The final two questions looked at the impact of interest rates on businesses.
57% would find further interest rate cuts beneficial or highly beneficial to
their business, while only 9% found the prospect might be detrimental. 83% has
found the long-term stability of interest rates to be highly beneficial or
beneficial, and only 2% have found stability to be detrimental.
Listed below are extracts from feedback received in Survey
BB54 November 2002.
Comments are listed under sector headings.
Views expressed are those of individual panellists and may not represent those
of the University.
I think the issue of Professional Indemnity insurance and the huge increase in
costs/lack of availability is dramatically affecting many sectors and
especially ours as Independent Financial Advisres. This needs to be addressed!
Q6.How important do you feel it is to have a personal, well-informed point of
contact at your bank?
Re: Q6, Increasingly I find my bank unable to answer questions. Telephoning my
local branch [ which is about 500 metres away from me] is impossible, as I have
to go through a national number, automated yes/ no responses; choices from 4
options etc. The end result - no contact!!!
The increase in US business is dominated by one contract in the Power Generation
As organisations/companies get bigger, the importance of individual customers
decreases and orgs become complacent about looking after them.
With interest rates low in Euro countries money has been used to invest in
process improvement and R & D.
I feel that the major service suppliers (Banks, Utilities etc) have made
business extremely more tedious, complicated and time consuming with the
introduction of call centers, unsolicited calls, lack of personal contacts with
experts. A particular culprit are Banks, where it is nigh impossible now to get
in touch in person or with a voice on the other side of the phone line when
discussing issues that would be previously have been resolved within seconds.
Q7.To what extent do you find that the increasing use of call centres by
important services such as utilities, insurance and banking affects your
ability to make business arrangements?
I would strongly recommend these institutions live up to their mission
statements concerning customer care as expressed in their annual reports.
Q1.To what extent do you feel that the crucially important economic contribution
of the entrepreneur is sufficiently recognised in UK cultures?
Your question about the importance of the entrepreneur seems extremely relevant
- these institutions seem to be run by accountants with no knowledge whatsoever
about their customer's needs.
There is no evidence that entrepreneurs are less capable of producing
shareholder value than accountants. The entrepreneur however has a more
balanced view about the equal importance of customer, employee and shareholder.
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