The power of feedback

Business strategy
In preparing to write this article, I reflected back on the year it’s been and the willingness of our clients to also reflect back on the service we provide via our requests for feedback throughout the year.

Reflection is both simple and complicated; simple because it’s something we all do, but complicated because it can occasionally be confronting or perhaps not what we wanted to hear.

Professionally speaking, feedback is an important guide for any business, providing opportunities to reflect on what was done right and to consider what needs to be improved.

The reality is that, for most of us, feedback is a daily occurrence, sometimes positive and sometimes negative – but it is constant, perhaps explaining the prevalence of feedback- related articles on the web (just type in “Feedback” into Google!).

At HLB Mann Judd Perth, we use a variety of methods to evaluate our business, and each one provides a different type of feedback – either directly from our clients relating to our service (Net Promoter Score), direct from industry through peer comparison (AFR Client Choice Awards) or from staff relating to our performance as an employer.

So what feedback is most valuable? Good question! At the risk of sitting on the fence, it depends: on who is giving it, the willingness of the person receiving the feedback and the trust and general relationship between the participants. For me, the best feedback that I can receive is both constructive and directional – it’s very easy to criticize at times, but providing an alternative view or options allows a conversation to develop and resists the urge to look at fault finding, which is rarely helpful to finding a mutually beneficial outcome or common ground, where both parties feel that their needs have been met. Whilst it can be difficult to see things from the other point of view, a little bit of understanding can certainly deepen relationships.

Net Promoter Score (NPS) is the industry “standard” and we conduct these directly with clients at various times throughout the year for each division within the firm. This feedback is used to identify strengths and weaknesses, and areas for potential growth. I’m very pleased to boast that our firm regularly exceeds the industry average set by the NPS system, ranking us in the “world class’ category for client service. We utilise the feedback received to implement positive changes, which enhances the client- provider relationship. It actively provides our clients with a role in directing and shaping our firm.

For those of you that have participated in our short surveys throughout the year, we thank you for your valuable feedback. We do regularly review these results and take on board comments and ratings which play a vital role in shaping HLB Mann Judd’s future.

As we near the end of the year, we thank you all for your business and support throughout 2019 and look forward to a prosperous 2020. Best wishes for a safe and happy Christmas.

This article first appeared in the Summer 2019/20 issue of HLB Mann Judd Perth’s Client Alert.