Why It Is Important For A Customer

As John Lewis can demonstrate its business period by simply using the Financial Statements. Therefore accounting plays a major role in the business world. If the business has well maintained bookkeeping, this will result in the business having an accurate controlled environment.

Through sustaining the customer relationships, leaders of the company have realized that “becoming nearer to the consumer” is vital for the progression.

Personal History, Form 1624: Certification Regarding Debarment, Suspension, Ineligibility and Voluntary Exclusion Lower Tier Covered Transactions, and Form 1846: Statement Regarding Lobbying (U.S. Small Business Association, n.d.). Lenders and borrowers must work together in order to apply for the most applicable loan to the business. According to U.S. Small Business Association (n.d.), “Borrowers should provide complete financial statements for the last three years including balance sheets, income statements, and a reconciliation of net worth as well as a current (no more than 90 days old) interim financial statement” (Business Financial Statements). The borrower must also provide projections to the creditor. The projections predict a year out or the positive flow of cash, which includes earnings, expenses, and the reasons behind the projections (U.S. Small Business Association, n.d.). The borrow should include documentation to assist in the predications such as contracts of lease proposals, franchise agreements, purchase agreements, articles of incorporation, plans, specifications, copies of licenses, letters of reference, letters of intent, and contracts partnership agreement (U.S. Small Business Association, n.d.). If the borrower does not provide the proper

Transparency is essential in a market based system, but is not necessarily a requirement for a bank-based system. In a bank based system, banks have long-standing working relationships with the companies seeking financing, and banks have on-going access to information about the firm. In a market based system, creditors and equity-holders require that financial information about companies seeking financing be available, sufficiently detailed and accurate if they are to participate in the market. This information, including audited financial statements, allows participants in the market to make

Bank wants the information to assess the company’s ability to pay back the financial loan. They want the file interim statements to report fair and accurate financial statement accordance with the appropriate standards to allow them to set the accurate amount of loan.

As with any financial information collected we need to ensure that the customers information is kept safe and secure and the information we gather follow the proper collection regulations. We need to disclose to the customer the ways we intend to use the information, such as running credit checks or opening lines of credit. Prior to the customer submitting any information we need to ensure that we disclose this information.

There are a number of ways a business can gain a competitive edge: excellent service, top of the range products, professional sales techniques and efficient and effective marketing strategies can contribute to the business and make us a market leader. Listening to our customers and acting on feedback can not only keep our loyal customers but encourage new customers. Having a recipe that incorporates all the above is a simple but effective method.

Asymmetric information in lending is a huge risk. When there is misinformation from a lender to a borrower, this can cause a few different problems to arise; for example misinformation about job security or credit history from a borrower to a lender can result in late or missed payments, fraudulent spending of the money lent or the lending amount to be turned as bad debt. Specialization is a tool used for risk management. Specialization in lending helps reduce risk by gathering valuable and accurate information about the borrower. It

Current and historical Financial Statements (Income Statement (I/S), Balance Sheet (B/S) and Statement of Cash Flows) from the three most current years for the firm

We often come across applications that don’t look well put together, and some applications just look too squeaky clean. If there aren’t any false we assume there is a lot of false information in that application. As a loan officer you have to make decisions that are reasonable. Making decisions means weighing information and coming to some conclusion that we feel will maximize our outcome (King 2014). A good loan officer shouldn’t just process a loan for the money. We expect to see files that seem reasonable and would help Gateway Group gain a good reputation. There are two types of loan officers, ones who are greedy for money and will take any file without doing research or a loan officer that prefers to do a file the right way without pulling any stings. A business profession should want to be known for having successful and stress-free closings. Anthony takes the time to analyze and help his borrowers complete a pre-approval process. Justin just takes information over the phone and tell applicants that they are pre-approved without submitting an application to underwriting.

Advise clients to raise questions to the lender, request any changes to the loan and arrange walkthroughs earlier in the process and before the CD is issued where possible; and

Require officers who have borrowed money from the company to repay the amounts owed at December 31. This would convert into cash the “notes receivable from officers,” which now appear in the balance sheet as noncurrent assets. The loans could be renewed immediately after year-end.

Today’s organizations fail to realize the value of their customers when it comes to the success of their business. Without customer loyalty the success of your business will always be uncertain. Organizations must sensitively tailor the designs of a successful firm to the particular challenges of understanding, attracting, and keeping valuable customers. “Having satisfied customers just aren’t good enough”. Kenneth Blanchard and Sheldon Bowles, co-authors of Raving Fans, believe this concept is needed to have a successful business. I agree with this concept of customers being the focal point of any business. I would want more than just a satisfied customer; I want a “Raving Fan”.

Customer service is developed by the patient’s satisfaction and the effect it has on the health care system. Customer service is the face of every business and specially the health care system which it provides leaders with an idea of how the business should look or act. The healthcare systems benefit from the opportunities made by patients. Patients should be the instrument to provide guidance while the physician advocates for the patient’s health. Customer service is a support system between the patient and the physician and without that support system then there is not guidance for a better lifestyle for patients. This is a competitive market that have a few limitations and those limitations start with customer service in healthcare and how to provide the best care for patients. These challenges that the healthcare system face will overcome those obstacles and bring out their best principles to make the system better. Patient centered care relates to customer service and should be recognized as the central focus. High- quality healthcare systems provide satisfaction to patients to show that their experience will be well worth it because their physicians care about their patient’s health.

A customer driven organization is one that listens to its customers and integrates customers into its business by providing customer focused solutions. It develops and uses customer feedback systems to keep abreast of their requirements and measure how well the organization is doing in meeting these requirements. A customer driven firm should continuously analyze its performance data and use that information to improve work processes and services delivered to customers.