Who Else Wants To Add To The Selling Price Of Their Business Through Excellence In Their Customer Service System?
Your customer service system is the process that directs and facilitates your interaction with customers. It forms part of the glue that binds customers to you. It aids retention. It prevents or retards customer attrition.
The fact that your most important business asset is your list of loyal customers must be kept foremost in your thinking. Buyers will want to know that their loyalty is not out of friendship to you, but is institutionalized in the caring and responsive way you deal with them.
The way you institutionalize or systemize the way you deal with them is your customer service system. How well has it been thought out? That is certainly an important question. However, an equally important consideration is how well it can be passed on to new employees. Because employees leave despite your best efforts, and they are even more prone to leaving after a significant change like the sale of the business.
This makes your customer service system an important issue for prospective buyers as they do a comprehensive evaluation. How much it will influence a formal valuation is open to question. But that its absence in formalized, documented form will influence buyer interest is not. Prospective buyers will have less enthusiasm businesses without effective documented systems.
This brief discussion would not be complete without a word about management, leadership, and reward. However well conceived and documented, no system can be expected to be effective without its regular and consistent use by the appropriate people. They have to be trained in its use and rewarded appropriately. And the converse is that not using it should impact them directly and adversely.
The end product of implementing an effective system is that customers will feel that they have been treated consistently, courteously, promptly, and fairly. And the evidence of this is that they will be regular repeat customers, subject only to the limitations of your particular industry.
Satisfied, loyal customers will increase buyer enthusiasm for your business. Particularly when they feel confident that this condition will transition to new ownership, because it is based on a systematic approach to customers and prospects.
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