Istisna and Business Surveys: How They Can Work Together
Istisna Definition: Although there are some big differences between Islamic finance products and more standard Western varieties, this particular idea straddles both concepts. Although Istisna falls under the umbrella of Islamic financing and is quite often used in that context, it’s more of a simple legal contract.
It’s defined as a contract to do any one of a number of things. For example, it can be able manufacturing goods and will include many of the details about processing and assembling them. This is a binding contract whereby all the details are carefully laid out and it usually requires a fixed time on payments be made at increments as the property is worked on or the goods are finished.
Implementing Istisna is an excellent way to get a sharia compliant business up and running. Once you do, you’ll want to be improving your methods continually. Here’s a few tips on how you can put together an effective customer survey to tweak your products and services.
First off, it’s important to understand that a good customer survey will let you know what your customers like about your existing business model and what can be improved. These are all about giving insights into both the weaknesses and strengths of your existing model. It’s a sad fact that a lot of small Muslim owned businesses that implement Istisna don’t think they can put together one of these surveys.
Here’s a few tips:
- It’s very important to make sure that you have clear objectives set up right at the beginning. It’s absolutely essential that you know right away the kind of information that you’ll be collecting. Here’s a helpful way to get started. If you talk to your employees, they will have excellent insights into the kind of people that are your target market. Ask them right away if they’ve noticed any red flags of dissatisfaction among this group. This kind of attention to detail will give you a set of core questions after you’ve set up our business model using Istisna.
- Keeping the whole questionnaire as simple as possible is a good idea. Asking some high-level questions first about people’s overall satisfaction is the first step. After that you can dig down and get more into detail. Here’s a hint about making sure that you get these questionnaires right. Don’t leave questions about overall satisfaction to the very end. It’s important to remember that people want to be finished with the entire process quickly so you won’t get very good answers otherwise.
The questions that you asked need to have a good mixture. The ones that you decide on that are open ended should have space to let people fill out their own answers. Keep in mind that research shows people say almost everything they want to in the first open ended question. That’s why limiting the number of these in your business questionnaire is a good idea.
Here’s a final thought that will help you get a successful set of answers that you can use. More research shows that these types of business surveys need to be done on a regular basis to be accurate. The combination of planning these surveys carefully and Istisna for a winning business template. We can always help by supplying some guidance where Islamic financing is concerned — get in touch with us today.