{"id":7620,"date":"2008-11-17T16:14:48","date_gmt":"2008-11-17T22:14:48","guid":{"rendered":"http:\/\/magic1host.com\/blog\/2008\/11\/17\/3-ways-to-grow-your-business-in-a-recession\/"},"modified":"2008-11-17T16:14:48","modified_gmt":"2008-11-17T22:14:48","slug":"3-ways-to-grow-your-business-in-a-recession","status":"publish","type":"post","link":"https:\/\/magic1host.com\/blog\/?p=7620","title":{"rendered":"3 Ways to grow your business in a recession"},"content":{"rendered":"
by Caesarea Howard<\/div>\n

First of all, provide extra payment channels.<\/p>\n

Credit<\/a> cards<\/p>\n

Have you set up a merchant account allowing your buyers to pay via credit card? This is an easy and convenient method for you and your customers. It is also one of the best ways that a small business can ease the flow of funds from customer accounts to their own, eliminate cash flow problems. Your customer doesn’t have to deal with a cheque or bank transfer, they get credit payment terms and you get your payment in just 4 days. It’s a win win. <\/p>\n

Procurement cards<\/p>\n

Many Local and Central Government Agencies are using procurement cards to pay for frequent low to medium value transactions. Being able to accept the card can get you onto a list of capable suppliers. <\/p>\n

It needn’t be expensive <\/p>\n

Your invoices will be processed by the ITS Bureau into procurement card transactions for you. Your company will have to pay 25 for joining fee and 1 per transaction to the ITS Bureau.<\/p>\n

If your business has larger volumes, ITS Procurer online can be up and running in 2-5 days at a cost of 350 to authorize you to process telephone and mail order procurement card transactions online.<\/p>\n

PayPal<\/p>\n

Due to increasing fraud of credit\/debit card, many people wouldn’t like to share their financial details when they shop online. PayPal is the largest and most respected online payment processor for money transactions on the Internet. With PayPal, your customers can pay you by their credit card\/bank numbers but you receive the money without their credit\/debit card details. Your customers’ financial information remains secure. Therefore, they are willing to purchase from you.<\/p>\n

You could also avoid bank charges by using e-bay\/PayPal for all your transactions with your suppliers\/customers. This allows you purchase and sell without having to go through any bank at all. <\/p>\n

Option number 2: Design a low-cost variant of your current business. <\/p>\n

Primark outperform Marks & Spencers !!<\/p>\n

It’s clear that you wouldn’t want to undermine your present business or let down your existing customers who are satisfied with your current products\/services. However, do your customers believe that your brand offers better value than your competitors? Are some of your customers already switching brand for better value product\/service?<\/p>\n

Instead of discounting your prices can you create a value offering that runs alongside so your customers can choose without looking elsewhere.<\/p>\n

Differentiate the product or service: The value product or service needs to be specific so that you don’t undermine your mainstream product. Can you find a lower cost equivalent; this can have a less elaborate package, or lower cost ingredients, a smaller pack size, lower service levels, shorter warranty. Have a look at Tesco’s value offering, these are just the same products the cut price stores have always been offering, but now given shelf space by the big boys to give their customers the choice without going across the road.<\/p>\n

Differentiate the delivery: These offerings are for customers who are looking for a way to save money, not an invitation to existing customers to pay you less!!<\/p>\n

So put them on a separate web site, in a separate room, in a separate brochure, let your customers know they exist but let them know this is a low cost option with lower levels of customer experience and product differences.<\/p>\n

Option number 3, obtain potential customers <\/p>\n

Many situations change during a recession, and this creates extra opportunities for some businesses.<\/p>\n

We have all watch the redundant investment bankers on TV. Others will also be searching for new opportunities. Many will be starting new businesses.<\/p>\n

What can you offer them: Can you market to the redundancy program with a franchise opportunity, business service or supplies?<\/p>\n

But remember that most will not survive- Dont expose yourself to too much debt let them pay by credit card.<\/p>\n

\n
About the Author:<\/div>\n
This article has been published by Caesarea Howard, who works for Davies McLennon Chartered Accountants<\/a>. If you need a Hemel accountant <\/a> or St. Albans Accountant <\/a>, visit Davies McLennon website to find out more information.<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

First of all, provide extra payment channels.<\/p>\n","protected":false},"author":3050,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[94],"class_list":["post-7620","post","type-post","status-publish","format-standard","hentry","category-small-business","tag-small-business"],"_links":{"self":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/7620","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/3050"}],"replies":[{"embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7620"}],"version-history":[{"count":0,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/7620\/revisions"}],"wp:attachment":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7620"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7620"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7620"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}