How to Make Your Business More Competitive in a Depressed Economy
By Space Coast Daily // April 7, 2020
With the current climate so shaky, is it possible to make your company recession-proof, ensuring it remains competitive? We think so.
There are a number of business survival strategies that you can put in place that will allow you to thrive, even when times get tough in the economy.
Better cash management
Cash flow is everything to a business. If you don’t keep cash flowing your business won’t be healthy. No matter how though times get, having a better cash management strategy in place can keep you business going.
Things like invoicing your customers promptly, seeing if payment terms to suppliers can be extended and renegotiating contracts with landlords and lenders can all help to improve your company’s cash management.
You could even take out a prepaid business account with a reputable lender as a secure alternative to making payments via credit or debit card.
Make the most of current customers and clients
If you want to ensure your business remains competitive even if the economy takes a dip, look after your loyal customer base. Think about offering incentives for them to continue to shop with you or offer special loyalty-based discounts.
Either way, your customers will appreciate anything you do to help them during this challenging time.
Review inventory management practices
Times like right now are ideal for seeing what can be done to reduce your inventory costs. The challenge is however, to do this while also not sacrificing the quality of goods or letting customers down! Remember, your customers will still be supporting you, so it’s important to keep them happy too.
Look at how much stock you are ordering and whether this can be leaned back at all. Can you find your products from an alternative supplier at a more competitive price? Now is the time to look at ways you can save money.
Keep on marketing
During unprecedented times, it may seem attractive from a cost perspective to stop all marketing activities. Whether this is paid social or paid search, it’s important to keep these things running in the background, but with slightly different messaging.
The last thing you want is for your customers to forget who you are if they see you less and less on social media platforms or ads on Google. Keep your activities going but review your wording and spend amounts.
It can be tough to know what to do, especially if your business is new and particularly small. But, with these top tips you can give yourself the best chance of riding out the bad and pushing towards the future.
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