Business Information for Entrepreneurs by an Entrepreneur

5 Easy Steps to Winning Client Trust

Trust is the base of success in any relationship - personal or business. Clients work well with professionals that they can rely on and trust.

Trust between clients and businesses are not built in a day - it is an ongoing process. Below are 5 steps that you can take to enhance trust with both existing and new clients.

• Keep your word - Always back up what you say by doing what you say you will. If you have promised a delivery on a particular day, make sure you follow through. Even a small disagreement can break a once-steady relationship with a client.

• Foster realistic expectations - Help your clients understand how your business works and explain your boundaries. Always be open to suggestions when you have to mention any additional charges and explain how and when you will bill your client. Never break a client's expectations.

• Explain the process - Explain how a particular project is going to work to your clients, so that they know what to expect and when. This will enable your clients to understand the plan and strategy of his or her particular case.

• Under promise and over deliver - It may be highly tempting to promise whatever a client requests, but avoid it. Too many promises can break agreements and thus can break trust. It is always best to stay on the conservative side and endeavor to deliver more than they expect.

• Clarify the client's role - Make sure your client understands his or her role in the project and has a clear picture of the progress that can be made with their involvement. If the client is clear on their role, then you can work as a team and build trust.

Building client trust isn't easy, but it does take time. If you follow the 5 steps above, you'll be well on your way to building successful and profitable relationships.

Getting Started On a Good Service Business

Do you feel that you have small business expertise along with customer service experience? If the answer is YES, then go ahead and use it to start your own service business!

You don't have to be a genius to start a service business. There are no restrictions on sex, age, experience, education or financial resources — all you really need is a passion for helping people.
People generally look for services that can enhance their business or personal lives. Today's hectic lifestyles compel lots of people to look for a service to reduce work-related stress. That's why personal service businesses like tutoring, cooking, travel and tourism and hospitality can really be successful.

You can even have a service business that includes management of these services, employing professionals who have experience in these areas to actually do the work.

Getting Started

Before starting a service business, you need to think and plan well. Here are some tips to starting a good service business:

• Concept - Initially set up a strategy, analyzing the skills that you have that are in demand. Think of them in the form of service, and you may be surprised with the results.

• Forms of service business — Service business can be part-time, full time or seasonal. Part-time service businesses are usually easy to start because they don't require a full-time commitment. If you want to test the waters and reduce your financial risk, this will give you time to decide whether you would like to continue or switch over to another service business. A seasonal service business is good for those who only want to work some part of the year and then relax.

• Investigation - Before you finalize your decision, do your homework! Conduct research and understand the needs of the market, making sure that you study your target customers and the competition.

If you like working with people and long to be your own boss, starting a service business just might be the answer you've been looking for.

In early 2001, the economy was roaring. There was no stopping it, or so many people thought. Then, the market tanked and stocks came spiraling downwards. I saw advertisers dramatically slow down their ad spending on many web sites, including our http://www.morebusiness.com small business portal. In the months that followed, the country saw the onset of a recession. Within a year, online ad spending had dropped dramatically and the economy was seeing signs of pain, except for real estate.

Here we are about six years later. Real estate's now got the pain and overall ad spending is down 0.3% compared to the same period last year according to a new report by TNS Media Intelligence. “For the first time since 2001, media advertising expenditures have declined for two consecutive quarters,” said Steven Fredericks, TNS president and CEO. “While the protracted downturn in automotive spending has been a prime contributor, the overall results reflect weakness across a wide range of industries and advertisers. Given the uncertainties about near-term economic growth and consumer spending, we expect core ad spending will continue to face challenges during the second half of the year.”

More so, the country's largest CEO group, Vistage (of which I am a member), reports that CEO confidence in the economy is at an all time low. According to the report, in Q3 2007, the Vistage CEO Confidence Index fell to 81.4, the lowest it has been since the survey began in 2003.

Is this 2001 all over again? I don't think so, especially if you conduct business online. TNS's report shows ad spending down in most industries except a few. Online ad spending is actually up a whopping 17.7%! In other words, while advertisers are spending less money overall, they are transitioning parts of their budget from traditional media to the Internet. So if you have an Internet component to your business, my hunch is that you have a better chance of surviving the rocky roads predicted ahead.