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Business Plan for a Hospitality Industry Customer Service Training Agency
University College University of Denver MOTM 4901: Capstone Project November 11, 2005
________________________ Greg Giesen Capstone Advisor
____________________ Jason Wyrick Academic Director
__________________________ James R. Davis Dean
ABSTRACT Nowadays, customer service in Argentina lags behind the United States. For this reason, the hospitality industry could greatly benefit from the expertise and guidance of knowledgeable and experienced professionals trained in the USA. I will develop a business plan for a Hospitality Industry Customer Service Training Agency in order to improve guest services skills in Argentina. The principal purpose of the Training Agency will be to offer customer service training sessions with some business consulting occasionally during the first year. The agency will be based in the United States with the target clientele being in Argentina. The training that the agency will offer will be both in English and Spanish. In addition, it will be virtual using the internet, teleconferencing and videoconferencing technologies.
TABLE OF CONTENTS 1. Introduction Thesis
Statement of the Problem Statement of the Goals Benefits of the Project
3 3 3 4
2. Literature Review Problems with the Argentinean Hospitality Industry
3. Design and Implementation
Mission Vision Objectives Modules Training Virtual Training WebEx The Industry The Market SWOT Analysis 4 P’s Michael Porter’s Five Forces Operations Risks Mitigation Assumptions
12 12 12 1327 27 28 30 36 38 39 40 42 47 49 50 50
4. Results 5. Discussion 6. Conclusion 7. Appendix 8. Reference List
51 51 52 53 57
Thesis This research will establish the creation of a Denverbased Customer Service Training Agency in order to improve guest services skills in Argentina.
Statement of the Problem As defined in this paper, customer service in Argentina lags behind the United States. For this reason, the hospitality industry could greatly benefit from the expertise and guidance of knowledgeable and experienced professionals trained in the USA.
Statement of the Goals The goal of this research is to create a business plan for a fulltime Customer Service Training Agency based in Denver with the target clientele being in Argentina. The Customer Service Training Agency will train people for the hospitality industry that work in hotels located in Argentina. The training will be both in English and in Spanish. In addition, it will be virtual using the internet, teleconferencing and videoconferencing. The business plan will include the company’s mission and vision statements, an
Argentinean market and marketing analysis and a business operations section upon which the business will be created.
Benefits of the Project I am writing this business plan with the intent of opening my own future business upon graduation. I am originally from Argentina and moved to the United States 6 years ago to do an exchange program in the Daniels College of Business, University of Denver. Furthermore, I have a Tourism and Hotel Administration degree, a General Business degree and I am currently finishing my Masters’ of Applied Science in Technology and Management. The establishment of this business will allow me to use all the knowledge and experience acquired in the USA and benefit the hospitality industry in my original country.
Problems with the Argentinean Hospitality Industry In my opinion, it is time for the Argentinean hospitality industry to improve its customer service. This necessity has increased since the 2001 devaluation of the currency. Suddenly, tourists from all over the world have flocked to Argentina in order to take advantage of an inexpensive world class lodging, dining and shopping atmosphere. The Argentinean customer
2001). the lack of training in customer service skills and foreign languages is one of the biggest issues (July 1. “The Myths of Japanese Quality” book is a very good source of information in order to compare the quality of service between the United States and Japan and the biggest cultural differences (Ray and Cindelyn Eberts. Unfortunately. For example. However. there are no articles to demonstrate that the Argentinean customer service needs help. 2005). . Furthermore. 1995). This company is one of the pioneers in Customer Service and many companies have taken ideas from them. Brown wrote a book named “What Customers Value the Most” in which he explains how to use the voice of the customer. Brown. the importance of teams and training. The most interesting part of this book is how to empower employees to take ownership (Robert Spector. “Lessons from the Nordstrom Way” is another customer service book that is highly regarded in the hospitality industry. how to ensure that you do not lose focus and other subjects (Stanley A. Argentina. The Disney concept about customer service is very well known all over the world (Disney Institute. For example. Stanley A. Sales Manager of the Elevage Buenos Aires Hotel.Golan 5 service could greatly benefit as I mentioned before from experts from the United States. In addition. I had interviews with hospitality professionals working in Buenos Aires. 2001). the Disney Institute wrote a book named “Be Our Guest” that explains the culture and values of Disney Corporation. according to Vanesa Gomez Fernandez. Also. 1995).
. Furthermore when one goes to a café/restaurant in Argentina. there is not a hostess to escort guests to the table. is not engrained in the Argentinean culture. For example. etc. stated that another problem to be considered is the inability of many employees within the hospitality industry to speak foreign languages fluently. the Director of Operations for the Spanish chain NH Hotels in Buenos Aires. Marcela Neira. customer service in Argentina in general has been slow and unprofessional. Also. the customers choose a table by themselves. 2005. the idea of constantly checking on the customers with questions such as: “Is everything OK”? . In addition. there is not always an explanation of the special of the day. In Argentina. English is a necessity with French and Portuguese being very helpful as well. “Would you like another glass of wine”? .Golan 6 Issues with the Argentinean Customer Service Lack of courtesy According to my personal experience. Generally. Insufficient Language Skills In a telephone conversation with the author on June 28. when one wants the bill he/she needs to start looking for the waiter. “Is there anything else that I can do for you”?.
Richard Maxfield. Argentinean culture does not plan ahead in general. One of the activities included in the tour was riding horses. 2005. Colorado. stated that in the hospitality industry major customer service deficiencies are in relation with scheduling and planning. I went to one of the most well known Argentinean Ranches located in Pilar/Lujan in 2004. 2005. we can not offer good customer service. echoed Ms. but some were not able to do it. The major . The tour I went on was named “Día de Campo” (Ranch Day) and is the most requested tour they have. General Manager of the Omni Interlocken Resort Broomfield. During that weekend the Ranch received almost 50 people for the “Día de Campo” tour. Brea’s comments stating that scheduling and planning are two major points in order to maintain outstanding customer service. As a result. The Ranch organizes daily activities for visitors in order to show and explain typical Argentinean culture. In another conversation with the author on June 5. Claudia Brea.Golan 7 Inadequate Advanced Planning Another problem with the Argentinean hospitality industry is related to inadequate advanced planning. a guest who did not receive good customer service is a customer who is not planning to return. the Director of Service Quality Training consulting agency in Argentina. The majority of the tourists signedup for this activity.” For example. People live everyday without thinking about tomorrow. “If we do not plan in advance and schedule sufficient people to work. In a telephone conversation with the author on July 1.
This Ranch belongs to an Argentinean family business that opened 4 years ago. in which they hold weddings and business meetings. The former have their own training and . It is clear that they need both customer service training and English instruction in order to receive foreign tourists. They started with a small infrastructure and today have become a large company. nobody there spoke fluent English which made it difficult for foreign tourists to communicate with them. these people paid a high price and did not receive the service expected. I personally went with American tourists and they were not very happy about the inconvenience. the Ranch did not schedule appointments; they did everything on the spur of the moment. International hotel chains regularly offer very good customer service. They have also built bungalows with the purpose of offering extended stays and meetingrooms. In addition. As a matter of fact. This type of business is the perfect target market for the Customer Service Training Agency that I am proposing. Exceptions There are exceptions to the general rule of poor customer service in the Argentinean hospitality industry. In addition.Golan 8 problem was that the Ranch did not have enough employees to pursue the activity and everybody wanted to go at the same time. They have all the potential to keep growing and become the best Ranch in the Buenos Aires area.
The company will be based in Denver. 2005). train again. I have decided to create a business plan for a full time Hospitality Industry Customer Service Training Agency based in Denver. Generally speaking. One example is the Four Seasons hotel located in Buenos Aires. and when we are done training. Orillio 2004). according to Laura Blanco. “The first rule of the service is simple to find the right people with the right attitude. Colorado with the target clientele being in Argentina. this is an industry where we have to constantly train. . Argentina. Mr. and then train again”. in which customers are delighted with the service offered.Golan 9 normally offer better guest services. Conclusion After considering these issues. Orillio goes on to say “Regarding training. Human Resources Manager (July 8. The principal objective of this agency will be to train people in order to improve customer service skills. and then teach them the rest” (William F. Colorado because I am currently working for the top upscale hotel brand located in this state and I am planning to acquire more American experience. independent hotels need help and look for external consulting services.
Golan 10 Training and Technology Finally. 3) the training will be virtual using the internet. 2) the owner acquired training and work experience in the USA (Marriott International and Omni Hotels). The company that I propose will be different because: 1) it will be based in the USA allowing the agency to offer the most updated and sophisticated customer service techniques. 4) the agency will have a training center in Argentina. The company offers customer service programs and online training as well as recruitment of personnel services (SQT 2005. For example. Other Customer Service Training Agencies Nowadays. It will be equipped with the necessary technology for teleconferencing and videoconferencing. Service Quality Training (SQT) is the only consulting agency located in Argentina. there is one consulting agency offering recruiting and customer service training services in Argentina. there are many organizations that offer services in order to improve customer service skills for the hospitality industry. Phone Pro is an American company that provides telephone skills . Hospitality Training). Argentina. the training will take place either at home and/or the training center located in Buenos Aires. Competition Currently. teleconferencing and videoconferencing.
seminars and online training for the hospitality industry as well (Carol Verret 2005. Sterling Consulting Group (SCG) is another American organization to be considered. It also offers training workshops and a library with a variety of booklets (Strategic Futures Consulting Group 2005. In my opinion. Customer Service Training). this is proof to support why the United States’ hospitality industry is one of the best in the world. The Service Advantage). Carol Verret Consulting and Training based in Denver/Colorado provides coaching. Service Essentials for Telephone). consultation and speaking engagement services.net and offers customer service programs and training inhouse (Moran Consulting 2005. As we can see. a large number of the consulting agencies supporting the hospitality industry are from the United States. Telephone Skills Training Programs). Creating a Culture of Customer Service). . Moran Consulting.Golan 11 training workshops and seminars focusing on customer service and coaching (Phone Pro 2005. Another American company. The company has a customer service training program. SCG works for a variety of industries and offers customer service and e training programs as well as other programs (Sterling Consulting Group 2004. The final company that I researched is Strategic Futures. The principal purpose of this company is to help other companies become more customerfocused. Inc is mentioned at customerservicetraining. This company offers training.
knowledgeable and technologically updated training agency for the hospitality industry in Argentina and South America. Position Argentinean customer service as one of the best in South America in the next three years. . 3. Sign contracts with the major investors of hospitality industry in Argentina. In order to accomplish this mission.Golan 12 Design and Implementation Mission The mission of the company will be to improve customer service skills in Argentina. 2. Vision The vision of the company is to become and be recognized as the most professional. the organization will need to focus on training both in English and Spanish. Offer the most updated customer service techniques taking advantage of the USA location. Objectives: 1. Define the value of customer service and explain the meaning of customer service to the Argentinean culture.
3) Quality of Service. what their expectations are. 4) Telephone Skills and 5) Handling Complaints. etc. For example: 1) what customers need. we need to know and understand guests’ needs. 5) what type of job they have. 2) Internal Customer. 2) what they want. we can offer the services expected in order to achieve excellent customer service. 3) what emotions they experience. Once we know what people want. 3) how much they spend. Every module has duration of 1 and/or 2 months depending on how many classes the customer is planning to take per week. Primarily. 47). According to Disney Institute.Golan 13 The Customer Service Training Agency will offer 5 modules named 1) Knowing and Understanding Guests. 2) where they come from. Module 1: “Knowing and understanding guests”: “You know what people want and you build it for them” Walt Disney The Customer Service Training Agency will train Argentinean hospitality professionals in order to understand what people want when looking for vacation. 1) Demographics: This type describes physical features of a group and often implies quantitative data. . there are two major types of information developed by guest research (Be Our Guest.4) what preconceived ideas they have. 4) how much effort they expend to get here. For example: 1) who customers are. 2) Psychographics: This type helps to understand guests’ mental conditions.
there are four elements to take into account in order to achieve fundamental guest services (Be Our Guest. The translation is “What do guests need when they come to Disney World”? The answer could be a vacation. The second component is “Wants”. 48). 2) Greet and welcome each and every guest immediately: Extend the appropriate greeting to every guest with whom you have contact. The first element is customer needs. . Emotions are feelings that customers experienced during their stay with the organization. Fundamental Guidelines for Guest Services 1) Smile and make eye contact: Start and end every Guest relation with direct eye contact and a sincere smile. They could be either positive such as. we need to wait in big lines for every form of entertainment. The third element is “Stereotypes”. 87). Disney World is very well organized and/or negative such as.Golan 14 In addition. For example: Disney World staff is completely friendly. Once we understand and know our guests and have learned the four components that allow organizations to achieve excellent customer service. we are ready to establish the Fundamental Guidelines for Guest Services (Be Our Guest. identify customers’ names whenever possible. And the fourth element is emotions. The customer is looking for vacation plus memories with their families. It means customers’ objectives. They are thoughts that the guest has ahead of time. For example.
4) Search for guest contact: Offer assistance constantly. Always find an answer for the guest. 6) Avoid talking about personal or job related problems in front of a guest. Make decisions that privilege our guests. Take responsibility of our guests’ problems. 5) Provide immediate service recovery: Resolve a guest issue immediately. 10) Remember that our mission is to make our customers’ happy. 3) Prepare your staff to communicate with guests: Answering questions immediately is an important component of customer satisfaction. Quality service key points (Be Our Guest. There are always different alternatives for a solution. 171) 1) Anticipate customers’ needs. Supply . It is an unacceptable behavior. 9) Thank each and every guest: Extend every guest a thank you or similar expression of appreciation as she/he leaves your area.Golan 15 3) Demonstrate appropriate body language (attentive appearance – good posture – appropriate facial expression). 8) Never say NO to a customer request. 7) Put yourselves in your guests’ shoes. 2) Answer the phone within 3 rings.
interest. 4) Establish processes for guests with special needs: Treat all your guests like VIPs. one’s company and services provided and incredible skills but. Module 2: Internal customers Who are the internal customers’ in the organization? Internal customers are the people that have a passion to serve and possess the right attitude. responsibility. 6) Establish a reward program for the most frequent guests. and devotion to deliver excellent customer service (The Customer Service Activity Book.Golan 16 your employees with the right information in the right manner at the right time. 5) Update service processes continuously: Improve your service processes at every opportunity. without the right attitude the appropriate customer service will not . Identify guests with special attention such as children. guests’ with disabilities. 2005). Every customer is different and has special needs and expectations. One may have an excellent knowledge of the hospitality industry. Modify design flaws. implement new technologies and techniques. 1. international guests. Understanding the needs and expectations of different guests will help the Argentinean hotels to improve quality of service and focus on differentiation. The attitude establishes professionalism.
develop and teach advanced quality training classes and provide specialized “howto” training programs. Every company should offer quality seminars and workshops. Training is an important part of keeping excellent customer service levels. For instance. 123. 1995). Nordstrom gives the frontline the power to make any type of decision with the purpose of making customers’ happy.00 am after experiencing some delays at the airport is a great example. 147. coach and motivate the front line. The customer is first and the associates are second in their pyramid. “You empower people by giving up the power yourself” (Lessons from the Nordstrom Way. One important piece of the training is to empower employees to take ownership in order to provide excellent customer service. 2001). Companies should establish a training program in which every 90 days at least employees are refreshing old concepts and acquiring new ones (What Customers Value Most. Associates are the closest to the customers. In my opinion. The process of empowerment includes the belief that employees need to understand that they can make a difference in the life of the customer that they are serving at that moment. According to Robert Spector. Management function is to help.Golan 17 happen. For instance. Nordstrom culture flows from that simple premise. The first contact at the Front Desk is the one responsible for making that guest happy and/or relieving some stress from . the service attitude is the major component in order to succeed. They are the ones in direct contact with the customer. a guest that arrives at a hotel at 1.
then the business will be around for a long time. every employee is a manager and can make a difference. Furthermore. Empowerment is always possible and necessary. Good employees will need autonomy and have their decisions respected. In addition. make the right decisions and behaviors. The empowerment process also includes the reimbursement of the money when the company is not offering the service promised. the empowerment process includes the belief that their employees are professionals. No one will ever be fired for making a mistake. The company does not set specific rules for different behaviors. A great and appropriate attitude will change the guest’s mood. Nordstrom allow their employees to do whatever they need to make the customers happy and assure that they are coming back. Empowerment is a great process and in the longterm . 1) trusts the people that they hire. It is a lot harder to go out and find for new clients than it is to preserve an existing one.Golan 18 him/her. In fact. 3) hires people that know how to work with freedom. There is not anything that a good hospitality professional cannot handle. have good judgment. the company wants their individuals to learn from their mistakes. Nordstrom believe that using common sense is a major tool to succeed. When they make the same mistake several times they have another discussion with a supervisor and try to evacuate all type of doubts. They look at the long term. If we are able to keep the client and make him happen. 2) hires people who like to assume responsibilities and ownership. As a general guideline Nordstrom.
According to Ray and Cindelyn Eberts. 52. . practice and quality function deployment. The employees should be able to use his/her power in order to achieve customer satisfaction. In fact. self discipline. We understand that poor quality will result in more disagreement and rework. Module 3: Quality of Service We all know the term quality but sometimes we do not understand what it really means. and upgrade processes are examples of improvement. Organizations need to think about the following items to achieve quality: 1) Permanent purpose of improvement: Training. Also. 2) Selecting product/services considering quality instead of price. 1995). improvement will allow the company to stay in business in the longterm. ”Quality is defined as conformance to set requirements and is associated with the reliability of the product/service” (The Myths of Japanese Quality. justin time. managers and guests.Golan 19 develops accountability. research. it pushes the decision making responsibility and authority down to the frontline which in fact is where it belongs. The Argentinean Customer Service needs to understand the empowerment process and the positive impact obtained among employees. Applied to any industry it also means permanent improvement.
in fact they damaged it. increase revenue. telemarketing. If an associate feels that his/her job will be lost. 9) Listen to the voice of the internal customer (guests) using surveys. Both management and lower level can provide the appropriate direction. there is little motivation to accomplish the job with high standards. Harmony and conformity should prevail at the expense of personal recognition. etc. 4) Recruiting associates with the promise of lifetime employment. The definition according to Ray and Cyndelin Eberts is “We build up certain expectations. Organizations need to recruit the right person for the right position. 6) Eliminate slogans such as increase productivity. 5) Obstacles between different departments. comment cards. increase savings. Every industry should be prepared to avoid cognitive dissonance among customers. 7) Establish a program of education and retraining. and when our expectations are not met. Conflicting objectives of different departments must be solved and must not affect the company. Associates must work as a high performance team. we experience cognitive dissonance and blame ourselves instead of changing . 8) Involve top management and frontline to achieve quality transformation. They do not help the quality process.Golan 20 3) Avoiding recruiting masses of employees.
establish the tone of the entire conversation during the first 35 minutes (Phone Pro. When hotels are experiencing cognitive dissonance in their guests the quality cycle must be reviewed. A great example is when we call to a Spa to make a reservation. Argentina needs to specifically improve internal processes in order to achieve excellent quality of service. Many customers when calling about a complaint have not decided which side of the fence they are on. the better results we will obtain. The more pleasant. they cannot deliver quality.Golan 21 our expectations" (The Myths of Japanese Quality. confused. and upset. 1995). The company not only uses calming music in its menu but also the receptionist provides a tranquil and relaxing sensation when making the reservation. Sometimes the Simplest Things Can Mean the Most. Furthermore. agreeable. 55. the different departments of hotels do not work as a High Performance Team. whoever answers the phone first in a company. In general. serene and reasonable voice that we can offer over the phone. the situation can be aggravated when the phone is . 2001). Module 4: Telephone Skills According to Suellen Richardson. As a result. The customer will take the opposite direction if our receptionist is unpleasant. The attitude that the customer will have will be determined by what we say and how we say it when we answer their phone call.
Besides the opportunity to recover an unsatisfied customer. the importance of the tone of voice is critical according to Desirae Haynes (Phone Pro. there is always the opportunity to impress First Time Callers who had not have an experience in your property. Another example that could make the situation worse when making calls is when the customer is on hold. An appropriate tone of voice and greeting will generate a pleasant sensation to the new customer improving the chances of selling your service. We understand that the standard is within the 3 rings. The Critical Importance of Voice Tone .Golan 22 not answered in a timelymanner. 2001). and demonstrate interest in your company. How about a neutral voice? A neutral voice implies a negative tone of voice. Part of that behavior is Voice Tone. Furthermore. helpful and friendly greeting. we generally loose those customers. The customer will find equal services in another company. The tone of voice is especially important in the hospitality industry in which . Positive thinking and thoughts confer our behaviors. and company is trying to sell more products/ services through commercials or advertisement. For the hospitality industry we need a brief. It has been demonstrated that you reflect what you think. Every company should evaluate the appropriate greeting taking into account the type of business that they provide. A neutral voice irritates customers. When neutral voices dominate a situation. close future businesses. Using a negative tone of voice with a guest is equal to a major nono. Every guest should feel that he or she is unique and important to us.
it is only during those few minutes that customer will get the first impression of the company. 8) Appreciate a person’s time. It is during those first few minutes that we can change the attitude of our customers. Customers can be on hold for 10 minutes and it is considered normal. nice memories. In addition. 2) Be interesting. Unfortunately. In fact. in Argentina telephone skills have not been developed appropriately yet. thank you for calling Marriot Hotels. ingenuous. etc. with a passion to serve other people are the right candidates for the hospitality industry.Golan 23 we are selling vacation. 4) Apologize whenever possible. 9) Make the other person feel important and respected and 10) Avoid rushing the conversation. enjoyable stays. In addition. enthusiastic individuals. Lively. In summary. remember that customers’ should feel comfortable and welcome when calling company even if it is only for a few minutes. 5) Listen without interrupting. greetings such as “Good Morning. remember that we never have a second chance to make a first impression. 6) Answer with adequate sensitivity (show empathy or warmth). 3) Anticipate and manage customers’ expectations. how can I help you”? are not the general standard to answer the telephones in some hotels. 7) Be polite. Some basic communication etiquette:1) Greet with a sincere voice. . A negative tone of voice is unacceptable in this industry. spend the necessary time with every customer.
Normally customers that complained and receive an answer are less likely to air their complaints throughout the community. emails. Customer service should stimulate complaints. a program that encourages complaints attend to increase profits. Complaints are problems and when there are problems. For instance. Companies usually hear about complaints thanks to customer service programs. a complaint in order to be . 1800 numbers. there are opportunities. In fact they are impressed by the way that the company handled the complaint and are planning to buy again and/or come back. Customers start to recognize professionalism and respect toward the brand and develop loyalty when complaints are handled satisfactorily. Omni Hotels use a ranker called Medallia that is sent via email to their customers and comment cards. 1991). Furthermore. Indeed. On the other hand. failing to resolve complaints means loss of future stays plus loss of wordofmouth comments minus savings from not resolving onetime complaints.Golan 24 Module 5: Handling Customer Complaints According to John Tschohl and Steve Franzmeier. Formulas have shown that solving customers’ complaints turn into profit of future stays plus profits from referral stays. 17. complaints are beneficial in order to improve a quality service system (Achieving Excellence Through Customer Service. A company should ask customers to complain. etc). It needs to find an easy way for customers to complain (comment cards. In this case they are opportunities to rectify bad service mistakes and avoid them in the future.
238. They allow us to impress our customers by looking for the necessary solution in order to achieve customers’ satisfaction. In addition. They are giving us an opportunity to keep their business” (Tschohl and Franz Meier. customers will communicate the level of dissatisfaction immediately. How well is my company meeting customer expectations? . For instance. Some companies prefer to use the complaint procedure and some companies prefer to avoid the complaint procedure. it is more effective finding a solution immediately. A company who uses procedures would ask for personal information. What are customers’ principal expectations? 2. they will offer another stay to be used in the future in order to rectify the bad customer service. In my opinion. Some companies will comp his/her stay and will apologize immediately.1991). Lorna Opatow. Complaints are also lessons from which we improve our service. during checkout the customer complained and said that he experienced a terrible stay. would make the customer fillout a complaint form and will process the complaint. This is an example of a company who avoids the complaint procedure. president of the New York marketing research company says that “Customers who complain are doing us a favor.Golan 25 effective should be handled properly and quickly. There are some questions that every department in an organization can use in order to deal with complaints and decrease the number of them: 1. When the complaint procedure is not appropriately applied.
Resolve the problem.“Mr. “I apologize for the delay”. 4. First thing is to offer a sincere apology. Do not take it personally. Take responsibility for the problem. Understand the guest situation with responses such as “I see’. 2. 2. Ask questions about the issue.Golan 26 3. Show empathy; put yourself in the customers’ shoes. Listen actively. X we will take care of your problem”. There are a couple of suggestions for employees to handle complaints: 1. What procedural improvements are needed to make sure that service meets customer expectations? There are a couple of techniques to handle complaints and cool down customers: 1. Once a customer feels that you understand the situation and you are engrained into the problem. Do not argue with a guest. 6. 5. 3. Give a customer a warm hello and smile. Make the customer feel important with responses such as. Recognize possible alternatives and/or one alternative that can solve the issue. . “I can appreciate your problem”. Use sentences such as “Thank you for your patience”.
statements like “The gift certificate appears to have been omitted”. Do not accuse another employee and/or department. and our success depends on the training and education that we . Do not use language that implies that the customer caused the problem. 4.Golan 27 3. we need to understand that frontline is the level that has direct contact with our customers. Use neutralizers. This is a nofault approach suggestion. The customer will change his attitude because there is no judgment in the language utilized. In addition. they need to improve the complaint programs and make them available to the guests. I have seen many cases in which employees took it personally and argue with the guest. Argentinean Customer Service needs to be more professional handling complaints. Training Business in general spends too little time training and motivating frontline employees whom they treat as the lowest workers on the ladder Time Magazine According to John Tschohl and Steve Franzmeier. Take it as a challenge in which you will need to use creative thinking. Another example is “Let me see if I have this right”. 5.
Training is more effective when it is implemented during an employee’s early job experience in the organization. 5 days training is better than 4 days. One of the reasons is that nowadays . reinforcing the image of the competition. In addition. During the last 5 years training has been defined as good or bad taking into account the number of days. If employees are happy with their work environment. we can spend thousands of dollars in marketing in order to bring people into our property but poor customer service immediately turns them away. and 4 days is better than 3 days. Virtual Training The business plan of the Customer Service Training Agency will implement virtual technology training. as a result they are motivated to learn and practice exceptional service. For instance. It is easier to change attitudes and customs during a learning mode than when they are already working in the company. they are able to deliver better customer service and are more likely to value and respect customers (Achieving Excellence Through Customer Service. There is some validity to this argument but the duration of the training is sometimes determined by the necessary logistic that the company needs in order to avoid the interruption of the business. 1991). we understand that developing new customers costs five times as much as keeping customers we already have.Golan 28 provide to them. For example. Employees see future opportunities when they are receiving training and.
In addition. convenient. the integration of the telecommunications and computers generated the World Wide Web. “get training online” is increasing and this is one of the key points for which the webbased training for this training agency will triumph. Another reason to be considered is that receiving virtual training will allow the customers to be updated with the high standard of the hospitality industry from the USA constantly. The virtual technology will empower the customers to obtain fast training. the customer learns at an individual pace and at the most . The Customer Service Training Agency will offer webbased. During the last few years. high tech and updated training and training center. We mean by “webbased training” a computerbased training in which an individual has different options of online trainings that simulates the class environment. The virtual technology will distinguish us from the competition by developing an effective. The idea of “workathome’. teleconferencing and videoconferencing training. Companies decrease their costs by not using the voice to voice customer care every day and the convenience of access from anywhere at anytime is really advantageous. There are 2 specific reasons for which the web succeeds already: 1) cost and 2) convenience.Golan 29 travel costs have become very expensive. The online access from home will continue to grow as a result of low cost internet access devices and the popularity of having personal computers at home. “studyathome”.
WebEx The company considers that the most appropriate tool to implement the virtual training is WebEx Communications. “WebEx delivers its suite of web meeting applications through the global WebEx MediaTone™ Network. provides unmatched levels of service integration. who are divided by different locations. The network. an IPbased network specifically designed for secure web collaboration. 2005). Furthermore. The displays may be of people objects. teleconference systems use telecommunications channels that scope from regular telephone lines to satellite links. graphics. or three or more individuals. In order to interconnect people. Inc. The only requirement is that the medium should be interactive offering people the possibility in each location to actively participate in the meeting or teleconferenced session. MediaTone technology enables WebEx meeting participants worldwide to enjoy the richest set of data. videoconferencing audio and video media” refers to communication both communication voice and fullmotion video images. According to the TeleTraining Institute the term “teleconferencing” refers to twoway electronic communications between two or more groups. a small. security. voice and video interactive . private subset of the Internet.Golan 30 convenient time. personalization and performance. video tapes – virtually everything that can be captured by television camera (TeleTraning Institute.
As a result service is easy to implement and adaptable to changes. exchange documents and files. and Unix environments. allowing participation from Windows. Deliver presentations in any format. present or work together in any application. WebEx’s principal technological advantages are: 1. one can meet anyone. One of the advantages that WebEx offers is that no new software or hardware is required. Mac.Golan 31 services together with unparalleled network performance and reliability” (WebEx. This product is ideal for this project because releases the company and customers from the time and geographical limits that can restrict the ability to get together in person. Security: WebEx offers security for its data. anywhere over the web and interact as if one is facetoface. 2. WebEx offers unparalleled crossplatform support. Linux. For instance. Data Security: All meetings are protected to ensure that one can conduct even the most sensitive meetings with confidence. These certifications are awarded for trustworthy ecommerce and secured controls and safeguards. control another desktop remotely and provide video from one or more points are some of the benefits that WebEx offers. . 23 Sept). It is the only web meeting application that has earned Web Trust and SAS70 certification.
Performance— Quoting from WebEx’s marketing materials: “To ensure that your meetings stay on track without a hitch in service. The integration advantage provides the user with only one password moving from one application/document to another one according to the meeting requirements. 7.Golan 32 3. 23 September) 6. Confidentiality: WebEx does not track the meeting unless the client specifically wants it to be recorded. The server is 100% reliable operating 24 hours a day. 5. In addition. The Media Tone Network operates at 50% capacity and easily allows its customers usage in any situation. the MediaTone Network offers several levels of fault tolerance to provide seamless & transparent failover. unmatched in the industry” (WebEx. All WebEx applications are . it is easy to use. 7 days a week. Audio: WebEx offers integrated audio services to scan and control the audio activity during the WebEx meeting. 4. Integration: WebEx services can be integrated with any other application making easier the decision making process when having important information on the screen. Availability: The WebEx Media Tone Network delivers alwaysavailable “dialtone” reliability for the delivery of global multimedia web communications.
It converts the web into an interactive learning atmosphere and classroom experience. One can even use one’s personal audio account. The support center is open 24 hours a day. provides an average hold time of less than 1 minute. 4) Telephone Skills and 5) Handling Customer Complaints. 2) Internal Customers. first call resolution in 95% calls and 24hour response to email inquiries. 365 days a week. The technical support representatives are able to see issues from their desks and provide an immediate solution. . The names of the modules are 1) Knowing and Understanding Guests. The trainer can interact with the students in real time. 8. As I mentioned above. WebEx is an incredible tool to be applied for training purposes. provide and grade tests. One is able to meet and reach more people at an affordable cost. set up hands on labs. arrange small group breakouts. and share answers and listen to different opinions during a session.Golan 33 available with different choices of audio services. Remote support: WebEx provides remote support. 3) Quality of Service. the virtual training will be integrated by different modules. accommodate any size of meetings. In summary. WebEx support center eliminates the idea of handling support issues via phone and/or site visits. accommodate oneonone meetings. It also offers tollfree calling worldwide. show applications.
The reason is that English is the second language in Argentina and the country receives thousands of American visitors. there will be a space dedicated to Q&A with hospitality professionals in order to resolve any doubts. After every module is finished in a videoconferencing. For instance. if I have to train employees in “Knowing and Understanding People” I will study the market and clientele of that specific property. After the session. the client has the option to train their employees only online. the training will be both in Spanish and English. It is not the same to train employees from a hotel located right downtown than to train employees from a Resort located outside the city. Users will go online and participate in a variety of readings and interactive activities for every module. For an online training. I will use website training. individuals will need to make appointments if they will use the terminals of the training center and/or will take it from other computers. Once I have had accomplished the study and come up with an action plan.Golan 34 I will adjust every module according to each company features and requests. Once every module is completed. the customers will go online and pass a test. . As I mentioned before. the users will also take an online test. I will cover the different points of this module with a variety of examples from similar properties. teleconferencing and/or videoconferencing. Each training using teleconferencing and videoconferencing can accommodate up to 12 people. In addition.
2) Costs are inexpensive when you think that the company is based in the USA and you evaluate the quality of the training received. 5) Possibility of recording classes via teleconferencing. The video conferencing could be more attractive and effective than the website training because it displays moving images. In addition. The type of training requested will depend on the needs and expectations of every customer. . 4) Instant interaction during training classes (videoconferencing). teaching updated techniques and skills in a real time.Golan 35 Teleconferencing only could be used for training purposes but I assume that clients will request it more for Q&A in relation to different modules and/or communication doubts. There is a continuous presence. Furthermore. The key points that would make a company choose a virtual training are: 1) To receive world class training. resembles facetoface meetings. helps with the visualization process and allows interaction. it gives one the opportunity to talk with the Director of the company and other American people working for the hospitality industry at the end of the session. the training program will be implemented by the author or by highly skilled facilitators in order to be effective especially at the beginning of the company life. 3) Maximum elearning process delivering a dynamic class.
the . late figures from the CEDEM (Centro de Estudios para el Desarrollo Económico) reported a strong growth in tourism arrivals to the city during the first half of 2003. During the first six months of the year. By the year 2002. Surveys showed that the economic situation affected half of the population. September 11 contributed to the decline of travel industry revenues. Argentina does appear to slowly be recovering. GDP was expected to grow by 5.9%. 50% of the Argentinean population is poor. of course. The Industry Argentina entered its fourth year of economic recession in 2002. The Economist Intelligence Unit (EIU) demonstrated that after 17 consecutive quarters of decline. Argentina’s GDP increased by 5. 9) Resolve technological issues remotely. 8) High customer level satisfaction.1% during 2003 and unemployment was expected to decrease by 16%.4% during the first quarter of the 2003. impacted the hospitality industry among other th industries. Today. Overall. In addition. In May 2003. 7) No more travel arrangements. This recession. GDP shrunk by 10.Golan 36 6) Flexibility (Accessible from anywhere and at anytime). Furthermore. unemployment reached 19% and the Argentinean peso was devalued by 70% in the month of January. the country experienced a political change electing Nestor Kirchner as the new president.
many international carriers increased the number of weekly services to the country again. the same service can cost US$ 1.Golan 37 number of international and national visitors to the city went up by 45. the U. For instance. Also.5%. Tourists started to come to Argentina in order to enjoy a worldclass shopping. Argentina was considered one of the most expensive countries in South America in the past.2%.700 for three days; in Brazil. a number of hotels worth millions of dollars drove the construction sector in Buenos Aires and other places in the country due to a continuous growing process.S hotel operator Crown has started construction on two hotels in the mountainous province of Río Negro and more projects are on the way. Argentine hotel conference rooms can cost less than what neighboring countries are charging. a conference room for 50 people can cost US$ 250 at a luxury hotel. in Chile a conference room for 50 people can cost as high as US$1.200. International visitors are basically coming from Europe. Another example is Conevial Constructora and Inversora . In Argentina. while international visitors increased by 181. dining and atmosphere. The eco . North America and Chile. For instance. The loss of the fixed parity in January 2002 and the consequential devaluation of the peso had a positive impact on the hospitality industry. Recently. As a result of the growth taking place in Argentina. but the devaluation of the currency made Argentina a more affordable option for visitors. the company has invested US$12 million to build three new luxurious ecolodges.
. Real Estate costs in Argentina are inexpensive in relation to past periods of time. President of Orion Asociados. It will focus specifically on hotels and it will not branch off into other areas such as theme parks. The OrionAsociados development company is another example. They do not represent any chains and they have the monetary capability to pay for trainings services. Companies such as OrionAsociados and Conevial Constructora and Inversora are the perfect customers for the training agency.6 million each to develop. According to Mario Koehler. we can see that the business travel industry continues to grow in Argentina.Golan 38 lodges will target high end tourists willing to spend $500 dollars a night. The Market The training agency target market is identified as independent hotels located in Argentina and/or hotels under construction. In summary. They are involved in projects in which the guests are willing to pay expensive rates and are expecting high customer service standards. restaurants or any other industries that involved customer service. The two hotels will cost $ 2. The company has started the construction of 2 boutique style hotels with 50 rooms in Patagonia (in the south of the country).
The company will be based in USA (SQT is based in Argentina). . Weaknesses: 1. international chains already come with a training provided from headquarters. 2. The training will be in English and Spanish (SQT training is in Spanish only). These will be only a few cases. The biggest market is in Buenos Aires city as well as many touristy areas in the South and North of the country. The management team has international experience (The only competitor named Service Quality Training/SQT does not have international experience). 3. 2. 4. SWOT Analysis Strengths: 1.Golan 39 As I mentioned above. international chains can request some consulting/training services in relation with the Argentinean culture. The agency will be the second in the Argentinean market. The virtual training will be accessible from anywhere with teleconferencing and videoconferencing (SQT does not offer teleconferencing and videoconferencing). Occasionally. The agency is willing to cover the entire country. WebEx is an expensive technology.
3. 4. Threats: 1. teleconferencing and videoconferencing. Currency devaluation in Argentina. The training will be accessible from anywhere and will be offered in English . The Director will not have direct contact (physically) on a daily basis with customers. The internet training (webbased) uses the same technology as the competition. Opportunities: 1. 4. Analysis of 4 P’s Product/Service: The product will be virtual training delivered by hospitality professionals using the internet. Limited competition.Golan 40 3. The company does not have previous experience with WebEx. 2. There is only one supplier that offers the necessary technology features by the company. 1 year minimum contract is required with the technology supplier. The virtual training is expandable to the rest of South America 2. The company is outsourcing technology for the virtual training. 3.
Price: In Argentina there is still a segment that pays in American Dollars. The company will have an office located in the business district of Buenos Aires with 3 terminals and office supplies. The agency will be based in the USA and will offer the most updated and sophisticated techniques. The final price depends on the number of sessions/services/type of project requested by the customers. Furthermore. These techniques have been acquired by the owner during her years of experience with the top upscale hotels segment in the world. The agency is expecting to close business with big hotels and/or construction and investment companies working on new hotel openings. there are no substitutes for this product and the agency will be able to charge a high price. Place: Place will be unimportant to this agency because the training is virtual. Having training with an American corporation and/or the willingness to move to the USA to study and work is extremely important for Argentineans as it will open more opportunities for them to obtain better jobs in Argentina. The location where the company is based (USA) is the key point for this project because the country is among the best for customer service. this agency will be .Golan 41 and Spanish. In addition.
2) Print advertising (hospitality industry magazines/newspapers) and direct mail and. convenient. WebEx is the most technologically updated. and helps to establish an industry’s strengths and weaknesses. 3) Direct contact with me. effective . Substitutes. 1. The five forces are Suppliers. Michael Porter’s Five Forces Analysis: This model identifies and analyzes five competitive forces that impacts every industry.Golan 42 able to give to their customers the knowledge expected saving transportation costs. Suppliers: The principal supplier for the implementation of the training agency is WebEx. Competition and Government and Regulations. Promotion: The company wants to be recognized in their customers’ minds as the training agency that offers the most updated and sophisticated customer service training coming from the USA using the best technology. The agency will use the following channels of distribution in order to create that positioning: 1) Launch the agency through a PR agency inviting hospitality industry professionals and journalists. Threat of New Entrants.
Substitutes will need to copy the infrastructure of this project in order to succeed and get the knowledge and experience of the author as well. . The agency will need to offer elearning courses for those customers unable to pay the teleconferencing and videoconferencing prices. As a result WebEx is not a popular tool used by Argentinean companies. Substitutes: There is not yet a substitute product in the Argentinean market for this type of virtual training offering teleconferencing and videoconferencing. There is not a product at all that offers these technological features. the location of the consulting agency and the management experience in the industry make the difference in relation to the competition. The idea of “work from home” and “get training from home” is not engrained in the Argentinean culture yet.Golan 43 and cheap alternative in order to deliver high quality virtual training including teleconferencing and videoconferencing. There are videoconferencing studios in which one can make an appointment and reserve a room such as Regis and Precision Videoconferencing Solutions. 2. There are other suppliers with whom the agency can establish relationships in the USA and Buenos Aires to deliver teleconferencing and videoconferencing but the prices are very high. As we mentioned before.
there will be some type of small competition in the market. SQT (Service Quality Training) is the only consulting agency for the hospitality industry in Buenos Aires/ Argentina. 4. This is one of the reasons why the author cannot see Argentinean companies working on a software such as WebEx. SQT does not specialize only in training. Probably the competition will come from the USA because of the necessary technology. Marketing and Sales Consulting and Business Consulting. SQT is currently integrated by a professional team with broad experience in the different disciplines such as Psychology. Psychopedagogy. will have all the necessary tools to compete and make her product different. Threat of New Entrants: The author considers that once the Argentinean culture understands the advantages of working and getting training from home. HR consulting. Competition: As I mentioned above. Human Resources. the author will win an important portion of the market share. and Hospitality and . The author will be the first entering the market. Argentineans like to socialize when they go to work and/or prefer training in a conference room. As a result. the company offers other services such as recruiting.Golan 44 3. based in the United States. In case of a new entrant. the Customer Service Training Agency. It was established in 1997.
The class is available online 24 hours a day and the student has a special ID and password in order to access anytime. A tutor does the followup with the purpose of checking the progress achieved by each student and . exercises and videos in order to identify daily situations in hospitality jobs. They allow every student to organize himself/herself according to their needs. The General Manager named Claudia Brea has 12 years experience in the hospitality industry. On the other hand. 3) For Marketing and Sales. The onsite training is very interactive and uses examples. Reservations. Front Office and Food and Beverages Managers: Selling Techniques.Golan 45 Tourism. The company has a core training integrated by different modules: 1) For employees and supervisors: Guest Quality Service/Telephone Techniques/Complaints Handling/Internal Customer and Sales Skills. case studies. Revenue Management. The company offers onsite training and hospitality and management distance learning classes through the web. the online classes are very dynamic and they also use case studies and exercises. Marketing in the Hospitality Industry. expectations and objectives. 2) For supervisors: Leading Teams Towards Quality/ Situational Leadership/Train the Trainer/ Teamwork/Communication/Performance Appraisal/Negotiation. Public Relations.
At the end of the course the student has an online final test that could be either a case study or and exercise. the class will be in English and Spanish. . SQT offers a variety of modules directed to employees and supervisors in relation with the training agency of this project. the location in the United States will allow students to take advantages of the most updated techniques in the hospitality industry and interact with hospitality industry professionals working in the USA. The biggest difference with SQT is the location of the customer agency (USA) and the type of virtual training offered. Videoconferencing will create a classroom atmosphere and a constant interaction with the tutor and other students. As I mentioned before. 5.Golan 46 communicates with them via email and chats. Government & Regulations: There are no regulations that prohibit business between the USA and Argentina in relation to the hospitality industry. In addition. Videoconfe rencing will allow students to conduct a class during real time and with a tutor in their screen. The training agency will offer basic virtual training in the beginning (5 modules) using teleconferencing and videoconferencing and according to the results obtained during the first year it will increase the number of modules. The second difference is based on the type of virtual training.
The agency will install a training center in Buenos Aires. the agency will sign contracts for 2 months minimum (16 sessions). the Director will be teaching the English modules from the USA during the first two years. This person will train senior hospitality employees in Argentina with the purpose of transferring his/her knowledge and making them real Team Leaders of the customer service agency.Golan 47 Operations The agency will have a high performance management structure in order to succeed and make the difference. The individual must be a native Argentinean professional able to understand both cultures. He/she must have hospitality degrees and a Master’s Degree in Management. In addition. He/she will travel often at the beginning of every new contract to meet and establish a relationship with the client and launch the key points of the program. Also. one Team Leader and one Administrative Assistant. The Director is the only one who will close a contract with customers. This structure will be represented by one Director. . Argentina. Director: The Director must have acquired hospitality experience in the USA. He/she will offer a free demonstration of a training session. recognize different needs and identify the weaknesses of Argentinean customer service.
Administrative Assistant: The Adm. . He/she will be responsible for all payments. and the agenda for trainers. maintenance of the office. Sales and Marketing: Baraccini and Associates is the PR company that will be in charge of sales and marketing. he/she will represent the Director in all Hospitality events in Buenos Aires when the Director is not able to attend. Assistant must have acquired experience in ecommerce payments and payments in general. office supplies. be fluent in English. The agency will outsource this area at least for the next 2 years. Also. He/she will be based in Argentina. The Team Leader will be teaching the Spanish modules during the first two years. He/she will be based in Argentina. have completed a six months internship in an American Hotel chain as a prerequisite and have more than 5 years in the hospitality industry.Golan 48 Team Leader: The Team Leader must have acquired a hospitality degree.
2) The competition could hire an employee to work from the USA.00 = $ 36. 3) The currency devaluation situation could change.000 Argentinean Pesos) and the Adm.00 Argentinean Pesos). . Organizational Chart Director Sales and Marketing Team Leader Adm.00 = $12. Assist.000 ($27. who will be the Director of the company.Golan 49 Salaries: The owner. will not have a salary until the company produces sufficient revenues. The Team Leader will have a salary of US$9. will be paid hourly (US$4.00 Argentinean Pesos). Assistant Risks The customer service agency will face the following possible risks: 1) The competition (SQT) could copy the technology implementing teleconferencing and videoconferencing. The PR agency will be paid hourly (US$12.
Assistant (hourly position) during the first year instead of 2 Team Leaders. . 2) The new company has a management team with international experience based in the USA. 3) The agency will hire 1 Team Leader (salary position) and 1 Adm. Team Leader and Adm. 4) It is hard to find an Argentinean that has worked both in the USA and ARG for the hospitality industry for more than 5 years. Also. 4) WebEx will be used before the launch of the organization by the Director. Mitigation 1) The technology (Webex) is from the USA.Golan 50 4) Technical problems with WebEx. 2) Currency devaluation for the next 3 years. Assumptions 1) Target clientele: Independent hotels and hotels under construction. Assistant in order to test the technology and the help desk. 3) USA customer service is recognized by Argentineans as one of the best in the world. Equivalent technology is very expensive in the Argentinean market. the USA location constantly promotes innovation technology.
8) Loan principal + interest: The USD 40. the Adm. .000 plus 10% interest will be reimbursed within 24 months.00/hour). a CPA. 4 telephones and other office equipment. 4) The rent refers to the training center located in Buenos Aires. DISCUSSION: I will explain the key components of the Cash Flow: 1) The initial investment by the owner for the company is USD 40. 7) Capital expenditure refers to 3 PC’s with monitors and speakers. a software designer and a website designer.00/hour) and the PR agency (USD12. 3) Professional services include lawyers. 2) The company will pay credit card service charges of 2% monthly because registration is online.000. Assistant (USD4. 5) Salaries are for the Team Leader (USD9000/monthly). 6) WebEx is the technology that offers teleconferencing and videoconferencing. $3000 monthly includes 2880 minutes (6 sessions per week).Golan 51 RESULTS: See Appendix A.
There is only one consulting and training agency in Argentina. It is a considerable amount of money for a business which made an initial investment of USD 40. As I mentioned before. The training agency will be able to deliver the new trends of the hospitality industry constantly using the best technology. the initial investment will be reimbursed in 24 months with a 10% interest. named SQT (Service Quality Training). the agency is located in Argentina and the Training Agency for this project will be located in the USA. . Some hotels must understand that 1 unhappy customer is likely to announce his or her unhappiness to between 10 and 20 other potential customers. In this particular case. As mentioned above. location is critical. teleconferencing and videoconferencing will allow real interaction between trainers and customers. the net profit for the first year will be USD 72.Golan 52 In summary. Independent hotels and hotels under construction will need to hire a Training Agency in order to succeed.000. who will be considered the competition. In addition. CONCLUSION: The Customer Service Training Agency will succeed in Argentina because a large number of Argentineans do not know and understand the value of customer service definition. It is a driving force for the existence and success of the business.386.
This fact is recognized by well educated Argentineans. In the long run. I would like to expand to countries such as Chile. Uruguay and Brazil as well. Quality of service and the perception of value are the key points which will lead to the ultimate success of this Customer Service Training Agency. I would like this Customer Service Training Agency to be considered one of the best in South America.Golan 53 As previously mentioned. the USA is ranked among the best countries in the world for customer service. APENDIX A (See next page) . Eventually.
200 $25 $75 $3.000 $85 $150 $1.500 $600 $1.000 $200 $1.046 $0 $5.816 AUG $6.231 MAR $14.039 $1.947 $3.000 $500 $90 $850 $25 $75 $3.000 $0 $22.000 $0 $19.000 $120 $0 $0 $30 $0 $45 $0 $600 $1.000 $200 $1.000 $630 $90 $750 $25 $75 $3.231 $0 $5.834 $0 $150 $9.718 .800 $1.816 $0 $7.200 $240 $0 $0 $30 $0 $75 $250 $600 $1.044 $0 $6.000 $0 $25.168 OCT $9.168 $9.229 $0 $0 $40.827 $10.834 $0 $150 $9.329 $700 $300 $0 $0 $30 $0 $60 $250 $600 $1.000 $200 $1.000 $0 $13.744 $1.000 $0 $16.099 $700 $100 $0 $0 $30 $120 $45 $250 $600 $1.168 $0 $10.000 $210 $90 $900 $25 $75 $3.834 $0 $150 $10.789 $1.083 MAY $12.000 $400 $1.319 $700 $140 $0 $0 $30 $45 $60 $0 $600 $1.000 $0 $3.827 APR $10.834 $0 $150 $9.834 $0 $150 $9.000 $630 $90 $750 $25 $75 $3.231 $14.083 $12.769 $1.083 $0 $12.314 $700 $140 $0 $0 $30 $0 $45 $200 $600 $1.000 $0 $19.497 $0 $15.000 $210 $150 $750 $25 $75 $3.200 $240 $0 $0 $30 $0 $75 $0 $600 $1.390 $10.834 $0 $150 $17.255 $10.816 $6.000 $200 $1.000 $500 $110 $750 $25 $75 $3.000 $0 $24.500 $100 $0 $0 $30 $0 $120 $0 $600 $1.404 $1.360 NOV $10.000 $0 $12.000 $500 $110 $750 $25 $75 $3.000 $0 $20.000 $200 $1.000 $400 $1.000 $200 $1.000 $0 $19.000 $0 $17.000 $100 $1.000 $4.044 $14.046 $7.046 DEC $7.360 $0 $7.255 JULY $10.044 JUIN $14.255 $0 $6.947 Add: Cash Sales Collection on receivables Loan/other cash injection TOTAL CASH AVAILABLE Deduct: Advertising Credit card service charge Dues and subscription Insurance Interest Maintenance and repairs Postage and supplies Professional services Rent Salaries: Employees Taxes Telephone Travel/entertainment Utilities Other operating expenses WebEx Capital expenditures Loan principal paym & interest Owner's draw Purchases (merchandise) TOTAL CASH PAID OUT NET CASH AVAILABLE $1.834 $0 $150 $9.834 $0 $150 $9.827 $0 $12.000 $500 $110 $750 $25 $75 $3.000 $714 $90 $750 $25 $75 $3.439 $1.800 $0 $250 $150 $30 $0 $120 $2.000 $100 $1.000 $120 $250 $150 $30 $120 $45 $250 $600 $1.PROJECTED CASH FLOW STATEMENT Year 1 : Detail by Month JAN BEGINNING CASH $0 FEB $22.000 $210 $150 $550 $25 $75 $3.000 $200 $1.834 $0 $150 $9.947 $22.497 $4.778 $700 $200 $0 $0 $30 $0 $60 $0 $600 $1.000 $40.834 $0 $150 $10.000 $210 $90 $900 $25 $75 $3.497 SEPT $4.834 $0 $150 $10.500 $60 $0 $0 $30 $0 $120 $500 $600 $1.834 $0 $150 $9.
910 $210 $75 $3.000 $0 $17.000 $60 $9.940 $0 $30 $1.000 $60 $4.000 $5.000 $10.000 $0 $7.000 $0 $3.000 $0 $15.940 $150 $30 $1.000 $60 $4.000 $60 $13.910 $210 $75 $5.000 $5.000 $0 $6.000 $60 $16.910 $500 $75 $12.940 $0 $30 $1.625 MAR $5.940 $150 $30 $1.000 ($1.000 $0 $12.335 NOV $7.000 $0 $8.000 $5.625 DEC $5.000 $10.000 $4.000 $60 $11.000 $0 $7.PROJECTED INCOME STATEMENT JAN Expected Monthly Sales Cost of Goods Sold Gross Profit Depreciation EBIT Insurance Interest Salaries EBT Taxes Other Oper.625 DEC $7.000 $760 $85 $75 $600 FEB $4.910 $630 $75 $5.000 $0 $7.000 $60 $5.940 $0 $30 $1.000 $0 $14.000 $5.940 $0 $30 $1.940 $0 $30 $1.000 $0 $14.910 $500 $75 $10.000 $3.000 $0 $7.000 $8.240) $85 $75 ($1.000 $0 $8. Expenses NET PROFIT $2.940 $0 $30 $1.910 $500 $75 $10.000 $60 $6.940 $0 $30 $1.940 $0 $30 $1.400) FEB $3.000 $0 $5.000 $0 $7.625 DEC $5.000 $60 $6.940 $150 $30 $1.000 $60 $11.910 $714 $75 $13.000 $60 $1.000 $10.000 $4.910 $500 $75 $4.000 $60 $11.000 $0 $5.205 SEPT $17.121 OCT $10.000 $60 $7.335 JULY $6.500 $60 $4.000 $0 $7.000 $60 $2.910 $500 $75 $4.000 $60 $6.335 JUIN $6.000 $5.000 $1.500 $0 $5.000 $60 $5.335 MAY $12.940 $0 $30 $1.440 $0 $30 $1.910 $630 $75 $5.205 SEPT $15.000 $10.910 $500 $75 $10.000 $0 $12.055 AUG $7.760 $630 $75 $95 AUG $8.335 MAY $12.760 $630 $75 $4.000 $0 $2.000 $6.910 $500 $75 $10.000 $13.335 NOV $7.940 $0 $30 $1.000 $8.335 JUIN $7.940 $0 $30 $1.910 $500 $75 $5.000 $0 $7.910 $210 $75 $1.000 $0 $6.910 $630 $75 $6.500 $0 $4.000 $15.000 $60 $6.000 $60 $6.000 $60 $7.000 $60 $6.000 $3.940 $0 $30 $1.940 $0 $30 $1.000 $60 $1.055 AUG $7.625 APR $12.910 $714 $75 $13.940 $0 $30 $1.335 MAY $14.000 $10.000 $4.760 $630 $75 $4.625 MAXIMUM SCENARIO JAN Expected Monthly Sales Cost of Goods Sold Gross Profit Depreciation EBIT Insurance Interest Salaries EBT Taxes Other Oper.205 SEPT $15.940 $0 $30 $1.910 $714 $75 $15.940 $0 $30 $1.000 ($1.410 $210 $75 $4.000 $910 $210 $75 $1.940 $0 $30 $1.000 $0 $10.000 $3.440 $0 $30 $1.335 JULY $6.000 $0 $12.940 $0 $30 $1.410 $210 $75 $3.000 $0 $5.940 $0 $30 $1.000 $60 $13.000 $0 $5.000 $4.125 APR $14.000 $60 $14.910 $210 $75 $3.500 $60 $5.940 $0 $30 $1. Expenses NET PROFIT $0 $0 $0 $60 ($60) $150 $30 $1.625 MOST LIKELY JAN Expected Monthly Sales Cost of Goods Sold Gross Profit Depreciation EBIT Insurance Interest Salaries EBT Taxes Other Oper.240) $85 $75 ($1.910 $500 $75 $8. Expenses NET PROFIT $0 $0 $0 $60 ($60) $150 $30 $1.000 $60 $11.940 $0 $30 $1.335 JUIN $6.000 $5.910 $210 $75 $3.000 $60 $11.000 $0 $10.000 $60 $4.335 NOV $8.940 $0 $30 $1.000 $5.940 $0 $30 $1.000 $0 $6.000 $0 $6.000 $0 $12.000 $60 $5.940 $0 $30 $1.335 JULY $7.000 $60 $9.910 $500 $75 $8.940 $0 $30 $1.910 $210 $75 $5.000 $3.940 $0 $30 $1.000 $4.000 $60 $5.910 $210 $75 $5.940 $0 $30 $1.000 $0 $15.121 OCT $12.121 OCT $10.910 $500 $75 $10.000 $13.000 $6.940 $150 $30 $1.400) FEB $3.910 $210 $75 $3.625 MAR $5.940 $0 $30 $1.625 .125 MAR $5.000 $60 $4.910 $500 $75 $12.000 $0 $2.910 $210 $75 $6.000 $60 $6.000 $60 $14.625 APR $12.000 $12.000 $12.000 $0 $12.000 $3.
500 $3.000 $0 $12.000 $2.000 $6.121 OCT $8.400) FEB $1.000 ($490) $210 $75 $125 MAR $3.125 DEC $4.910 $500 $75 $7.500 $0 $4.000 $4.940 $0 $30 $1.000 $0 $4.940 $0 $30 $1.410 $630 $75 $3.500 $0 $5.000 $10.625 .500 $0 $1.000 $2.000 $11.440 $150 $30 $1.940 $0 $30 $1.705 SEPT $12.500 $4.000 $7.555 AUG $5.Golan 56 MINIMUN SCENARIO JAN Expected Monthly Sales Cost of Goods Sold Gross Profit EBIT Insurance Interest Salaries EBT Taxes Other Oper.000 $3.000 $3.000 $0 $9.500 $5.910 $714 $75 $10.000 $8.335 JUIN $4.000 $3.000 $0 $9.940 $0 $30 $1.910 $210 $75 $2.440 $0 $30 $1.125 APR $9.335 NOV $5.500 $0 $4.000 ($1.000 $7.500 $540 $0 $30 $1.000 $7.910 $500 $75 $6.500 $4.410 $210 $75 $2.335 MAY $9.410 $500 $75 $2.835 JULY $4.940 $0 $30 $1.260 $630 $75 $2.000 $8.440 $0 $30 $1.240) $85 $75 ($1.000 $0 $8. Expenses NET PROFIT $0 $0 $0 ($60) $150 $30 $1.410 $210 $75 $4.440 $0 $30 $1.000 $4.910 $500 $75 $7.500 $5.500 $0 $5.500 $0 $3.440 $0 $30 $1.
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