Every Thursday morning, FundingUniverse has a weekly chat with an angel investor. At our last weekly chat, the presenting investor said something that surprises most entrepreneurs. He mentioned that investors generally look for a 10 times or higher return on the original investment. Most entrepreneurs cannot believe an investor asks for such a large ROI.
However, Bill Payne, entrepreneur-in-residence with the Kauffman Foundation, explains the reasoning behind the large ROI. “Since we angels have no idea at the outset which of our investments will produce that “home run,” each and every one of our investments must have the potential at the time we invest of achieving a huge ROI. For this reason, a sound angel portfolio should not contain investments with the potential to only produce smaller returns on investment and should be limited to companies that will scale.”
What do you think….?
Is your company known for outstanding customer service? Being known for superior customer service could be the most important aspect of your company. Establishing good customer service standards for your business early on will create an environment where your business can succeed. Investors will be impressed by your efforts to keep your customers happy.
Many of you may think this a difficult task, using the limited staff in a startup. However, your satisfied customers will be your best marketing, telling others about your product or service Joel Spolsky, wrote an exceptional article about the Seven Steps to Remarkable Customer Service. Below is a few of the seven steps. (Read the article to learn more about each step.)
- Fix everything two ways
- Make customers into fans
- Take the blame
- Greed will get you no where
At FundingUniverse, we are working to implement Joel’s steps into our own customer service department. Let us know where we can do improve. We are always eager to do what we can to help. In the meantime, read Joel’s article. Determine how you can use his suggestions to improve your customer’s overall experience.