customer experience

Customer Experience: From Your Office to Your Website & Beyond

Have you considered the experience your customers have when using your services? It’s often the deciding factor for whether they will return to do more business with you or leave a nasty review on your social media profile. And the small decisions you make in your daily operations can multiply those reputation-building moments.

To better prepare you for your company’s forthcoming growth, we will look at what customer experience is and offer practical advice for how businesses can improve their customer experience strategy in office, on their websites, on their social media channels, when taking calls and in every other element of their business.

How To Improve Customer Experience

In order to improve customer experience, you have to consider every part of the interaction between your customers and your brand. It may start outside of your traditional sales funnel and it should never end at the point of sale. A   will allow you to view the full scope of your customer’s view of your company by mapping out every touchpoint that new customers feel.

Also known as a customer journey map, these are a key tool for developing future products, campaigns, and protocols. From beginning to end of the journey, you should consider each step of a customer’s engagement with your business. This exercise will reveal insights for improving customer morale, sales and retention while reducing friction within your organization.

customer experience strategyCustomer Service vs Customer Experience

If you’re asking what is customer experience, you might be likely to confuse it with customer service. The difference between customer service and customer experience is simple: What we know as the customer is one just one part of any business. It is focused on supporting the specific needs of individual customers with a unique set of problems. That is not to be confused with customer experience, which is the sum total of the full customer journey. From start to finish, their full impression of your business, including the initial advertisement or recommendation that made them aware of your product or service, the first purchase they made and the eventual decision to return or cease the business relationship, is all a part of the customer experience.

Measuring Customer Experience

The great Peter Drucker told us, “If you can’t measure it, you can’t manage it.” Once you’ve mapped your customer journey, you can use metrics like Net Promoter Score (NPS) or Customer Satisfaction (CSAT) to measure and manage your progress over time. 

Net Promoter Score 

NPS is a common way to measure customer satisfaction because of its simplicity. NPS is found by asking customers: “How likely are you to recommend [business] to a friend or colleague?” They then rate your company from 0 to 10, 10 be

Responses are sorted into the following categories: Promoters (score 9-10), Passives (score 7-8), Detractors (score 0-6). To find your Net Promoter Score, subtract the percentage of detractors from promoters and apply results accordingly.

Customer Satisfaction

CSAT is the mean or average satisfaction score of customers for a given experience, typically measured by an automated survey that asks customers to rate an experience such as a product return, a customer care call or a password change through an auto-generated post-interaction survey. The scale can range from ‘Very Satisfied’ to ‘Not at All Satisfied’. CSAT is a favorite because it takes the immediate reaction of users’ to a product or service experience. 

improve customer experienceAverage Resolution Time

Average resolution time is the time it takes to completely resolve a customer issue, beginning from when the customer initially brings the issue to the attention of a representative and ending when the issue is completely resolved. This metric can also be called ‘Time to Resolution’, ‘Mean Time to Resolution’ and ‘Resolution Time’. It is usually calculated by analyzing a team’s overall average time to resolution of a group of cases within a specified timeframe.

Keep Your Eyes (And Ears) Open

Many companies rely solely on the aforementioned measures, but progressive businesses are increasingly using customer analytics techniques like customer satisfaction analysis, customer engagement analysis, and customer journey analytics to understand and improve CX,” according to The State Of Customer Analytics.

Stay flexible when considering your customer experience, looking at individual behavior segments for each customer experience metric you check. Also, don’t overlook anecdotal experiences from individuals or cult causes from niche customer groups. In most industries, the more unique and personalized you can make the customer journey, the better.

Are You Ready To Upgrade Your Customer Experience?

At Alexa’s Workspaces, we concentrate on our clients’ needs, so they can concentrate on growing their business. If you are looking for first-class amenities, as well as a fully-customizable and flexible space to suit your specific needs – look no further! 

Call 954-745-5800 today and see why, at Alexa’s Workspaces, we don’t have clients – only colleagues.

productivity apps

Supercharge Your Productivity With These Six Apps

The backbone of any successful business is productivity. No matter how much vision, talent or resources your team is working with, nothing matters if you can’t produce results. And as depreciation, inflation and churn eat away at your companies equity daily, any bit of inefficiency will put your business at risk of falling behind the eight-ball long term.

Granted, in this digital world, it can be difficult to pull our lives out of the cloud and organize it into tangible goals and tasks. Thankfully, there has been an influx of user-friendly productivity apps that can help you organize your world without disturbing your inner peace. Here are some of the most effective and popular productivity apps and their benefits.

