Best Financial Services Inc Essay

1962 WordsFeb 13, 20168 Pages
Critical Issues: In order to grow Best Financial’s business steadily in the future and make it become a leader in the Sarnia market, it has to address the following: * How to increase the daily work efficiency in the office so that Best Financial can serve more clients than it currently does which is 600. * Which option Linda should choose so that the company will grow in a sustainable way. * How to maintain existing clients so that Best Financial’s existing client base (600) will be loyal and stable. * How to develop a new marketing plan so that it will be more cost-effective. (unnecessary marketing expenses will decrease by approximately $550 per year) Analysis: Due to Best Financial’s good work ethic and values, its…show more content…
Decision criteria: * Must develop some methods to improve work efficiency in the office * Find the best future strategy (1 out of 2) * Attract more loyal and suitable clients * Must adjust the current marketing plan Options: Improve productivity at work Option 1: Implement a training program about some practical financial and accounting skills for employees. Pros: Increase work efficiency significantly Cons: Linda’s workload may increase (but Linda’s workload is full currently); takes long time to train Option 2: Give employees 10 small work tips (Rampton, 2015) (Exhibit 4) Pros: Improve productivity immediately; almost cost nothing Cons: efficiency improvement is not as obvious as the first option Find the best future strategy Option 1 - Hiring a new advisor (See exhibit 5 for its revenue & cost evaluation) Pros: Good for company’s sustainable growth; reduce Linda’s workload after the training is completed Cons: Incur loss in the first year; hard to find an advisor whose work ethic and values are similar to the company’s; takes time and effort to train Option 2 – Purchasing a Block of Business (See exhibit 6 for its revenue & cost evaluation) Pros: Increase the company’s revenue immediately; Jeff’s client base is similar to Best Financial’s which means it is very easy to manage

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