Francetic Tax Resolution LLC - February 2020


Boosting customer retention by any amount can have a huge impact on your revenue. A study conducted by Bain & Company and reported by the Harvard Business Review found that even a 5% increase in retention can boost revenue by 25%–95%. In short, your ability to retain the right customers can make or break your business. Businesses are constantly searching for ways to achieve customer loyalty. After all, it’s far more cost-effective to keep the same customers coming back to you than it is to constantly go after new ones. Marketing to new customers can cost up to 25 times more than simply catering to your existing customer base.

marketing for you through social media and other word-of-mouth channels, convincing others that your business exists and has value. But how do you get to that point? How do you develop a strong bond with your customers that is hard to break and will keep them coming back time and time again? It really starts with stellar customer service. Poor customer service is the No. 1 cause of customer loss. Upward of 71% of people say they cut ties with businesses over poor customer service. Customer service includes your employee- customer interactions, your response to problems, your response time , and your approachability on social media.

Look to businesses that have figured out how to do customer service right, like Apple, LEGO, and other beloved businesses in your community. Consider what you can incorporate into your own customer service experience or become a customer yourself and see just how far other businesses are willing to go for you. Another way you can win loyal customers is just by being present. One way to do that is by answering phone calls, emails, and online inquiries immediately . The more time you put between the initial customer contact and your response, the worse it looks for you. When people visit your business in person, be there to offer a hello, answer questions, and engage in casual conversation. When you’re there for your customers, your customers want to be there for you. has recently given up hobbies or started citing lack of money as a reason for staying home, they might be facing mounting debt. They’ve recently gained or lost weight. Without another clear cause such as a new diet or workout routine, either of these changes could indicate financially-induced stress or depression. If your loved one is showing any of these red flags, they could be in trouble with the IRS. Discussing the problem with them and recommending a tax resolution professional could save them heartache, but it’s important to do so delicately. Next time you see your loved one, try broaching the subject by talking about your own past financial difficulties, or those of a friend. This could help them feel secure discussing their own worries. If they do open up to you, don’t hesitate to direct them to Francetic Tax Resolution. I can help before it gets too out of control. •

Loyal customers who love your business are an incredibly powerful asset. They can do a lot of your


3 Warning Signs to Watch for This Month

of mind, so if you’re looking for a way to show your loved ones you care this month, offering subtle assistance could make a real difference in their year. Reading those statistics, you may already have someone in mind who needs help, or who you think could be in financial hot water. If you’re worried about the latter, consider whether you’ve seen any of these warning signs in your loved one: They’re reluctant to open their mail. This could indicate that they’ve been receiving IRS notices but are avoiding opening them because they’re too afraid to face the reality of their situation. If you actually see letters from the IRS or the state (whether opened or unopened), that’s a neon sign something is wrong. •

Thanks to Valentine’s Day, most of us spend the month of February doing a bit of extra thinking about our loved ones. Maybe you’ve spent weeks planning the perfect date night, choosing the ideal gift, or putting together a delicious dinner menu. But have you thought about the well-being of your partner, family, or friends this month beyond planning that special night? According to a 2019 survey conducted by the tax and consulting firm PwC, 65% of women and 52% of men feel more stressed by financial concerns than anything else in their lives. These worries can impact their health, relationships, and peace

They turn down opportunities and invitations for financial reasons. If your friend or partner



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