What Is A Productivity App?

Before we start our 2019 best productivity apps list, we should agree on what a productivity app even is. Top-ranked app CloudApp defines it as “any piece of software that makes your job easier and allows you to get more work done in less time.” We’ll take their word for it, as they’re trusted by over 3 million users and thousands of businesses including Uber. They also happen to be first on our list.

CloudApp 

CloudApp is a high-quality screen recording program that lets users record and share HD video, screen recordings, GIFs, screencasts, screenshots, and edited images. Developers, sales teams and marketers alike will find their workload getting lighter once they utilize the power of CloudApp.

productivity apps 2019

Whether you are a freelance designer, developer, software engineer, customer service rep, or a startup executive, you will find a use for this incredibly agile app. To top it all off, every file is saved in the cloud, and easily accessible via native Mac and Windows Apps. 

Trello

Trello lets users work more collaboratively, getting more done via boards, lists, and cards that enable an organization across devices. Prioritize your projects in a fun, flexible, and rewarding way and mold the perfect control panel for your team by integrating the apps you already use directly into your workflow. Compatible apps include Google Drive, Evernote, Dropbox, Slack and more. For flexibility and consistency, Trello stays in sync across all of your devices no matter where you are, allowing you to have fun collaborating remotely from home or while traveling.

Evernote

Evernote lets you type notes, add attachments, clip web pages and record memos all in one app. Then, you can organize your mental notes however you want. Users can notebooks, tags, or a powerful built-in search engine to find everything you need quickly at your fingertips.

You can also manage projects, take meeting notes, set reminders, and edit documents. Standout features include document scanning, PDF and document search and multi-device syncing.

With Evernote, you can literally take notes everywhere. and find information faster when you need it. With Evernote as your note-taking app, nothing falls through the cracks.

Slack

We couldn’t list the best productivity apps without mentioning the super-successful messaging app known as Slack. With a current valuation of over seven billion dollars after being founded in 2013, it’s one of the fastest-growing companies of all time. And with corporate clients like Target, Capital One, and Oracle using it faithfully, it doesn’t look to be going anywhere anytime soon.

best productivity apps

It’s the perfect email alternative for teams who don’t have time for messy threads and endless carbon copies. Quickly click and scroll through individual and group chats with team members and skip the time-consuming emails, phone calls, and personal visits. Users can also share documents, video chat, send GIFs and integrate with Google Drive, Dropbox, and SalesForce.

Hootsuite

Hootsuite has been one of the top productivity apps for years, and it continues to offer the best social media management toolbox on the market.

The app allows you to update your company’s Facebook, Twitter, Instagram, YouTube and LinkedIn pages from the same dashboard — without logging in to each individual platform. But the most valuable tool is its scheduling feature, which lets companies schedule social media posts months in advance.

ToDoist

ToDoist is the ultimate todo list app, helping over 10 million users get control over their lives. It can be used to manage personal tasks (write down notes and let the A.I. set updates to remind you of important dates and ideas) and you can also assign responsibilities throughout your team, talk about project progress, and monitor deadlines all in one app.

Feeling More Productive?

At Alexa’s Workspaces, we concentrate on our clients’ needs, so they can concentrate on growing their business. If you are looking for first-class amenities, as well as a fully-customizable and flexible space to suit your specific needs – look no further! 

Call 954-745-5800 today and see why, at Alexa’s Workspaces, we don’t have clients – only colleagues.

ifrs 16 compliant

Are You IFRS 16 Compliant?

Do you know what IFRS 16 is? If not, you should. It went into effect January of this year and governs how businesses disclose their lease expenses. Many companies utilize rentals or leasing agreements to gain access to assets for operations. For example, a retail store leases its commercial space from a mall or other landlord for an extended period of time, while a national sales team may lease vehicles for travel.

The new IFRS 16 changes will standardize many lease considerations across industries and affect asset values for companies of all types and sizes. Each industry has its own set of considerations for lease decisions. Overall, the updated IFRS 16 leases will require more paperwork, accountability, and transparency from all private businesses.

The IFRS 16 effective date was January 1 of 2019, but the changes have been approved and public since January of 2016. That means there’s no excuse not to be up-to-date on the new protocol. The sooner you recognize the impact this new standard will have on your business, the better prepared you will be to solve potential problems, reduce implementation costs and lower compliance risk.

