Just ask! Your customers know what you need to do

Feedback

I called a long standing customer of our of our software products the other day and the first thing he said was “Hi Rob, I’m amazed you called.  I haven’t ever heard from anyone in your business before.”

And it’s true, he hadn’t actually ever spoken to anyone in the organisation before.  He signed up to access our service via his bank, his access information was sent to him via email, and since then he’s been signing in to the service and using it himself in order to get the value he needs.  At no point in the 5 years+ that he has been a customer has he spoken to any person within our business.

We had a great conversation for an hour, where he told me all the good things about the service we offer, the areas that he hoped it would get better, and importantly he told me about the challenges he faces as being the Finance Director of a small to medium sized business.

All of this information is absolute gold for me in helping figure out how we can get better at making businesses get control of their money.

At one point in the conversation he said ‘would you mind if I email you when i have something I think you should know?’, to which I said ‘of course not’ and I proceeded to tell him how every customer who signs up toCreditHQ will get an email from me where I ask for them to give me some feedback.  

I give every customer the chance to email me with the answer to a specific question such as ‘tell me your biggest business challenge today’ or to complete a questionnaire that takes about 2 minutes to do. 

It’s amazing what you find out.  And it’s amazing how you can use this to make decisions in your business about what you can do next.  Sometimes it’s a little thing (we don’t care about feature X) but sometimes it’s a bigger thing (you should charge more than you do).

And all through just asking.

Many businesses are scared to ask their customers what they think because they worry that they think bad things about them.  But they’re your customers so you already do something they like or they wouldn’t have got that far.  Why not listen to them and get them to give you more of their custom, or get them to spread the word about how great you are because you listen. A colleague of mine who was recently at SXSW (where we were showcasing CreditHQ as part of the UKTI’s Tech Ambassador programme), was told by an Über driver that he much preferred driving for the competitor taxi firm over there, Lyft, purely because they get in touch with their drivers asking for feedback and how they can improve conditions for them. 

We can’t do everything we get told would help, but we might find out some things we can stop doing that frees us up to do more of the good stuff.

You never know! Just ask!

Ormsby Street launches latest version of CreditHQ

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Ormsby Street, a Software-as-a-Service business providing financial data services for SMEs, has launched its new product, CreditHQ. The new offering, which was developed from the company’s work with 18,000 SMEs through Barclays bank, enables small businesses to check their customers’ and suppliers’ financial stability, and monitor their credit and payment performance.

Working with major credit data supplier Dun & Bradstreet, CreditHQ offers two different packages to choose from. Every customer gains free access to over seven million company records, all explained in a comprehensible way: the higher the number, the more favourable the company’s finances.

CreditHQ also offers details such as the company number, trading and registered addresses, whilst the simple credit and payment indicators allow users to easily understand the financial risks of working with individual companies, and provide an initial insight into their financial stability. Users are able to search for specific companies either through their registered name or company number.

The subscription package, costing £25 per month, provides users with more detailed credit and payment indicators. This includes up-to-date financial information such as net worth, assets, liabilities, sales, and details of adverse credit events for every trading partner. Small businesses are provided with invaluable financial information that gives insight into their real cash-flow position and awareness of potential upcoming problems for businesses that they deal with. The package also delivers regular alerts informing customers of financial changes.

CreditHQ can be accessed from anywhere – desktop, laptop, tablet or mobile, via a fully responsive website.

On the launch, Martin Campbell, Managing Director at Ormsby Street, commented:

“One of the major problems small business owners cite when questioned about running their own business is ‘cash-flow’ and knowing who they should be doing business with.

”In the UK, a huge number of SMEs are plagued by bad debt when partners fail to pay invoices within the agreed period, with 38% of small businesses having experienced cash-flow problems often threatening to put them out of business. This lack of funds in a business can be responsible for stunted growth and slow company development. CreditHQ aims to make this a thing of the past, offering free, easy advice, allowing companies to the ability  to understand the financial patterns of trading partners, ensuring adequate funds are always available.”

www.ormsbystreet.com
www.credithq.co.uk

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About Ormsby Street

CreditHQ is built by Ormsby Street, a Software-as-a-Service business based in Old Street, London. Formed in 2014 to take over the operation of the financial data proposition of BCSG, Ormsby Street are developing the next generation of financial data services for small businesses. Their team of high-performing product innovators and software engineers are quietly taking sophisticated financial information and turning it into a next-generation digital tool to help businesses make good decisions about customers, suppliers and themselves.