scene faster — and as a result, they can concentrate on what they do best, saving lives.

TomTom Telematics

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Vital Stats

No two industries are alike. Each sector faces its own unique challenges, and businesses within those sectors have specific KPIs they need to deliver on. For businesses in the emergency medical services sector, time is of the essence. Seconds can mean the difference between life and death.

For a company like Redicure EMS, how quickly an ambulance can reach the scene of a medical emergency is at the very heart of its value proposition.

“Every day we have another chance to save a life,” says Rosert Manamela, an emergency care practitioner at Redicure. “But to do that, we need to be able to get to the scene on time.”

Racing the clock

Redicure has a strict policy that all ambulance drivers stick to the rules of the road at all times. “We have lights and sirens, but we still need to be safe. You can’t assume everyone else sharing the road with you has heard or seen you.”

Related: How TomTom Telematics Can Keep Your Business Moving Forward

The company’s entire fleet utilises TomTom Telematics devices for this reason. “We’re able to receive up-to-date information on traffic within the area as well as alternative routes. When you’re racing against the clock you don’t have time to consider your different options — you need an immediate plan of action that will get you where you need to be.”

Thanks to this platform, which links each vehicle on the road with Redicure’s control centre, the EMS provider’s promise to all of its clients is that an ambulance will be on the scene within 15 minutes. Because vehicles are tracked, the trained emergency care practitioners — who are both monitoring the vehicles and in contact with the client who requires emergency services — can keep everyone informed from the control centre.

Pushing the boundaries of innovation

After two years operating in the medical emergencies sector, and based on their relationship with TomTom Telematics, the team at Redicure began to evaluate what else they could do to support the safety and wellbeing of South Africans facing a medical emergency.

“WEBFLEET is open API, which means it can integrate with any other applications you have,” explains Rosert. “We understood the value TomTom Telematics had brought to our business by enabling us to get to emergencies as quickly as possible, and so we started thinking about what else we could do with this technology.”

The answer was instant access to Redicure in the case of an emergency. “Once you solve the problem of how quickly an ambulance can reach you, the next challenge is how quickly you can get hold of an ambulance. We approached this problem with an understanding that in an emergency people don’t always have all the information they need on hand — who should they call, can they get through, and how quickly can the control centre gather all the information they need to be able to dispatch an ambulance? All of this wastes precious time.”

Related: How TomTom Telematics Is Blurring The Lines Between Your Fleet And The Office

In response to this clear need, Redicure has piloted the Redicure app with Tshwane University of Technology across its six campuses. Each student has been encouraged to download the app. In the case of an emergency, one push of a button immediately sends a signal to Redicure’s control centre, complete with who needs medical assistance, all of their contact details, and most importantly, their location.

Through TomTom Telematics’ WEBFLEET solution, an alert is then sent out from the control room to the closest ambulance in the area, and the client is contacted with up-to-date expected arrival times.

“We’re changing the face of medical emergency response times, thanks to technology that enables us to get to the scene of a medical emergency more quickly and efficiently,” says Rosert.

“We’re also fine-tuning what we do on a daily basis, thanks to the information available through WEBFLEET. With TomTom, we’re not only working with collaborators who understand our business, but support the development and growth of our services and products, allowing us to push the limits of what’s possible in our industry.”

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Business Landscape

4 Vital Differences Between King III And King IV™ On Corporate Governance

April 2018 marks a year since the effective date of the IoDSA’s (Institute of Directors in Southern Africa) latest report, the King IV Report on Corporate Governance ™ (King IV™), on effective and ethical corporate governance.

Ilana Steyn

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What is the King Report?

If you’re not familiar with the King Reports: it’s a series of reports that translate international standards and big-time happenings on corporate governance into set of local principles. Each new Report replaces the former.

The aim of the King Report is to set up actionable principles for South African company leadership to act as modern, good corporate citizens.

It also ensures those in leadership positions act in the best interest of the company and all parties influenced by the company. The first Report, King I, published in 1994, and was the first officiated document of its kind in South Africa.

