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How can your business help us out of the recession?

How can your business help us out of the recession?

How can your business help us out of the recession?

With Consumer confidence on the increase (recorded at it’s highest for 18 months) with the British Retail Consortium (BRC) showing an overall increase of 10 points to 75 – in comparison to an all-time low of 65 in April 2009.

However, with more and more people (66% according to the BRC’s figures) trying to save money on utilities such as gas and electricity and more cutting down on takeaways and other luxuries this suggests that the climb out of the recession is still likely to be long and slow.

Many business-analysts are suggesting that it is down to the consumer to spend more in order to help the country emerge from the economic recession. However, I am of the opinion, with the current unemployment levels still on the increase (predicted to be 2.75 million by November 2010) this is a relatively unhelpful statement, no matter how true!

So what can small businesses do to aid this revelation in becoming a reality?

Damn good question, let’s do a little ‘analysis’ ourselves shall we:

  1. Cut prices where possible.
  2. Offer incentives to customers to encourage them to buy more.
  3. An interesting theory is not to encourage your customers to ‘buy more’ but ‘buy better.’ Let me to take a minute to explain this theory to you – if we take the example of someone looking to upgrade to a new car. Instead of the quick sell why not try and sell the car with better safety features and low emissions – this way growth will come from higher profits, not quicker, frequent sales. To read more on this then check out Cool Rules Pronto‘s blog for more information.
  4. What are your competitors doing? Take a walk around their stores one day and really take a close look at how they’re operating and why they remain so succesfull in a recession.
  5. What is the customer experience like and how can you enhance it to interest and encourage customers.

These are only a few suggestions and there are many more examples that can be found on the internet,

why not check out:

The benefits of Social Media – the future of small business marketing


Retail Technology


Selling in a recession


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Discussion

4 thoughts on “How can your business help us out of the recession?

  1. Nice post. Point five is very important because happy customers are repeat customers. They are also customers who refer their friends.

    This is the toughest business environment ever. I doubt it was this hard in the Great Depression. I don’t know one single business owner who is flush or secure right now, and my business is helping businesses so I talk to a lot of business owners.

    Posted by Survive Unemployment | November 5, 2009, 2:35 pm
  2. Hi there,

    I have just found additional information, which you may find useful. During such tough economic situation ,it is definitely advisable to cover for various business insurances, such as, Employers’ Liability Insurance, Public Liability Insurance etc. Other types of insurance cover includes:

    Business Interruption
    Buildings
    Employers’ Liability
    Public Liability
    Money Cover
    Contents
    There are also optional extras which can be bundled with a typical Shop Insurance Package. These typically include:
    Buildings Additional Cover:
    Loss of rent
    Accidental Damage to Fixed Glass
    Property Owners Liability Insurance
    Travel and Access Cover
    This is a good business insurance provider:
    Constructaquote.com
    I hope this helps. If you need further help, please let me know and I’ll be happy to help.
    Thanks

    Posted by caqw | November 18, 2009, 5:20 pm

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