How Much Money Does Your Business Lose Each Year?

According to Forbes, it is estimated that large and small businesses lose some $75 billion annually and that’s all because of poor customer service.

Businesses, just like life, have an upside as well as a downside. It is commonly known as “taking the good with the bad”.  Note that, the time period of faltering can vary depending on different factors.

Customer loss is normal of the business flow but there are some ways to reduce attrition. Be it through investment in Carnation money counters, training, and retraining of staff, or restructuring of the company, you have to be ready to make the necessary moves.

It is crucial to assess the following factors before losing more than you already have.

Investigating the market

A business owner should be on their toes on who is entering their niche. It is better to have an analytical mind on what your competitors are doing and how these actions will affect your actions. One different move, in advertising, marketing, or sale strategy, can drastically change how business is conducted in the whole market.

Keeping an open mind will help you be receptive to new ideas. It also helps to generate certainty and clarity on who are your main competitors. Some businesses will clash with other businesses from different domains. If you find yourself in this situation, get help for proper identification.

What is the downside?

It is important to learn from the shoulders of giants. What is even more valuable, is to strive to mimic their own personality. We all know that quality questions create quality answers. One of the best questions you will ever hear is from Richard Brandson is, “What is the downside?” As a start-up, you must expect risk and be willing to eat and breathe this mantra. It plays a significant role in how you will mitigate risk. We all know that other great companies like Amazon and Tesla have gone through this. You are no different.

Losing money is normal. The art of losing it the right way is what is tricky to master. The real question is “How do you generate cash while in debt?” “Do you have a plausible plan of being at loss?” I know it sounds contradicting but that’s how it really is. The best explanation is always simple, not simpler.

Preventing loss of employees

We all know that your best employees will contribute the most to your profits and sales. Your job is to employ training classes for your employees so that they cannot lack skills in the midst of exponential change (a good example is a Covid-19 pandemic). Avoid situations where your competitors can turn over the best employees from you. Apart from a good salary, offer other incentives like health insurance, travel experiences, or good housing. You should protect the elite with your life. This will ensure you offer a great customer experience.

Hiring can be costly especially when recruits lack experience. To maintain a significant level of productivity, you can set up apprenticeship programs in the company.

Using carnation money counters

If you are in the cash business, a high degree of accuracy is needed when counting money. You can buy a carnation money counter to solve this problem. Money counters increase the efficiency of the service that you offer and mitigate any future risk in terms of errors and inaccuracies.