Business Analysis / Consultancy
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What is management?
Management is the art of organizing, planning, developing, implementing, and controlling a business’s interlocking functions to attain the firm’s objectives. It helps to create a comprehensive corporate policy to meet corporate goals and objectives.
What are the management strategies?
Management strategies are a set of techniques used to direct and control business directions for achieving predetermined goals. It may involve strategies like business administration strategies, goal setting, operational activities, and leadership. However, management strategies for a service business are quite different from management strategies for manufacturing business. The management strategies for a service business are solely designed for a service business that aimed to sell its services.
Management Strategies for Service Business
The management strategies for a service business are the drivers of failure and success of the business. These management strategies for service business help you to reach the right customer and to maintain a relationship with them. Service businesses include freelancing, content writing, banking, air ticketing, financial analysts, managing online inventory, and many more. It is a type of business where you do not sell physical products. In a service business, you become your very own product and what you sell is not a service but your own self, your skills, your expertise, your capabilities and your talents. The success of your service business truly depends on the way you deal with your customers.
How service managers can provide better services to customers?
The mangers of service businesses should understand the difference between a service and manufacturing business to serve the target customers in a more efficient way. Following are some points that strategic managers should consider in a service business:
- A deep-down understanding of what service businesses type a company is in?
- The best methods to successfully compete with our competitors.
- New ways to get high cost-effective operations.
- Know the rationale related to the pricing strategy of our business.
- New process for testing and developing new services.
Key management strategies for service business
Services business involves direct interaction with your customers. The sole objective of a service business is to satisfy customer expectations by delivery what they want. To attain maximum outputs from your service business, your management should follow these steps:
Know who your customers are:
- Always meet their expectations and deliver them what they expect from your service.
- Set strategies to respond to customers’ needs.
- Serve them as per their demand.
- Maintain a profile for recording customers’ wants and needs so that you can understand the current demand.
- Evaluate your performance by evaluating customers’ feedback.
- Express gratitude towards the client’s work.
- Listen to your customers.
Treat customer well:
- Done, customers work on time.
- Do their work in a professional way.
- Treat your customers with respect.
- Make them feel important.
Fulfill your commitments with customers:
- Always meet the deadlines, even on the price of sacrificing money or your personal activity.
- Build a dependability reputation.
- Do extra, but don’t charge an additional cost for meeting your commitments.
- Always focus on implementing process improvement strategies
- Always keep your clients’ confidential information protected.
- Do not exploit their personal information.
- Avoid sharing their data with any third party without their consent.
- Honor your customer.
Be open to your customers:
- Set parameters and guidelines for customers.
- Tell them your policies and rules.
- Make the original agreements clear.
- Inform them about cost implications for any tasks.
- Define the procedures undergo in a specific task.
- Do not hesitate to discuss payment schedules or fees.
Protect the interest of your business and customers:
- Get your business insured by an appropriate insurance company.
- Make the safety of your customers and premises your priority.
- Get safeguard against professional liability.
Know your capacity:
- Hard-working is good but do not accept too many jobs.
- Accept what you are capable of doing only.
- Make commitments only for the things you can deliver.
It is OK to say “No”:
- Do not accept work that you are unable to do.
- Do not promise a deadline that you cannot meet.
- Avoid overburdening yourself.
- Stay true to customers always and avoid false promises.
Inform your customers with truth:
- If you expect delays in meeting deadlines, inform your customers.
- Apologize to them for not making your promises.