The recession has hit businesses badly. With many businesses teetering on the edge of extinction, the current scenario is truly a battleground where “survival of the fittest” takes on new meaning. The economic crisis is sifting the businesses that were merely riding the wave of the economic boom that preceded the crisis. Smart businesses with the acumen and determination to change challenging situations into growth opportunities will be the heroes of this fight for survival.
Exploit the internet
Systematic planning and marketing can turnaround plummeting revenue and sales rates of floundering businesses. One of the most powerful tools available to every business is the internet. It is a cheap yet effective means of developing a business and expanding its client base. While many businesses are shutting down and declaring bankruptcy due to the recession, there are others trying to work it out by taking their business online.
Business websites and e-commerce websites are on the rise. Businesses are realizing the many benefits of establishing an online presence – increased brand awareness, wider profit margins, minimal expenses, increased sales and extensive customer outreach. Professional e-commerce developers, website designers and developers are in great demand to get businesses on to the web in minimal time and costs. Many web design services also offer content writing services, SEO services, and marketing support as value-added services.
Credit card processing rates have come down drastically because of the internet. Businesses of all sizes now find it affordable to accept credit card payments. Sales increase as most people today prefer to use credit cards, especially for big purchases. E-commerce websites too should incorporate credit card processing to allow customers to make payments conveniently and securely.
Internet marketing is an effective means of bringing attention to the business and garnering a global audience. Social media marketers, internet advertising firms, search engine optimization (SEO) companies are all important players in the online marketing arena. Businesses can hire their expert services to maximize the impact of their marketing campaign.
Outsource and save
Another effective money saver is outsourcing. Almost all non-core business functions can be outsourced to a professional agency that has the skills and resources to manage the job efficiently and cost-effectively. Payroll processing, medical billing, call centers, answering services, collection services, tax preparation, fulfillment, logistics, HR, temporary staffing, and telemarketing services are some operations that you can consider outsourcing. These professional services cater to many clients and offer competitive rates that save the business a bundle.
Outsourcing companies have the necessary personnel, experience, and expertise, and can ramp up or down with demand. Their services are customizable and verifiable. They provide extensive reports that keep owners in a controlling position. The data is also used to address bottlenecks and delay causatives for process improvisations and greater productivity. Most importantly, the business owner has more time and energy to focus on core competencies and drive business growth, which is the real need of the hour.
All businesses have some functions that can be outsourced or executed online. Businesses that adopt these money-saving strategies can make enough profit to ensure the recession does not wipe them out.