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October, 2015

Is Your Business Undercapitalized?

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.

Check List
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 . . . . read more.
Regards,
Mike Brice
Phone: (206)226-1617
Email
Blog


Feature Article

10 Questions to Ask When Collecting Customer Data

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.

  1. I don't have time to get anything from my customers but their money. Do I really need to collect data from them, too?
  2. What types of personal data should I collect and why?
  3. What types of transactional data should I collect and why?
  4. What are the best ways to collect customer data?
  5. How should I organize and store it?
  6. How can I best protect my customers' personal and financial data?
  7. How can I be sure what I'm doing is legal?
  8. Should I sell my customer’s information to third-party marketers?
  9. What's the best way to benefit from the customer data I collect?
  10. 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.

Leadership Resources

Video(s)
Collecting Customer Data: Companies wanting to improve customer experience are recognizing the value of customer data. Yet, some are experiencing a backlash as customers question why brands, such as Spotify, are collecting their information. In this vlog, we talk about how companies can capture customer data without losing trust.
Capturing Customer Data Without Losing Trust (6:17 min)

Inspirational Leadership: Simon Sinek presents a simple but powerful model for how leaders inspire action, starting with a golden circle and the question "Why?" His examples include Apple, Martin Luther King, and the Wright brothers - and as a counterpoint Tivo, which (until a recent court victory that tripled its stock price) appeared to be struggling.
How great leaders inspire action? (18:34 min)

Articles:
Vendor Management: Like hiring great employees, finding great vendors is tricky. Too often, it's crunch time and the first vendor you meet says everything you want to hear. Although you'd intended to speak with a couple of other companies, you don't. But hoping that things go well is not a strategy.
Managing Your Vendors: How To Avoid Picking A Bad Apple


Managing Change: Adaptability is a hot topic these days - as it should be. With the speed of technology increasing by the day along with the pace of change alongside it, organizations - and the individuals who lead them - must be both able and willing to adapt to change before it's too late.
3 Things You Need To Know To Help Your Company Adapt To Change

Organization: "How much of your capability and talent does your organization use?" Yes, this is a highly subjective question, but I have been struck by the consistency of the replies where only 40% of middle and upper level executives are used effectively.
4 Reasons Organizations Fail To Fully Utilize Employees


Customer Relationships: Do you have full disclosure with your customers? If not, you do not have a transparent relationship with your customers. Do not let your customer relationship be dependant upon what they discover in the fine print.
Transparency's Critical Role In Modern Customer Engagement


Employee Motivation: Do you want employees who are happy to come to work, engaged with your company, and motivated about their jobs? Then you have to understand them and focus on their needs.
5 Surprisingly Simple Ways to Motivate Just About Anyone


Technology: There is a reason that small and medium-sized businesses (SMBs) tend to be among the early adopters of new business technology. Reducing overhead and maintaining focus on core business objectives are matters of survival for small businesses. Here are ten technologies now helping SMBs market, scale, organize, hire and operate overall.
10 Great Tech Tools for Your Small Business

Leadership: Though the Virgin Group chairman is well-known for his penchant for pranks and his private island, he's built an empire thanks to his commitment to being a good leader.
Richard Branson's 10 Steps to Becoming an Exceptional Leader


Customer Behavior: For many new businesses, the biggest challenge is standing out in a sea of competitors that all do the same thing. Restaurants, retail shops, service providers and other similar types of businesses need to distinguish themselves and show customers what makes them different.
Creating New Consumer Behaviors from the Ground Up


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