Money’s expected to be tight for the majority of people in the coming months. As a result, while the focus is on household bills, businesses should start to brace for lower levels of income and growth. If, as expected, the general public tighten their purse strings, it’ll likely hit the majority of businesses and sectors.
According to a recent report by PayPal, just over half of small and medium-sized enterprises (SME) owners are concerned about the economic uncertainty on the horizon, with declines in consumer spending being the biggest threat alongside fuel costs. Just under one-third of respondents also cited steady cash flow as a key issue directly linked to the looming financial crisis.
However, proactive businesses can still seek and achieve growth during precarious financial times. Here, we highlight three options that could help businesses across the board.
Broaden audience with data analytics
In the current climate, customers are even more primed to seek ways of saving money. This is why programs like giveaways, loyalty setups, promotions, and offers can help to snag additional customers, and even repeat customers, if the service after the campaign turns out to be strong.
Among these, one of the ideal options to run is a loyalty program. It offers savings to customers for coming back and using the services as well as a reason to try your products in the first place. Through data analytics, you can refine a loyalty program to make it even more effective, as Neil Patel details, with such programs increasing frequent purchases by up to 90 percent.
Enhance your digital presence
It wasn’t long ago that the advice would be to simply create a website and social media presence for people to find online. But now, both channels have to be optimized and made as strong as possible. Luckily, for many businesses, this offers a clear avenue for growth, with an enhanced website featuring regular content, media, and mobile responsiveness all making your business more engaging for customers.If your website is already top-notch, turn to your ability to communicate with customers online. Do you have scope for online customer service? This doesn’t necessarily mean integrating a chatbot and customer service instant messaging feature on your website. It can mean becoming much more active and responsive on the likes of Twitter and Facebook to give direct customer service help to those who seek it.
Do a funding round
As reported on the Law website, regional law firm partners continue to consider seeking external funding as a way to expand operations. Private equity funding is being considered by 87 percent of partners not based in London. This shows a distinct switch from the long-standing traditional operations in the sector, while external funding has also become an increasingly popular option in other fields.
Much of this comes down to the simplification of the funding process by services like SeedLegals. They provide automated legal documents, which save time and money, as well as providing guides and resources to businesses that, in turn, can help them get the investment they need.
Even in precarious financial times, you can seek to grow your business. Try data analytics, an enhanced digital presence, and even funding, and see what it could do for your business.