For your business, these changes will require more time, resources and human capital to handle the mandatory workload increase needed for compliance. But overall, the new practices and standards should improve the financial health of all companies and the health of the national economy, making its net benefits worth the collective accounting headache. This blog will give an IFRS 16 summary and offer advice on how small businesses can comply with its new guidelines.

Why The Switch?

The International Accounting Standards Board chose to replace the IAS 17 standards with increased recognition, measurement, presentation and disclosure of leases for both parties of a business lease or contract for multiple reasons. Over time, the new IFRS 16 process should help many companies recover forgotten lease agreements, auto-renewals or other areas where financial losses can be cut. 

IFRS 16The Effects Analysis explains that one likely benefit of IFRS 16 changes includes the fact that listed companies around the world have around $3 trillion worth of future payments for leases, which were not accounted for on the balance sheet under the old accounting standards.

General wisdom says that these updated standards will ultimately empower businesses by optimizing revenue and strengthening the financial scope of every company. It will also help all organizations to ‘future-proof’ their business model ahead of the next regulatory challenge that might appear, by changing how they project future assets and liabilities.

Implications

A Clearer Reality

IFRS 16 will increase the visibility of every company’s lease agreements and better reflect our collective economic reality. The new standard will also make it easier to compare companies that lease assets with companies that borrow money to buy assets, creating a more even playing field for investment and entrepreneurship.

More Services, Fewer Assets

Experts project that the new standard may affect lessors’ business models and offerings. It could also accelerate existing market trends in leasing including the increased focus on providing services instead of physical assets.

New Data Points & Metrics

The new standard will also redefine commonly used financial metrics like EBITDA and the gearing ratio. It will also eliminate nearly all off-balance sheet accounting for lessees. This will make comparability easier, and may also affect covenants, credit ratings, borrowing costs and stakeholder perception of businesses that borrow.

Restructuring & Renegotiating

Restructuring and renegotiating may also become common as lessees and lessors will need to consider how to best adjust their negotiation strategies for new and existing leases. Joint ventures and special purpose entities could also be affected.

Big Losers

If you are in the Retail, Telecommunications, Transport & Logistics or Real Estate & Equipment Leasing, your business is projected to be the most impacted by IFRS 16. Retailers, for example, could take a projected 98% increase in debt following the new considerations.

IFRS 16 leasesNotable Exemptions

An important exemption to the new IFRS 16 standards is made for leases of low-value assets like tablets and personal computers, small items like furniture and telephones and other minor assets worth under $5,000.

A similar exemption exists for leases that last 12 months or less. In such cases, a lessee acknowledges the lease payments in profit or loss on a straight-line basis over the lease term.

Steps To Make Sure Your Business Is Compliant

According to PwC, companies should “understand the impact of the new standard and develop an early communication strategy to manage its stakeholders (and their perceptions). This includes extracting, gathering and validating lease data, assessing the impact and preparing for the re-design of its IT systems and processes impacted by the new standard.”

Dig Through Your Records

The first step of the IFRS 16 compliance process is digging up all of an organization’s leases no matter where they may be collecting dust. 

Get The Record Straight

In order to pull the necessary data out of these old records, you will need all leases saved in a single, searchable location in a search-readable .pdf file. Analytics systems can help you efficiently manage this important data and standardize it across categories.

Manually Confirm New Data Points & Submit

You will need to apply additional man-hours to manually check that each of your updated leases has considerations of the following data points:

“Lessor information, lease start date, full contract duration, lease incentives, frequency of rentals, index or rate-based variable payment, index or rate at the date of commencement, current rate, frequency of revaluations to latest index or rate, residual value, rate implicit in the lease, restrictions or covenants imposed, termination terms, termination breach, lease termination date, termination breach penalty payment, purchase option, purchase price, purchase option reasonably certain to be exercised, extension option, rent payable under extension, rent review fixed uplifts, rent review uplift to market rate, rent review frequency of uplifts, rent review date, contract type, contract number, contract currency, rental space, address, contract reference, signatures, among others.”

More Questions About IFRS 16?

Do you see why understanding IFRS 16 leases is such a big deal for so many businesses? By eliminating the grey area and elevating the nation’s business conscious, IFRS 16 could have a huge impact on how all businesses operate moving forward.

At Alexa’s Workspaces, we concentrate on our clients’ needs, so they can concentrate on growing their business. If you are looking for first-class amenities, as well as a fully-customizable and flexible space to suit your specific needs – look no further! 

Call 954-745-5800 today and see why, at Alexa’s Workspaces, we don’t have clients – only colleagues.