Jamie L. Shark is a young and ambitious man aiming to make his fortune in money lending. He started his business about a year ago, providing short-term loans between $500 and $1,000. Customers visit his business, currently run from his garage, where Jamie conducts a credit check. If the check is satisfactory, he transfers the money to the customer's bank account within 2 to 4 days.

Although Jamie has been successful over the past year, with around 200 customers, he is noticing that his regular customers are not returning, despite offering the best interest rates in town. The main issues customers face are delays in receiving their loans within the promised 2 to 4 days and difficulty in contacting Jamie outside business hours.

Help Jamie identify strategies to improve his business. Consider the following aspects:

1. Streamline the loan approval and transfer process to ensure timely delivery.
2. Enhance customer service by providing additional contact options outside business hours.
3. Implement a customer feedback system to address concerns and improve services.

What other strategies can Jamie implement to retain customers and grow his business?

Question

19-07-2024
Business

High School

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Jamie L. Shark is a young and ambitious man aiming to make his fortune in money lending. He started his business about a year ago, providing short-term loans between $500 and $1,000. Customers visit his business, currently run from his garage, where Jamie conducts a credit check. If the check is satisfactory, he transfers the money to the customer's bank account within 2 to 4 days.

Although Jamie has been successful over the past year, with around 200 customers, he is noticing that his regular customers are not returning, despite offering the best interest rates in town. The main issues customers face are delays in receiving their loans within the promised 2 to 4 days and difficulty in contacting Jamie outside business hours.

Help Jamie identify strategies to improve his business. Consider the following aspects:

1. Streamline the loan approval and transfer process to ensure timely delivery.
2. Enhance customer service by providing additional contact options outside business hours.
3. Implement a customer feedback system to address concerns and improve services.

What other strategies can Jamie implement to retain customers and grow his business?

Answer :

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ArborAvalon ArborAvalon · Answer 1 · 2024-04-26T13:25:11-04:00

Jamie L Shark can improve his money lending business by optimizing the loan delivery period, enhancing customer service, and fostering long-term relationships with clients.

For Jamie L Shark to enhance the performance of his money lending business, he should focus on addressing the concerns that are causing his regular customers to seek services elsewhere. Given the delay in his loan delivery period, Jamie should streamline his loan processing system to ensure the promised 2 - 4 days turnaround is consistently met. This could involve adopting more efficient credit checking processes or automating part of the loan approval workflow.

Customer service is another critical area for improvement. Being hard to contact outside of business hours is a significant inconvenience for clients. Jamie could introduce extended customer support hours or a 24/7 online support system where his clients can easily get assistance whenever needed.

Finally, Jamie should consider the importance of long-term relationships with his clients. By understanding their financial history and establishing trust, Jamie can manage risk more effectively and provide better-tailored services, leading to increased customer loyalty and potentially more referrals.