Monday 17 October 2016

Developing a Good CRM Strategy

A critical part of financial success is customer relationship management or CRM. This applies to all industries. Many economists emphasize the importance of developing a good CRM strategy. Below are a few suggestions.

Understanding the target market: The first and most important step in any strategy is to know who it is being made for. As the name suggests, CRM requires building a solid relationship with customers. This can only be done when there is at least a basic understanding of one’s target market. Different industries have different markets. Businessmen should carefully understand who they are selling to and those that actually buy their specific product or service.

Image Source: venturebeat.com

Maintain adaptability through KPIs and KRAs: CRM solutions are often associated with the development of the business’ KRAs (key result areas) and KPIs (key performance indicators). The relationship implies that CRM strategies have to be adaptable. Entrepreneurs have to continually review their performances and how well they are managing their customers. Policies and procedures that are no longer helpful should be revised or removed immediately.

Think integration: Industries should consider optimizing technologies. Today’s society runs on speed and information. It is critical for clients to feel that their concerns are being handled immediately. Thus, businesses should be able to address issues as soon as they are received. This can only be done with the proper IT solutions. Companies should not only think big; they should think wide.

One good suggestion would be to seek the assistance of an expert in these kinds of procedures. Then an effective and customized CRM strategy can be formulated.

Image Source: venturebeat.com

Eddie O’Brien worked at Microsoft for more than a decade as part of its executive team. He is now the CEO of Americas of Arvato Bertelsmann, handling many areas of business success, including developing CRM solutions. To learn more, follow this Twitter account.

Wednesday 12 October 2016

The Accountant's Toolbox: Apps For Working Efficiently

Back in the day, an accountant's bosom companion was his ledger and a calculator. That still meant long hours poring over numbers until they were swimming before one's eyes. Even when accounting software started becoming the standard, it still took some skill to learn and master these. Nowadays, thanks to technological advancements, accountants have better tools for accomplishing their tasks more quickly, accurately, and efficiently. 

One such example is Freshbooks, a cloud-based accounting app that makes expense management, invoicing, and the like easier because of feature automation and collaboration capabilities. Freshbooks can be used risk-free for 30-days before one has to pay a monthly fee. 

Image source: binary.edu.my

Another one that's worth looking at is the online bookkeeping app Xero. This positively-reviewed accounting tool allows users to follow their cash flow in real time, thereby allowing the users to conduct their business anywhere they can connect to the Internet. Like the previously mentioned Freshbooks, Xero can be used free for a month but will come with a monthly fee thereafter. 

For those who prefer free accounting software, Wave is one of the most popular options. While many "freemium" apps limit what their users can do unless they pay for features, Wave comes with a number of useful abilities for free such as being able to import transaction data securely and automatically generate professional-looking reports. And it can do all of these without a cap on the number of customers or reports. 

Image source: techcrunch.com

Of course, along with all these, one shouldn't neglect the tool that's been around for so long and remains to be the industry standard, Microsoft Excel. This is the tool by which most accountants cut their teeth, and it's still widely used today because of its stability and usefulness. And like its younger brethren, Excel can also be used in newer gadgets like tablets and mobile phones. 

Eddie O'Brien is a certified public accountant who earned his degree at the University of Cork. Follow this Google+ page for updates about accounting and working for multinational companies.