HOW TO GROW YOUR MONEY WITH THE RIGHT INVESTMENTS : Mutual Fund Investment

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  ALL YOU NEED TO KNOW ABOUT DOLLAR AND MONEY MARKET MUTUAL FUND INVESTMENT After our recent seminar on investment, a lot of participants have contacted me to write on the subject for easy reference. Thus, today we'll be focusing on money market and dollar mutual fund investments. Money market investments are short-term, highly liquid assets that provide a safe place to park cash. Dollar mutual funds, on the other hand, invest in a variety of short-term debt securities issued by the U.S. government, corporations, and municipalities. WHYSHOULD YOU CONSIDER INVESTING YOUR FUNDS? Investing your funds can potentially offer several benefits. Firstly, it allows your money to grow over time through the power of compounding. By putting your money into various investment vehicles like stocks, bonds, or real estate, you have the opportunity to earn returns that exceed traditional savings account interest rates. Secondly, investing helps you hedge against inflation. Over time, the purch...

HOW TO ATTRACT CUSTOMERS FOR BUSINESS GROWTH AND SUSTAINABILITY

 WHO IS YOUR CUSTOMER?  

HOW TO UNDERSTAND INTERNAL AND EXTERNAL CUSTOMERS

       METHODS TO BOOST YOUR CUSTOMERS' BASE

  1. Essentially create a clear customers experience vision
  2. It's crucial to understand who your customers are
  3. Make an expressive connection with your customers
  4. Relate to customer feedback and act upon regular employee feedback for growth 
  5. Utilize a quality framework for the development of your team. 

 

Why is Improving Customer Experience Essential For Businesses?

Positive customer experience is crucial for your business conquest because happy customers convert to loyal ones who help in increasing revenue. While it may seem like extra effort to focus solely on customer experience, it is worth it.

 WHAT IS THE CORRELATION BETWEEN INTERNAL AND EXTERNAL CUSTOMERS?

How can you build on it to expand your business in today's fast-driven economy? These and many other business growth problems this manual will help you to solve. Business growth and sustainability are paramount to every profit-driven organisation.

 In trying to respond to this question, many people would think only of the customer who purchases their company goods or services – the external customer.

It is not unexpected because it is usually complex for average employees to identify their customers when those customers are internal to the firm. And -as a result, these internal customers who are fellow employees often get little attention; traditionally, the focus is more on external customers.

It is splendid to want to serve the external customers more; it is essential to know that the quality of service the external customers receive is a role of the quality of service that the internal customers receive, called internal service quality.

Put differently, the quality of service the external customers receive relies on the quality of service the internal customers receive. Hence focusing more on the external service at the outlay of the internal service does not work. And the expense is impeded growth and profit.

To explain this further, I’d like to take you via the Service-Profit Chain.

A notion developed by a group of experimenters from Harvard University, the Service-Profit chain dissects the levers that translate good service into profitability. The research levers are represented by ties in an eight-link chain as depicted below.

THE SERVICE-PROFIT CHAIN

The service-profit chain works this way: Employee satisfaction increases when the internal service quality is enhanced. When the employee is satisfied, loyalty increases which raise productivity.

Higher productivity results delivery of more significant external service value to customers and enhances customer satisfaction and loyalty. Profit and growth are stimulated by customer loyalty.

THE QUALITY OF SUPPORT OR SERVICE EMPLOYEES

It is consequential that one of the ties in the chain is the internal service quality - the quality of support or service employees receive from fellow employees. And the natural idea of chains is that a chain is as strong as its weakest link. Hence to make the chain strong to maximize profit and growth, all the links must be constructed strong. If any is weak, profit and growth diminish.

Companies that understand this development and sustain a corporate culture centred on excellent service for customers and employees. They know that focusing only on service to external customers could be a flawed strategy. It does not care for the internal service quality, consequently leaving that link weak. And since a chain is as strong as its weakest link, profit and growth will not improve.

However, many organizations inadvertently do not pay attention to internal service quality. The result is that their employees are economical with the aid and service they give to fellow employees.

Do not guard information instead of sharing them to enhance performance based on the knowledge. Don't avoid outreach instead of networking across departments. It's one department versus another instead of one department and other departments. Employees pass by or sway struggling coworkers to score a point instead of helping.

And the person at the receiving end of the resultant suboptimal service is the external customer.

So rather than supporting themselves to fight the common enemy – the competitor, employees in these organizations deny themselves mutual support, leaving the customers dissatisfied and vulnerable for the competitor to capture.

Here's a question to contemplate: If I ask employees in your organization who their customer is, will they indeed recognize their fellow employees as one and give them excellent service?

 

   Learn more ways to increase your Productivity Skills here, including the fantastic read-aloud topics for business growth

Read Self-training Manual here: 3 SURE WAYS TO MAKE MONEY IN NIGERIA WITHOUT A JOB.

If this article is interesting or there is an area you want us to research and write on, kindly leave a comment beside it.


 written- by

 Kingsley Ehimare (Kingsmond), Business Psychologist, an HR generalist expert & Content Marketer at KCmond Consulting. In his spare time, he can be found reading capacity building publications or scrolling through News apps, thinking about how to make people actualize their potential. For any related queries, contact kcmondconsultans@gmail.com.

This intellectual property belongs to KCmond Consulting.  No part of it is expected to copy or publish without the sole permission of owners. 

 

 

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