Recently at Futwork, we wrote about the importance of calculating churn in sales. Calculating churn helps in not only monitoring performance but also serves as an integral metric in forecasting and future budgeting decisions, as it can serve as a proxy for the probability of customers and revenue canceling in the future. To sustain a business it’s important that customers keep coming back to you and engage with your product/service. Why? Because it’s much easier to reactivate old customer...

Nurturing prospects is a necessary component of any business’s strategy. Sometimes (most of the time) people just aren’t ready to convert, purchase your product, or become a bona fide lead, after your first interactions. Depending on your industry, it could take minutes or months to close a prospect. In that time, there’s very little you can do to stop a prospect from being swayed by your competition. That process is called ‘nurturing’. ‘Nurture’ is the term given to whatever sy...

Is Outbound calling finding it’s way out of companies? In some ways, there is some truth to the above statements. Pure cold calling is possibly less effective than it used to be with the increasing use of voicemail, opt-outs, and layers in organizations that means it’s harder to reach decision-makers to have a conversation. These days, a more intelligent blended approach to calling is required. Equally, the younger generation is perhaps less reliant on the telephone as a means of communicati...

A tele-calling service is no longer about only answering customer queries. It now plays a pivotal role in each and every aspect of customer purchase behavior and Customer Relationship Management from targeting potential customers to acquiring and servicing them. It, thus, becomes an essential arm of an organization. However, businesses are often faced with a dilemma when it comes to choosing between an in-house call center and an outsourced one. While arguments have been made that an in-house...

One of the many long-lasting effects of COVID-19 is that it has made companies of all sizes focus on transforming their core business processes and entertain new ways of doing business. One of the most heavily impacted areas has been customer contact centers, which have seen a sudden and dramatic shift toward remote working. Handling high volumes of inquiries is a large undertaking in normal circumstances, but as COVID-19 has increased support volume and created labor shortages at many contac...

Due to evolving technologies, changing customer trends, new market regulations and an unprecedented global crisis, preparing for change has become one of the most critical success factors for any business. Change management requires new technology implementations, process updates, maintaining compliance, restructuring teams or customer service improvements. If a company is planning to make major changes, it should deploy a change management strategy, but many entrepreneurs don’t know where ...

If you are running a business and have people working for you, you are bound to receive complaints from time to time. The complaints can range from something minor in nature to issues that are quite serious. It’s up to you to determine whether complaints are legitimate, and how you should respond to them. That said, having unhappy employees can hurt your business, in addition to making things unpleasant at the office. When employees are unhappy, their productivity suffers, which can affect ...

When studying leadership approaches, you may have seen the term “servant leadership,” which can be confusing to some entrepreneurs, since it’s not fully commonplace yet. To get a handle on what this leadership style entails, it’s a good idea to go back in time a bit to understand its origins. The term “servant leadership” was first coined by Robert K. Greenleaf in his 1970 essay, “The Servant as a Leader.” In his essay, Greenleaf wrote, “The servant-leader is servant firstâ€...

Every entrepreneur has to negotiate at some point or another, whether it’s because of a major customer sale or it involves the price of rent. Here are 17 tips that can help business owners improve their negotiation skills to achieve positive outcomes while making their clients and customers happy. Let the Other Party Make the First Offer Ask the other individual to propose the offer first. That way, you can better understand what the other party wants and the reasons why they need to make ...

Most fractional CFOs have experience with many different companies and industries that have unique challenges. This allows them to assist entrepreneurs in both understanding and improving the financial well-being of your company. Fractional CFOs can handle various financial operations and financial management responsibilities of multiple companies on a part-time basis. Here are a few tasks that a fractional CFO can perform for early-stage startups to large enterprises. Define key performan...

Many businesses need a CFO to help them plan out the future from a financial perspective, but not everyone can afford a full-time CFO. In some cases, a “fractional” CFO may be just what the company needs to power forward. A fractional CFO is a chief financial officer who handles various financial operations and financial management responsibilities of multiple companies on a part-time basis. With a fractional CFO, you can access high-end knowledge and expertise at just a fraction of the c...

The business world is vastly different today than it was a year ago, and most of that change can be attributed to the impact of the coronavirus pandemic. Although the virus has affected some businesses more than others, everyone in the industry has felt at least some impact from COVID-19. Many leaders have learned a lot of important lessons due to the experience. Some entrepreneurs are reviewing their business’ core operational processes, from spending to remote working arrangements. Busine...