4 Things A Service Business Should Get Right

1. Its Customer Management 
This involves tailoring your service offerings to meet the
specific needs of your target customers. When your service offerings cater
adequately to the needs and desires of your target customers, you’ll be able to
get the most value for your services. Customer management can be done by setting
up an efficient and effective customer service department to cater to the
requests and needs of customers. It can also be done by setting up efficient
self-service options to clients, and basically making your customers feel safe
every step of the way in their business and financial transactions with your
company.

2. Its Offering 
This is a very important aspect that
service businesses need to get right. A service business can’t last long with a
flawed service offering. The service offering of a service business should
effectively meet the needs and desires of target customers, and should also be
able to support the longevity of the business, not cripple it. In other words, a
service business should be able to find a balance between getting its service
offerings to satisfy consumers and sustain the business at the same
time.

3. Its Funding 
A good funding mechanism is needed to
sustain a service business. One great thing about a service business is that
it’s not particularly capital intensive, however to sustain the business you
can’t afford to have a weak funding mechanism. Pay attention to how you charge
your customers and have a basis on which you charge them for your services. For
example, will it be based on quality like Starbucks, for which you can decide to
charge a premium on your competitive advantage like Starbucks does etc. Also,
you should find ways to enhance customer experience while spending
less.

4. Its Employee Management 
The wealth of a service
business is its employees. This is because a service business depends heavily on
the knowledge and skills of its workforce. It is therefore important for service
businesses to ensure that employee management activities like recruiting,
selection, training, job design etc., are good enough to empower employees to
deliver excellently and efficiently on your service offerings. This will help
you build a great image for your business, help with word-of-mouth (since
customers will hardly be able to stop talking about your great services), and
can be the basis on which you charge a premium on your competitive advantage of
excellent and efficient service offerings.