Economic Insider — April 23, 2010

Director's Focus
Annual Corporators Meeting

At the Economic Progress Alliance’s annual Corporators meeting last evening, 24 individuals, representing a wide range of community interest, were elected as new Corporators for our organization. As with many similar organizations, the Alliance regularly turns to its Board of Corporators to recruit individuals for future service on its Board of Directors.

Many from the most recent class of elected Corporators will likely play key leadership roles in the Alliance in the future; and if so, we can look forward to an even stronger effort and organization. Thanks to all those who have agreed to serve.

The highlight of our meeting was a very exciting presentation given by Mr. Roger Willis, President of Universal Well Services, which of course is headquartered here in Crawford County. Roger did an outstanding job reviewing the relative risks and rewards associated with the production of energy from various sources such as oil, coal, nuclear, wind, natural gas, and in summarizing current and anticipated changes in the geo-politics of energy. Most interesting was his analysis of the tremendous economic potential of the Marcellus shale region stretching from West Virginia to New York State.

Of course, while often hidden in plain view, we in Crawford County have seen the direct benefits of Universal Well’s presence in our community and hope to see continued benefits as this unique resource is developed further in the near future.

Until next time…

Mark Turner

Northwest Commission Assists County Businesses

The Northwest Commission closed two Revolving Loan Fund (RLF) loans for Crawford County businessess in March. Abbatron, LLC, a tenant of the Crawford Business Park, received a $100,000 RLF to assist in the attinment of assets of a Michigan based company. Additionally, Bayless Fuel, LLC, of Titusville received a $200,000 RLF to assist with the purchase of assets from an existing fuel delivery company. Twelve new jobs are expected to be created in Crawford County through the assistance of the two RLF closings.

Customer Loyalty

Loyal customers are a necessity in the business world, and they are an asset that should be strived for every day. They save you money, advertise for you, and spend more than new customers do. A repeat customer will spend 33% more than a new customer. It costs 7-10 times more to recruit a new customer than to keep an existing one.

Since many small businesses do not have the marketing budget to create major brand awareness, excellent customer service, resultin in the cultivation of customer loyalty, is paramount. Ray Silverstein, a recognized small business expert who has written columns for Entrepreneur, gives four very useful tips on how to gain customer loyalty.

  • Ensure you have the right people Customer service representatives need to be enthusiastic. If the people that you have in that position are not, they are hurting your company.

  • Offer a customer service refresher course Everyone could brush up on their customer service and people skills. A refresher course will help keep your customers happy and your employees on top of their game.

  • Review your workflow Look at things from the customer's point of view. Don't inconvenience the customer with system limitations. Make sure that the customer's experience is as good as it can be.

  • Listen to customer complaints Fix problems as quickly as possible and do everything you can to make things right.

    • Ray Silverstein is the president of PRO: President's Resource Organization, which is a network of advisory boards for small business owners. He is also the author of The Best Secrets of Great Small Businesses.

    Save the Date

    The Northwest Pennsylvania National Tooling and Machining Association has organized TECHfest, a free event being held on May 12, 2010, from 9 a.m. until 8 p.m. at Precision Manufacturing Institute (PMI) and Edinboro University in Meadville. This event focuses on the advanced careers and opportunities in the manufacturing industry for youth and adults. The day's events will include demonstrations and exhibits from the manufacturing and robotics industries among others. This event is open to the public. For more information to to events at www.pmionline.edu.