And the Survey Says…
Feedback is defined by Google ‘as information about reactions to a product, a person's performance of a task, etc. which is used as a basis for improvement.’ The process of soliciting constructive feedback deserves conversation.
Many larger firms will conduct surveys, with their clients, with their employees, and with their advisors. Its purpose is usually to solicit feedback that can be useful to the owner and management. Ideally, the feedback is constructive and will help the firm understand their strengths and weaknesses. Sometimes, receiving another’s perspective is helpful to forging new policies, developing new products, identifying customer satisfaction or dissatisfaction. How one asks for this information can be key to accepting its results.
Larger firms usually have the resources to hire an outside survey company to administer anonymous responses. This provides the company with areas of improvement as well as confirmation of what is working well. It is the ideal way to assess many aspects of your organization. You will often see this method used in larger corporations where customer satisfaction or employee satisfaction drives their ability to attract new talent, keep existing talent, or identify processes that clients may believe are pain points or those which keep them coming back for more services. Overall, the investment is likely worth the results.
if you are a sole proprietor or smaller business who does not have the means to hire an outside firm or where your client base is limited to a handful of clients, you should still be able to identify key areas of focus to solicit feedback.
One of the easiest ways to achieve this would be an annual review with your clients. Invite them to lunch or a more casual meeting where they feel more comfortable providing insight. If you are unable to meet in person, schedule a video call. Most people understand the need to assess performance and should be willing to provide candid commentary on their interactions with you, your staff, your service. The ‘cover’ of the term annual review allows you the ease to create a setting where both of you are comfortable speaking candidly.
Consider how often you are asked to provide feedback. Car repair surveys, bank surveys, consumer retailers asking for your experience with their associates and products, product reviews from online purchases, customer service interactions when you ask for assistance with your cable or utility or credit card statements. Everyone craves information on how to continue to provide value added products and services. You, as a small business, should be no different. Understanding where you are versus where you would like to be is key to your future success.
The end of the year is an ideal time to thank your clients and solicit feedback for the new year. How you choose to approach this is best suited to your style and your client’s comfort.
Whether it is an elaborate dinner party like our Pooch Party featured in today’s Blog or a more business like setting over your favorite Video Chat, surveying your client base for constructive feedback is a helpful component to your firm’s growth. Take the time to understand and evaluate your company’s performance from your client, advisor or employee view. When this is accomplished professionally, and without petty or personal attacks, it is a powerful tool for moving towards your targeted goals.
Be well.
