How Small Businesses Can Turn the Economic Crisis to Their Advantage
The global market has been affected by the recent financial crisis, especially Big Companies. But what about Small Businesses? Have you stopped by your favorite store to see how many customers are shopping there? Well, most of us are more worried about what we hear in the news than what we have actually seen with our own eyes.
This kind of crisis is a challenge for Small Businesses, but they can survive perfectly well if they take into account these very important issues:
Keep your financial status updated : You need to be sure how your Small Business is doing right now. You should prepare a “crisis plan” in case your income drops below acceptable levels.
Focus your business: Always review what is changing in the market. In this time of crisis, essential services and products will continue to be sold to maintain every working business, so you can pay special attention to these kinds of products or services that you offer and give them special preference. You can also take into account the margins of your products; low margins products that are not essential should be avoided to keep your profits up.
Maintain client loyalty with special offers: It is time to ensure the survival of your Small Business. You can do this by using different techniques, but we found that these always work: special discounts for frequent customers, discount coupons for the next purchase, discount offers for one year or extended contracts, and so on.
Maintain good communication: Your partners, major customers, providers, etc. can be your best allies. If you maintain regular communication and keep them updated, you will gain a competitive edge. You could get discounts; you’ll know what to offer; and you’ll find many other ways to make this economic crisis a good time for your Small Business.
How You do it?
At bizcloud you will find some of these solutions and more; finding the market information in Bizcloud Intelligence section, or new ideas of promoting in Mobile Applets as well as coupons in Social Applets, and much more. We can help!