Capital is the money that kick starts a new company and provides for equipment, offices, and expenses until revenues grow and takeover the funding of the company operations.
Capital is not only needed for new companies but also for existing businesses as they elect to invest in new products, replace aging equipment or to ride out economic storms.
Management of “capital” either funded internally by positive cash flow, externally through bank loans, or investment by internal or external partners, is a primary responsibility of the senior executive or owner.
What is undercapitalization?
A company is under capitalized when it does not have sufficient capital to conduct normal business operations and pay creditors. This can occur when the company is not generating enough cash flow or is unable to access forms of financing such as debt or equity. If a company can't generate capital over time, it increases its chance of going bankrupt as it . . . .
by Kim Lachance Shandrow, Entrepreneur.com
Business success today has never been influenced more by what is known about serving the customer than ever before. However, with the internet and a complex global market, meeting the customer face-to-face is unrealistic. Methods exist to capture sensitive customer data that will tell you more about them but, in so doing, you take on privacy risks with there data. Examine the 10 questions below before you make a decision to collect customer data.
- I don't have time to get anything from my customers but their money. Do I really need to collect data from them, too?
- What types of personal data should I collect and why?
- What types of transactional data should I collect and why?
- What are the best ways to collect customer data?
- How should I organize and store it?
- How can I best protect my customers' personal and financial data?
- How can I be sure what I'm doing is legal?
- Should I sell my customer’s information to third-party marketers?
- What's the best way to benefit from the customer data I collect?
- What are some common mistakes to avoid?
What data do you collect to learn how to be more effective meeting your customer needs?
Click here to read the recommended answer to each question..
Note: Ask yourself the following questions.
- Do you believe customer information is critical to your business?
- Do you have an organized process to collect just what you need?
- Do you take extra measures to protect this information from unauthorized parties?
If you are looking for guidance on how to make a decision to collect customer data contact Mike to learn about the Executive Coaching services available from Brice Consulting for you and your organization.
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