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Exceed Network’s Service Industry Symposium

service industry

The service industry is a part of our economy that creates services rather than tangible objects. At the Exceed Network, we realize how valuable this industry and is why we hosted the service industry symposium.

The event started with an introduction and video of the Exceed Network and what our organization does. The event continued with an in-depth panel on the service industry. Panelist consisted of Jack Ezon, President of Ovation Vacations, Morris Missry, Manger Partner of Wachtel Missry LLP, Kurt Palmer, Founder and CEO of Kurt Palmer Associates, Stephen B. Siegel, Chairman Global Brokerage and CBRE, Incand Gary Herwitz, Exceed Network board member as moderator.

The service industry is the largest contributor to New York City. Representing 70% of its economy and providing over 600,000 jobs. The service industry ranges from financial services, accounting and law firms and to dog walking services. “There’s a saying about real estate, the most important thing is location, location, location, well, the three most important things about the service industry are people, people people,” stated Gary Herwitz.

Recruiting

The panel started with the following questions: “What to look for when recruiting, how do you attract clients and what are the important qualities that are looked at for the firm?” You need to find people with passion, passion for service, whatever you’re selling and most of all…people.  In the service business, it’s all about the product. “Finding the right people is crucial to our success because we’re only as strong as our weakest link,” stated Jack Ezon.

Making a good impression on potential and existing clients is very important and the way your employees relate to them can either make or break your business.

“We look for employees who have the ability to relate to other people, at the end of the day our clients are also in a position where they have to have trust in you and the services that you deliver,” stated Stephen Siegel.

Learning how to interview is very important as well. When a company hires someone and makes a mistake, (no matter how big or small) it can set things back.

“If you own a business and you’re looking to bring people in, first, you have to learn how to interview,” stated Kurt Palmer.

Palmer also recommends considering the following when interviewing:

  • What are your key deliverables (what do you want to have done?)
  • A fit within your organization
  • Authenticity
  • Having a passion for what they do People skills (someone’s ability to form, build and maintain effective relationships)

Pricing and Competitiveness

How do you price your services and what’s the integrity that goes into maintaining your pricing structure? 

“Try providing a higher level of services versus being the lowest cost provider”, explains Siegel. Demonstrating your ability to provide services is the key to pricing, if a client knows that they will get impeccable service, they’ll be willing to pay the price.

Charging fees is about adding value and value means different things to different people. It is important to identify with your client and develop fees around that. In a more customized service, discuss the appropriate fees that can add value to the client.

“You have to be considerate and thoughtful to clients when discussing fees; they have certain expectations and you have to be sensitive to those expectations. If you add value, you should get paid for it and you generally will,” stated Morris Missry

How Technology has Changed the Whole Profile in Service Companies

The internet and excess to information has helped the service industry forcing businesses to become information navigators. “It constantly keeps us thinking of how to stay relevant and how we can be different,” explained Ezon.

Although technology is changing every day, there’s still a huge human factor that is critical to the service industry. Companies should also continue to develop interpersonal skills along with technology.

The panel ended with a Q&A session and closing remarks.

By Lolita A. Alford

Need help taking your service business to the next level? The Exceed Network has a variety of programs and a strong support system (consisting of entrepreneurs and a wide range of industry professionals) that can help.  If you would like to learn more about the Exceed Network or would like to get involved, please contact us!

info@exceednetwork.org

718-787-1400

379 Kings Highway

Brooklyn, NY 11223

 

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