Yesterday, the Synergy Merchant Services Blog explored a number of ideas that consumers may utilize to battle the current recession. But what about the numerous businesses throughout Canada who have also had to endure setbacks due to the struggling economy?
Some business owners have been left with no choice but to let go of some of their staff members in order to save money. In some worst case scenarios, others have resorted to considering the closing of their businesses altogether. But as communicated in yesterday's blog, all hope is not lost. There are a number of ways that Canadian businesses can cope with the tough financial crisis affecting the world today.
For restaurtant owners, StarChefs.com's Katherine Martinelli recommends a number of simple yet effective methods of keeping business healthy. Among them is the idea of encouraging loyalty among your customers.
“Make your regulars feel special,” writes Martinelli, “Squeeze in a repeat customer even if youre booked. A comped drink or appetizer…Whatever you do, dont take those regulars for grantedtheyre the foundation of your customer base”.
Interestingly, Martinelli also suggests training and keeping your current staff. The simple task of making your staff feel appreciated will ensure that they show up to work happy and ready to do the best job that they can. This, in turn, will lead to increased customer satisfaction and repeat business.
All types of businesses can make use of the many suggestions offered up by Women's Business Web as well. And the best part is, you don't even have to be a woman to make these tips work for you! According to New Zealand's WBW website, finding FREE ways of marketing your business is one of the most sensible methods of staying afloat during a recession. One way of doing this would be to invite customers for a tour of your premises that would include demonstrations of your various products and services.
So, in fact, while many business owners may be reluctantly considering downsizing to save on the cost of running their companies, doing the opposite may have greater benefits. In Mark Wadell's February 2008 article “Recession-Proof Your Canadian Business” from CanadaOne.com, he suggests that expansion may actually be good idea during a financial crisis. “Even a small business,” insists Wadell, “can expand their sales reach to include foreign markets”.
Of course, expansion is one of the most popular reasons why many Canadian business owners seek a merchant cash advance. Who knew that now may be the best time to look into one?
The battle continues.