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	Comments on: Your time is as valuable as your money.	</title>
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	<link>https://berkonomics.com/?p=4597&#038;utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=your-time-is-a-resource-as-valuable-as-your-money</link>
	<description>Dave Berkus&#039; business insights</description>
	<lastBuildDate>Wed, 02 Jun 2021 17:05:56 +0000</lastBuildDate>
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		<title>
		By: Michael O'Daniel		</title>
		<link>https://berkonomics.com/?p=4597&#038;cpage=1#comment-147431</link>

		<dc:creator><![CDATA[Michael O'Daniel]]></dc:creator>
		<pubDate>Wed, 02 Jun 2021 17:05:56 +0000</pubDate>
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					<description><![CDATA[Actually, I missed a third area which is a major contributor to time-wasting, and that is the failure of managers and employees to properly and fully document business processes and tech upgrades. Horror stories abound about the chaos caused by lack of documentation, especially when it comes to new tech implementations or upgrades. Regardless of the size of the organization, it could be well worth your while to designate someone as your Chief Knowledge Officer to ensure that the proper docs are originated or upgraded at all appropriate points. It will save you a lot of time / money and grief later.]]></description>
			<content:encoded><![CDATA[<p>Actually, I missed a third area which is a major contributor to time-wasting, and that is the failure of managers and employees to properly and fully document business processes and tech upgrades. Horror stories abound about the chaos caused by lack of documentation, especially when it comes to new tech implementations or upgrades. Regardless of the size of the organization, it could be well worth your while to designate someone as your Chief Knowledge Officer to ensure that the proper docs are originated or upgraded at all appropriate points. It will save you a lot of time / money and grief later.</p>
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		<title>
		By: Michael O'Daniel		</title>
		<link>https://berkonomics.com/?p=4597&#038;cpage=1#comment-147246</link>

		<dc:creator><![CDATA[Michael O'Daniel]]></dc:creator>
		<pubDate>Wed, 26 May 2021 22:54:41 +0000</pubDate>
		<guid isPermaLink="false">https://berkonomics.com/?p=4597#comment-147246</guid>

					<description><![CDATA[Based on my own experience, the two areas where costly (and preventable) mistakes are made that result in time-sucks later are (1) QC in product development, and (2) the design / execution of customer service.

Obviously if the product / service isn&#039;t properly tested and proven before it goes out the door, there&#039;s a very good chance that faults in the product will come back to bite you later -- not to mention affecting your credibility and customer satisfaction. So do you want to rush the product out the door to meet a self-imposed deadline, or ask for forgiveness / understanding from your customers so you can take the time to get it right?

The customer service process, and adequate CSR training, staffing and management, obviously need to be in place (and constantly monitored) to handle inquiries about / support for all existing and future products. Nothing can ruin a good product, or a previously good customer relationship, faster than poor customer service. Not to mention the time that has to be spent putting out fires.

I worked in marketing for a company** that was a market leader in its category but whose very survival was severely compromised by wretched customer service. Existing customers were being blown up faster than the sales department could bring in new customers. Sales were screaming to management about the situation but their voices were not being given sufficient weight. (Unfortunately management was getting second-hand information that &quot;everything was OK&quot; rather than investigating the situation firsthand.) One of the lessons I took away from this was that customer service should be a top-tier process with a direct report to both the CEO and the CMO, rather than being buried further down the hierarchy.  

**Come to think of it, more than one company. A tech company as referred to above, a service company several years earlier.]]></description>
			<content:encoded><![CDATA[<p>Based on my own experience, the two areas where costly (and preventable) mistakes are made that result in time-sucks later are (1) QC in product development, and (2) the design / execution of customer service.</p>
<p>Obviously if the product / service isn&#8217;t properly tested and proven before it goes out the door, there&#8217;s a very good chance that faults in the product will come back to bite you later &#8212; not to mention affecting your credibility and customer satisfaction. So do you want to rush the product out the door to meet a self-imposed deadline, or ask for forgiveness / understanding from your customers so you can take the time to get it right?</p>
<p>The customer service process, and adequate CSR training, staffing and management, obviously need to be in place (and constantly monitored) to handle inquiries about / support for all existing and future products. Nothing can ruin a good product, or a previously good customer relationship, faster than poor customer service. Not to mention the time that has to be spent putting out fires.</p>
<p>I worked in marketing for a company** that was a market leader in its category but whose very survival was severely compromised by wretched customer service. Existing customers were being blown up faster than the sales department could bring in new customers. Sales were screaming to management about the situation but their voices were not being given sufficient weight. (Unfortunately management was getting second-hand information that &#8220;everything was OK&#8221; rather than investigating the situation firsthand.) One of the lessons I took away from this was that customer service should be a top-tier process with a direct report to both the CEO and the CMO, rather than being buried further down the hierarchy.  </p>
<p>**Come to think of it, more than one company. A tech company as referred to above, a service company several years earlier.</p>
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		<item>
		<title>
		By: Fred Hameetman		</title>
		<link>https://berkonomics.com/?p=4597&#038;cpage=1#comment-147211</link>

		<dc:creator><![CDATA[Fred Hameetman]]></dc:creator>
		<pubDate>Tue, 25 May 2021 16:05:11 +0000</pubDate>
		<guid isPermaLink="false">https://berkonomics.com/?p=4597#comment-147211</guid>

					<description><![CDATA[In interesting response, at this point in OUR lives, time is &#062;more&#062; important than money!]]></description>
			<content:encoded><![CDATA[<p>In interesting response, at this point in OUR lives, time is &gt;more&gt; important than money!</p>
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