"Sure we can give our clients everything they want, but then we will go out of business." This is something I often hear when helping firms implement a culture of excellent service. Sometimes, if I don't hear it, I can sense the concern. Perhaps this may even be a concern of yours.
If great service was delivered to the detriment of the shareholders however, and money was spent on service without a return on investment, no one would come out ahead, as the firm would not be optimizing profits, would not be competitive, and would not be able to stay in business for the long term. Similarly, if great service was delivered at the expense of the employees, and the employees were treated poorly, ultimately the clients and shareholders would lose out, because there would be high turnover, clients would not be treated ideally by the employees who were left behind, and revenue would decline.
Ultimately, in order to maintain and sustain a culture of excellent service, the desires of the clients, employees and shareholders need to be balanced. Investments in excellent service need to be carefully weighed in order to ensure the highest return for the investment. A cost-effective ongoing all-encompassing program needs to be implemented. And accurate and applicable measurements must be reviewed in order to ensure client loyalty and employee satisfaction are optimized. When this happens the firm ultimately can attract and keep the best employees, develop client advocates, and optimize firm profits.
The statistics in study [1] after study [2]show that firms who deliver great service are more profitable, and have a competitive advantage. The road to achieve this is realized by maintaining, balancing, and ultimately optimizing the needs of the clients, employees and shareholders.
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"Sure we can give our clients everything they want, but then we will go out of business." This is something I often hear when helping firms implement a culture of excellent service. Sometimes, if I don't hear it, I can sense the concern. Perhaps this may even be a concern of yours. If great service was delivered to the detriment of the shareholders however, and money was spent on service without a return on investment, no one would come out ahead, as the firm would not be optimizing profits, would not be competitive, and would not be able to stay in business for the long term. Similarly, if great service was delivered at the expense of the employees, and the employees were treated poorly, ultimately the clients and shareholders would lose out, because there would be high turnover, clients would not be treated ideally by the employees who were left behind, and revenue would decline.
Ultimately, in order to maintain and sustain a culture of excellent service, the desires of the clients, employees and shareholders need to be balanced. Investments in excellent service need to be carefully weighed in order to ensure the highest return for the investment. A cost-effective ongoing all-encompassing program needs to be implemented. And accurate and applicable measurements must be reviewed in order to ensure client loyalty and employee satisfaction are optimized. When this happens the firm ultimately can attract and keep the best employees, develop client advocates, and optimize firm profits.
The statistics in study [1] after study [2]show that firms who deliver great service are more profitable, and have a competitive advantage. The road to achieve this is realized by maintaining, balancing, and ultimately optimizing the needs of the clients, employees and shareholders.
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