Is credibility the most important ingredient for business success?
The past few years have been particularly difficult for those responsible for developing and maintaining levels of corporate income. In most markets, demand is down, and although there are signs that economies are beginning to grow, albeit very slowly, most businesses are likely to find that progress is slow, except perhaps in some of the Asian and South American markets where growth rates are higher.
It is natural that in such circumstances, businesses will concentrate on making sales to produce the necessary income. However, although sales may produce cash flow, what is actually required is profitable income. Income which is not profitable is not worth having in the long run. In these economic circumstances it is very easy for the executive who is Head of Corporate Income (HCI), to concentrate on increasing the volume of sales in order to maintain a level of income and perhaps to ignore other relevant and important indicators of performance.
- All enquires receive full and prompt responses.
- Terms and conditions are clearly understood by both customer and supplier.
- All promises of delivery and communication are met.
- The sales process cannot be accused of miss-selling.
- All mistakes are identified and rectified promptly.
- Customer feedback is regularly sought.
- Rate of order return and cancellations are constantly monitored.
- The number and type of customer compliant are monitored to detect changes and trends.
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Nicholas Watkis is the founder of Contract Marketing Service, established in 1981. He is a fellow of the Chartered Institute of Marketing and a certified management consultant of the Institute of Business Consultancy.