Times are tough for small businesses. Technically the economy has not literally shrunk, but the fact it stayed the same as it did for the previous quarter, a flat graph if you will, means that there was zero growth, which is as good as shrinkage. This has raised fears that despite some sectors showing signs of growth, overall we may be heading back for another round of recession.
Also Project Merlin, the agreement that banks will be lending billions of pounds to businesses, £76bn of which to small firms this year, seems as if it will not really help boost recovery that much as despite there being more money loaned, the cost of borrowing will remain too high for many small companies.
In light of this uncomfortable situation, many small firms are turning their attention to the internet to help them find alternative sales routes. The internet can offer small firms a way to encourage sales through a much cheaper form of advertising that will mean they can reduce their overheads as well as staff levels. This option is increasingly valuable as internet use is rapidly increasing around the world with the ease of developing a site and simple secure ways to handle payment processing. Websites are becoming smarter and more usable for the visitor and security overall is improving dramatically. With the assistance of a quality payment service provider a website can very rapidly start making sales and vitally become profitable online.
For those who may see some of that Project Merlin cash, choosing the internet as your major lead generation may mean that you can borrow less, reduce your borrowing costs and be a step ahead of your competitors in the online race for visitors.
Don’t forget your app!
One of the most important things you can do at the moment as you think about going online is to develop an app which you can offer to mobile customers. This is because the number of people who make purchases online via a smartphone is accelerating, and offering a user friendly app will make it easier for them to make the most of what you offer online. Apps have the advantage over mobile websites in that they can be downloaded to a smartphone and used even when the smartphone has no signal. Also, they can place an icon of your app on their home screen so that they see it every time they look at their phone.
Whatever your businesses relationship with the current economic situation is like, making a move to online would be a good move. Can you picture what your website will look like?
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Tags: Ecommerce, online success, small business
