Here are few steps which could turn your business around. To begin with, enable a wide variety of payment options.



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

Many Local and Central Government Agencies are using procurement cards to pay for frequent low to medium value transactions. Being able to accept the card can get you onto a list of capable suppliers.

It is inexpensive.

The ITS Bureau service will process your invoices into procurement card transactions for you for just a 25 joining fee and 1 per transaction.

For larger volumes ITS Procurer online can be up and running in 2-5 days at a cost of 350 to allow you to process telephone and mail order procurement card transactions online.

PayPal

Some customers dont want to use credit cards on sites they arent familiar with. Accept Pay Pal and they can pay by card even if you dont accept cards directly.

You could also avoid bank charges by using e-bay/paypal for all your transactions with your suppliers/customers. This can let you buy 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 !!

You dont want to undermine your existing business or upset your existing customers who are happy with your current offering, but are some of them already looking elsewhere for a value product.

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 needs to be identifiable so that you dont undermine your mainstream product. Can you find a lower cost equivalent, this can have a less elaborate package, or lower 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 choice 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.

Option number 3, obtain potential 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 looking for new opportunities. Many 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?

But remember that most will not survive- Dont expose yourself to too much debt let them pay by credit card.