Why is it useful to my business?

The Report also promotes transparency within your company’s leadership to ensure transgressions aren’t hidden that will eventually damage the company.

Related: South African Millennials Key To Enforcing King IV

The Report also ensure blunders can be evaluated, found and corrected ASAP. Today, its mandatory for all JSE listed companies to implement the Report into their company policy. If you’re a smaller business or a non-profit, you can comply with the Report voluntarily; by applying the principles you’re essentially ensuring the long-term sustainability and survival of the business.

It also helps that create a healthy corporate culture and when your business’s foundation is healthy, growth is unthreatened. If you haven’t applied any of the former Reports in your business, you’re in luck; King IV™ is the simplest, and seemingly the most practical, Report in the family of four reports.

Why was King IV™ needed?

Companies, especially smaller businesses, often struggled to apply the King III due to its long-winded structure.

Also, King IV™ was needed because King III, published in 2009, was out-dated in terms of present-day concerns like technological advances, the increased need for online transparency, long-term resource sustainability and information security.

Here’s the rundown of the most significant differences between King IV™ and King III.

1. King IV’s™ structure is much simpler to apply

While King III did a good job of summarising the extensive scope of effective and ethical governance into 75 principles, the Report still lacked clear guidance on real-world application.

Ensuring the effective incorporation of all 75 vague, ethical principles was too exhaustive for most companies to implement, monitor and account for. That’s why King IV™ took a different structural approach.

King IV™ boiled good corporate governance down to 17 simplified principles, each supplemented with various recommended practices to make it easier for smaller companies to implement the principles within their day-to-day running.

2. King IV™ spotlights practical implementation

King III lists multiple ethical principles and then commands companies to explain how their management and actions honour those principles.

Unfortunately this meant companies approached it like a mindless compliance checklist.

King IV™ also states principles, but more importantly, requires organisations to actively report on the implementation of the recommended practices thereof.

Mervyn King, the chair of the King Committee, dubs this the shift from a “apply OR explain” mentality to a “apply AND explain” mentality. The Report also allows organisations to report on alterative-implemented practices – provided they support and advance the principle.

To make the application simpler to grasp, King IV™ clearly differentiates between the long-term Outcomes, the ethical Principles and the recommended Practices.

Essentially the new structure and its requirements mean companies have to engage in thoughtful implementation and reporting of those practices.

Related: 5 Thoughts To Give You The Courage To Make Change

3. King IV™ is inclusive to more than just large companies

After King III, there was a significant demand for the inclusivity of smaller businesses, and governmental or non-profit organisations in the King Report.

Consequently, King IV™ dedicates an entire supplement chapter to guiding municipalities; non-profit organisations; retirement funds; small and medium enterprises and state-owned entities in the implementation of the Report.

Also, where King III used terms like “companies” and “boards”, King IV™ very purposefully uses more inclusive terms like “governing bodies” and “organisations” throughout the report.

It’s clear that King IV™ aims to move the principles on good corporate governance into real-world action – for all organisations.

4. Difference 3: King IV™ pushes for more accountability, transparency and reporting

What King IV™ does quite differently from King III, is recommending the application of its principles within set timelines, reports and committees within it’s recommended practices.

King IV™ strongly propagates transparency, the delegation of responsibility and the implementation of accountability by putting pen to paper in term of officiated aims, bodies responsible for those aims and the provisions of consistent reports.

Take leadership as an example, where King III would just stipulate what being a good leader means, King IV™ advises you to set goals, delegate responsibility and evaluate progress through reports and accountability.

An example would be to set up a committee, consisting of lower management levels, with clearly identifiable responsibilities and then to measure their progress via reports.

It comes down to the ignorance no longer being a valid excuse. Directors should be aware of all issues within your company.

Directors should take responsibility for everything that happens within their organisation – you can’t plead innocence on the grounds of not knowing. There should rather be reports in place to identify and uncover any discrepancies early on.

Essentially, where King III lacks in the aim of ensuring the actualisation of good corporate citizenship, King IV™ steps up the game.

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