Tuesday, 5 August 2008

Boom or Doom?

Whilst the credit crunch continues to grip the purse strings of businesses all over the globe, it seems to be that those of us who own and manage small business have only one option: cut all expenses and ride the rough seasons out- however, has anyone considered what the alternatives are?

As suggested in July’s blog, businesses could actually BENEFIT from increasing their marketing and sales budgets: competitors and rivals have suddenly gone into remission so what better time to take advantage of the quiet market and increase awareness of your own services?

Consider reinventing your website or online references - this is often the first point of reference for new customers. Investing time, effort and a little money into producing a website that is professional, smart and easy to use will allow you to reap the rewards not only in the short term, but in years to come.

However whilst your expanding your net for new clients, don’t forget the old ones! Customers are MORE likely to return to companies they know than take a risk during times of financial difficulty. Maintain regular contact via inexpensive communication tools, such as email to keep them interested!

If you have any other tips or ideas that may be of help to small businesses during the credit crunch, please feel free to share them!

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