Business Support Center: Successful Online Q&A Session on Customer Support & Communication

by BreakBite Editorial Wing | May 28, 2024 | WSME Business Insights

Successful Online Q&A Session on Customer Support & Communication

Date: May 28, 2024
Time: 12:00 PM, Dhaka

The Women Entrepreneurs Business Support Center, a key initiative under the We-Fi project of the World Bank, successfully hosted an enlightening online Q&A session on Customer Support & Communication on May 28, 2024. The session, led by Abdur Rahman Shawon, Founder and CEO of Pendulum Motion, provided invaluable insights and strategies aimed at enhancing the customer service practices of women entrepreneurs.

Speaker:
Abdur Rahman Shawon, Founder & CEO, Pendulum Motion

The discussion began with Abdur Rahman Shawon sharing his journey of establishing a customer service business. He emphasized the critical importance of understanding what “customer” and “service” truly mean. Shawon prompted participants to reflect on their interpretations, setting the stage for a deeper exploration of effective customer service strategies.

Key discussion points included:

1. Customer Service Strategy: Shawon explained that a robust customer service strategy is essential for any business aiming for long-term success. He discussed the importance of having clear protocols and procedures in place to handle customer interactions efficiently.
2. Customer Behavior: Understanding customer behavior is crucial for providing tailored support. Shawon highlighted techniques to read and respond to customer needs, emphasizing empathy and active listening.
3. Necessity of Loyal Customers: Shawon underscored the value of loyal customers, explaining how they can become brand advocates. He shared strategies to cultivate loyalty through consistent, high-quality service and personalized engagement.
4. Turning Negative Experiences into Positive Ones: Shawon provided actionable steps to transform a negative customer experience into a positive one. He stressed the importance of quick resolution and genuine apologies, which can often turn a dissatisfied customer into a loyal one.
5. The Principle that “Customer is Always Right”: Shawon elaborated on this principle, explaining that while it may not always be literally true, treating customers with utmost respect and consideration can significantly enhance their experience.
6. Adding Extra Value: Shawon discussed ways to add extra value to the customer experience, such as through personalized follow-ups, exclusive offers, and thoughtful gestures that exceed expectations.

The session was highly interactive, with several women entrepreneurs actively participating and sharing their experiences.

Shimul Mojlish (Rupban):
Business: Hand Painting & Rickshaw Painting
Issue: Providing extra gifts to customers to add value.
Discussion Points: Shawon advised that gifts are not always valuable. He emphasized the importance of understanding the customer’s mind and providing what they truly value, rather than generic gifts.

Hasna Jahan Rini (Agro Product):
Business: Desi Masala
Discussion Points: Rini shared her approach to customer engagement and the strategic use of gifts based on purchase history. Shawon commended her personalized approach and suggested refining it based on customer feedback.

Farhana:
Issue: Feeling shy to repeatedly reach out to customers for advertising products.
Discussion Points: Shawon addressed her concerns, highlighting that overcoming hesitation is crucial. He suggested appointing a representative if she feels uncomfortable, ensuring that customer engagement remains consistent.

Sathi Parvin (Shopno Ghuri Lifestyle):
Business: Bedsheets
Discussion Points: Parvin shared her success in using Facebook business groups for customer support. Shawon encouraged her to continue leveraging social media and to keep learning and adapting her strategies.

Shawon also shared insights from his experiences in the Western business world, where employees handling customers often sign documents committing to the principle that “Customer is always right.” He explained that this mindset fosters a culture of respect and attentiveness towards customers, which is crucial for business success.

During the session, Shawon highlighted a few effective stress management strategies, such as maintaining a daily schedule with planning apps or calendars, which can significantly reduce feelings of being overwhelmed and improve overall well-being.

The session concluded with an engaging Q&A where Shawon addressed various issues affecting women entrepreneurs, providing tailored advice and actionable strategies. This session highlighted the critical role of effective customer support and communication in building a successful business.

The Women Entrepreneurs Business Support Center remains committed to empowering women entrepreneurs through such valuable learning opportunities, fostering a supportive community for their growth and success.

Financial Empowerment for Women Entrepreneurs: Insights from Business Support Center’s Workshop

by BreakBite Editorial Wing | May 2, 2024 | WSME Business Insights

Empowering Women Entrepreneurs: Successful 5th Physical Workshop on Financing and Investment at NSU Campus

Date: May 2, 2024
Time: 10:30 AM
Location: North South University Campus

The Women Entrepreneurs Business Support Center, a pivotal initiative under the We-Fi project of the World Bank and organized by BreakBite in collaboration with North South University, successfully conducted its 5th physical workshop on Financing and Investment on May 2, 2024, at the NSU Campus. The workshop, led by Mr. Mirza M Ferdous, Senior Lecturer in the Department of Finance & Accounting at NSU, attracted over 120 women entrepreneurs eager to enhance their financial acumen.

The primary objective of the workshop was to address questions submitted by the participants. The organizers carefully filtered, combined, and rephrased these queries into seven broad questions covering various aspects of financial management. A secondary goal was to respond to any additional questions from the audience at the end of the presentation.

The workshop began with a concise yet comprehensive overview of financial management, breaking it down into three functional areas: operations, investments, and financing. Given the workshop’s time constraints and scope, it was emphasized that the main focus would be on the subject of “risk.”

Understanding Risk: Risk was redefined not as a negative concept associated with loss, but as the idea of uncertainty, described mathematically as “we don’t know exactly what will happen in the future.” This concept of risk was a recurring theme throughout the workshop, with various facets of risk and risk management discussed in detail.

Detailed Q&A Session:

1. Current Financial Trends: The first question addressed current trends in the financial and investment landscape, emphasizing the need for digitization. The discussion highlighted the importance of maintaining clear digital records for businesses to be eligible for financing opportunities, detailing the steps towards achieving digitization.
2. Capital Structure and Cash Flow Optimization: The second and third questions focused on capital structure and cash flow optimization. The relationship between enterprise value, equity, and debt was explained, followed by an in-depth overview of cash flow management.
3. Sources of Funding: The fourth question explored various sources of funding, highlighting their characteristics and pointing out unreliable sources to avoid, such as “shomobai shomities.” The significance of digitization and structured record-keeping was reiterated.
4. KPIs and Financial Health: The fifth question, primarily academic, dealt with key performance indicators (KPIs) for measuring a business’s financial health. The discussion centered around the cash conversion cycle, cash ratio, and revenue growth, making it easy for the audience to grasp.
5. Risk and Exit Strategies: The last two questions involved a detailed discussion on risk and exit strategies. Revisiting the concept of risk, the workshop drew connections between uncertainty and all the questions addressed.

The workshop saw active participation from the audience throughout, with the speaker encouraging questions. The Q&A session extended beyond the workshop, with participants seeking investment advice, clarifications on business structures, and discussions on various savings instruments. The workshop was engaging, beneficial, and well-received by all participants, providing valuable insights into financial management and fostering a deeper understanding of risk and its implications.

The Women Entrepreneurs Business Support Center, supported by BreakBite, continues to play a crucial role in helping women navigate the complexities of financial management and investment, equipping them with the knowledge and skills needed for sustainable growth.