Quarterly Business Reviews

Customer communications are an ongoing challenge for small businesses. How frequent should your contact be, and how can you make sure you’re not wasting your time or the customer’s? We invite you to consider one type of client communication that will keep you in regular, but not too frequent, contact. It’s a process that can help you generate critical data and also solicit feedback to improve your services. Here are a few reasons to consider incorporating quarterly business reviews into your client interactions.

What is a Quarterly Business Review?
A quarterly business review is a seasonal presentation of metrics to your customer. It demonstrates data indicating the quality of your most recent services, compares these numbers to previous quarters, and anticipates future performance. The metrics you choose to present are also called “key performance indicators,” or KPIs, and they should reflect the primary services you provide to customers. For example, a sweeping company might report how frequently an area was cleaned and the volume of trash and debris removed. A KPI for an asphalt company might be how quickly they responded to calls for patch jobs and the time to complete each job. If you’re building a review process from scratch, consult with your loyal customers about what data would be most valuable to them.

Conversations before Crises
Timothy Moore, Director of Sales for Smart Source LLC, explained the benefit of quarterly reviews to his work: “In our business, some of the most valuable conversations with customers have happened during quarterly reviews. They’re a proactive way to find small problems and find solutions before they become bigger. They show the customer you’re always trying to improve and provide the best service possible.”
Ultimately, the most important part of a quarterly review could be the feedback you receive from your customer. Keep your remarks brief so the customer has time to express concerns you may not have addressed. Respond quickly to any new issues and keep record of your actions for the next review.

Quantifying Your Performance
If you had to present a quarterly report to a customer tomorrow, would you have the data you need? If not, consider this an opportunity to improve your record keeping and translate your services into hard data. Better data can help improve operations in many ways. You may know your business inside and out, but being able to tell that story on paper is key to attracting new customers, winning over a potential investor, or securing a deal with the right buyer.
At NiteHawk, we are always looking for ways to help our clients improve their businesses. For more information about this article or any other, please feel free to contact us.

Twitter Digg Delicious Stumbleupon Technorati Facebook

No comments yet... Be the first to leave a reply!