We Are All In The Hospitality Business
By Kevin Vitale | Sep 30, 2019
In today’s competitive market, it is a very real possibility that the service your company delivers is being replicated in a similar way by other competitors in your field.
The reason for that is simple, with all the information accessible nowadays companies can find what is resonating and work it in to their offering. Additionally, most businesses within the service industry are making the shift toward a subscription/reoccurring retainer model contract. Main reason for this from a financial perspective is that this contract model offers you the ability to control cash flow and budget accordingly. Also, this type of model gives you a bump in the customer lifetime value and higher valuations of your business in the eyes of investors. If delivered correctly, this model reduces customer churn and raises retention. Sounds great, so what’s the catch? The catch is that the need to provide service at a high level consistently has become especially important with this reoccurring model. Keeping customers engaged on a reoccurring basis is the only way to make sure they are happy with the service they are getting. Considering this reality, businesses are looking to stand out from one another by how they are making their clients or customers feel on this journey when these services are being delivered. This, by definition, is HOSPITALITY.
"What does good look like? You can make better business decisions when you know what is actually happening."Robert Bufano is the Financial Controller here at Domain Computer Services. He oversees the accounting and finance activities of the company, working with the...
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