Take Advantage of the Credit Crunch

Are you running your own business? If so, why not take advantage of the credit crunch?

A credit crunch is a perfect opportunity to increase your sales and cashflow. Hopefully by now you have grown a large client base so you can utilise this to bring in further trade.

You can do this by

  1. Introducing a special promotion or time limited discount on your products or services. For example you could have a 20% off sale for one day and promote this to your clients. Clients are unlikely to risk purchasing services from a new business in difficult times. They are likely to stick with their trusted vendors.
  2. Promote your services heavily by getting your clients to sign up to your newsletter. This can be done via a company website if you have one. You can also utilise a blog or forum to communicate weekly deals to bring your clients back to your site
  3. Keep your costs reasonable but always ensure the service or product you provide is high quality. Ensure that your product or service is better than your competitors. Introduce new ideas that your competitors haven’t tried yet. Visit competitor websites or premises undercover to see how they are promoting their company.
  4. Introduce a deal that only breaks even in terms of profit margins or has a low margin. This will bring customers into your premises or web store and is likely to bring in further business at the same time.

You will see that many of the larger companies have already started doing this. Look at the following examples.

* Mcdonalds are currently offering 2 for 1 Cinema tickets with a large meal or salad

* Marks & Spencers recently cut prices by 20% for 2 days for homeware and clothing. This was a roaring success bringing in a healthy number of customers who wouldn’t have been in the store otherwise.

*  Pret a Manger are offering a free coffee when you register for their Pret a Manger Card.

So remember to take advantage of the credit crunch so you can keep your profits strong going into 2009.

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