Like the old adage says; ‘you have to spend money to make money.’ In the recent economy crisis, many businesses are struggling to keep afloat.
There is little you can do about the current economic climate but there are ways to recession-proof your business and eliminate financial hardship and come out on top.
Heavily Promote Your Business
Instead of shying away from advertising due to the cost, use the recession as a way to boost your profile (and hopefully your customers.) Increasing your marketing strategies during a recession is the best way to stave off competitors, getting your name out there and making customers aware is guaranteed to get you noticed. If you have not yet tried social media to market your product/service, now is the time to do so. Create a website, take advantage of the power online marketing and watch your profits soar.
Be Frugal With Your Expenses
The economic downturn does require businesses to be slightly more careful with their monthly outgoings. List all your expenditure, including mortgages or loans. Try and reduce what you spend money on, is it necessary? If not, avoid spending money on something if it is not essential for your business and if it will not have a significant effect on your business.
Create A Reward Scheme For Customers
People love the idea of getting something for nothing or at least saving a few pennies. Create incentives for long-term customers by offering a loyalty or discount scheme, offer discounts and special offers. While other competitors may offer their services more cheaply during these hard times, by offering your customers a little bit extra, this makes you instantly more attractive. By offering discounts to long-term clients only this does not affect your annual turnover.
Turn To Technology
The internet is a way of life and what better way to cut costs than to do the bulk of your business online? It could halve what you would spend on renting office space, not to mention offer you a free means of advertising i.e. by email marketing. Gone are the days of leaflet dropping, the internet has fast become the Yellow Pages of the 21st century. Use the internet to gain notoriety and increase your customer base.
Move With The Times
If you do what you’ve always done, you’ll get what you’ve always got. To survive, you have to change, you have to adapt and you need to keep reinventing your business to stay one step ahead at all times. Go through your business with a fine tooth comb- what do you currently offer to customers? What could you offer that could increase your income and keeping costs to an absolute minimum? By constantly changing and growing, your business will not get left behind.
Take Advantage Of An Internet Fulfilment Service
If your business is shipping a large amount of products on a daily basis, this is costly but can take a huge chunk out of your day. Consider the use of Internet Fulfilment services, these companies deal with all the packing and shipping for you. Saving you vital time and money that would otherwise be spent on hiring staff and factory space, leaving you more time and money to dedicate to other aspects of the business.
About the Author:
This article was written by Amy Fowler on behalf of Hallmark Consumer Services, providers of internet fulfilment services. To find out more about internet fulfilment services, visit their site by clicking this link.
Photo: 401K 2012
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