1 Accept new payment methods
Credit cards
Are you allowing your customers to pay by credit card? Every purchaser has preferences and wants flexibility in how they pay for products and services. They want fast, easy and most of all, secure transactions. By accepting credit card, you can: - Get faster settlement and improved business cash flow, increased protection against fraud. - Capability to process international transactions. - Your customers can avoid cheque or bank transfer, they get credit payment terms and you get your payment in just 4 days. Hence, it's benefiting both, you and your customer. Therefore, to meet your customers' demand and improve your revenue, start accepting credit card from your customer today!
Procurement cards
Procurement cards are designed to deal with high volume of low value, often repetitive, purchases made on a daily basis. Most of the Local and Central Government Agencies are using procurement cards for transactions. If your business accepts procurement card, you can get onto a list of capable suppliers.
It doesn't have to be pricey.
The ITS Bureau service will process your invoices into procurement card transactions for you for just a 25 joining fee and 1 per transaction.
If your business has larger volumes, ITS Procurer online can be up and running in 2-5 days at a cost of 350 to authorize you to process telephone and mail order procurement card transactions online.
PayPal
Many customers would not like to provide their credit card details on websites which they do not trust. By allowing pay pal payment, your customers can pay by card indirectly.
You could also avoid bank charges by using e-bay/PayPal for all your transactions with your suppliers/customers. This allows you purchase and sell without having to go through any bank at all.
Secondly, create a low cost variant of your existing business.
Primark outperform Marks & Spencers !!
It's understandable that you wouldn't want to undermine your current business or disappoint your existing customers who are happy with your current products/services. However, have you realised some of your customer are already buying from your competitors for a better value product/service?
Instead of discounting your prices can you create a value offering that runs alongside so your customers can choose without looking elsewhere.
Differentiate the product or service: The value product or service must be specific so that you don't undermine your mainstream product/services. Can you find a lower cost equivalent; this can have a less elaborate package, or cheaper cost ingredients, a smaller pack size, lower service levels, shorter warranty. Take a look at Tesco's value offering, these are just the same products the cut price stores have always been offering, but now given shelf space by the big boys to give their customers the options without going across the road.
Differentiate the delivery: These offerings are for customers who are looking for a way to save money, not an invitation to existing customers to pay you less!!
So put them on a separate web site, in a separate room, in a separate brochure, let your customers know they exist but let them know this is a low cost option with lower levels of customer experience and product differences.
3 Find new customers
Many situations change during a recession, and this creates extra opportunities for some businesses.
We have all seen the redundant investment bankers on TV. Others will also be finding for new opportunities. Some will be starting new businesses.
What can you offer them: Can you market to the redundancy program with a franchise opportunity, business service or supplies?
However, always remember that most will not survive- Don't expose yourself to too much debt; let them pay by credit card. - 15246
Credit cards
Are you allowing your customers to pay by credit card? Every purchaser has preferences and wants flexibility in how they pay for products and services. They want fast, easy and most of all, secure transactions. By accepting credit card, you can: - Get faster settlement and improved business cash flow, increased protection against fraud. - Capability to process international transactions. - Your customers can avoid cheque or bank transfer, they get credit payment terms and you get your payment in just 4 days. Hence, it's benefiting both, you and your customer. Therefore, to meet your customers' demand and improve your revenue, start accepting credit card from your customer today!
Procurement cards
Procurement cards are designed to deal with high volume of low value, often repetitive, purchases made on a daily basis. Most of the Local and Central Government Agencies are using procurement cards for transactions. If your business accepts procurement card, you can get onto a list of capable suppliers.
It doesn't have to be pricey.
The ITS Bureau service will process your invoices into procurement card transactions for you for just a 25 joining fee and 1 per transaction.
If your business has larger volumes, ITS Procurer online can be up and running in 2-5 days at a cost of 350 to authorize you to process telephone and mail order procurement card transactions online.
PayPal
Many customers would not like to provide their credit card details on websites which they do not trust. By allowing pay pal payment, your customers can pay by card indirectly.
You could also avoid bank charges by using e-bay/PayPal for all your transactions with your suppliers/customers. This allows you purchase and sell without having to go through any bank at all.
Secondly, create a low cost variant of your existing business.
Primark outperform Marks & Spencers !!
It's understandable that you wouldn't want to undermine your current business or disappoint your existing customers who are happy with your current products/services. However, have you realised some of your customer are already buying from your competitors for a better value product/service?
Instead of discounting your prices can you create a value offering that runs alongside so your customers can choose without looking elsewhere.
Differentiate the product or service: The value product or service must be specific so that you don't undermine your mainstream product/services. Can you find a lower cost equivalent; this can have a less elaborate package, or cheaper cost ingredients, a smaller pack size, lower service levels, shorter warranty. Take a look at Tesco's value offering, these are just the same products the cut price stores have always been offering, but now given shelf space by the big boys to give their customers the options without going across the road.
Differentiate the delivery: These offerings are for customers who are looking for a way to save money, not an invitation to existing customers to pay you less!!
So put them on a separate web site, in a separate room, in a separate brochure, let your customers know they exist but let them know this is a low cost option with lower levels of customer experience and product differences.
3 Find new customers
Many situations change during a recession, and this creates extra opportunities for some businesses.
We have all seen the redundant investment bankers on TV. Others will also be finding for new opportunities. Some will be starting new businesses.
What can you offer them: Can you market to the redundancy program with a franchise opportunity, business service or supplies?
However, always remember that most will not survive- Don't expose yourself to too much debt; let them pay by credit card. - 15246
About the Author:
This article has been written by Caesarea Howard, who works for Davies McLennon Chartered Accountants. If you are looking for a St. Albans Accountant or Hemel Accountant , visit Davies McLennon website to find out more info.
