Bloomberg Anywhere Remote Login Bloomberg Terminal Request a Demo

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Businessweek Archives

Be Careful When Cost-Cutting


As the economic slowdown continues to affect industries of all kinds, many small-business owners have cost-cutting measures in mind. These are moments where cost cuts should be handled with caution.

The 80/20 rule of thumb in business holds true during economic slowdowns; 80% of your income will usually come from 20% of the clients or customers. It may be easy to consider streamlining or cutting some customer service staff, but you should only do so if quality of service won’t be affected.

If you can staff certain hours or positions personally without damaging the experience of clients and customers, then by all means work those extra hours. But never do so if the reduced customer service will drive your most loyal customers elsewhere. Remember, during times when consumers are more aware of their wallets, they will vote more with their dollars.

Here are some tips to help you can continue to provide excellent customer service:

• Ask for customer feedback and make changes based on it.

• Remind and reward employees for consistent and excellent customer service.

• Keep a list of best-sellers or best customers and pay extra attention to their needs.

Peter Pham

CEO

BillShrink

Redwood City, Calif.


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus