An Answering Service Can Affect Your Budget in Multiple Ways

An Answering Service Can Affect Your Budget in Multiple Ways

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It is 2024 and small businesses of all types are now into the new fiscal year. Some have budgeted for live answering services while others have not. That being the case, we want to propose the following: an answering service can affect your budget in multiple ways. Don’t think only about the amount of money spent on answering services.

Remember that budgets account for both income and expenses. The expense side of a live answering service – the monthly cost – needs to be offset by revenue that can pay for it. That is one side of the coin. But the other side is the potential of losing revenue because phone calls are not being answered promptly or professionally. That affects the budget, too.

The Telephone Isn’t Dead

We provide a medical answering service as well as services for plumbers, electricians, HVAC professionals, and even property management companies. We can answer the phones for virtually any kind of business. One thing we have learned through our own experience is that the telephone isn’t dead.

Granted, telephone services have changed drastically in the last decade. More businesses than ever before are relying on VoIP and cell phones rather than traditional landlines. Nonetheless, being able to accept inbound phone calls is critical. Consider the following statistics:

  • 76% of all consumers prefer to utilize support services via the phone.
  • 50% rely on phone calls to get in touch with customer service.
  • 75% of customers want a consistent experience on the phone.

One final statistic says that 67% of all consumers want to be able to do business with companies that meet their needs. If they perceive one of those needs to be consistent phone service, they are more likely to be loyal to companies that provide a positive phone experience.

Experience Affects the Bottom Line

We can apply all of this to your company’s budget by focusing on how experience affects the bottom line. Again, remember that budgeting involves both income and expenses. Company revenue is company income. Expenses are what they are.

Unlike a typical home budget, business budgets need to take into account projected revenue. Companies often need to spend more money in order to increase revenues. This creates a tricky situation. Why? Because it is possible to spend a ton of money without generating enough revenue to cover it. This is called a losing proposition.

When it comes to phone calls, investing in answering services should ultimately pay off. Customers would rather speak with live human beings than automated voicemail systems. They would rather have a live person answer immediately than having to navigate their way through a complicated menu that takes forever to direct to an operator, if they ever get that far at all.

It is all about the experience. A positive experience leads to customer satisfaction. Multiple positive experiences increase customer loyalty. Both affect the bottom line by increasing revenues.

How Much to Spend on Answering Services

Most companies considering live answering services will ultimately want to know if they can afford the cost. Whatever the monthly rate is, can they fit it into the budget? The answer is different from one company to the next. Only management can make that decision.

It is possible to subscribe to a basic answering service that does little more than greet customers and take messages. It’s also possible to subscribe to more advanced services that can forward calls, provide basic helpdesk support, and the like. What matters most is that calls are answered by live human beings capable of providing immediate satisfaction to one degree or another. Surely your company can budget for that.

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