Credit crunch and small businesses
November 10th, 2008 by 
admin
The current economic climate is acting as a spur for thousands of people to become their own boss and to start a business from home, according to a new report by Enterprise Nation and BT.
The 2008 Home Business Report, launched as part of Small Business Week 2008, highlights a 16 per cent rise over the last year in the number of businesses being run from home. There are now more than 2.5 million home businesses, accounting for more than half (53 per cent) of the 4.7 million small and medium sized enterprises in the UK.
Home based businesses are also bucking the trend when it comes to confidence in their prospects during the financial crisis. They are buoyantly optimistic about beating the adverse economic conditions, with 72 per cent planning to win new customers over the next six months, two thirds (66 per cent) planning to increase turnover and more than half (58 per cent) developing new products and services.
The freedom to make their own decisions is the most popular reason (33 per cent) why home based business people enjoy being their own boss, closely followed by the benefits of a better work/life balance (24 per cent).
The use of technology is a critical factor in the start up and growth of home businesses - a view held by 82 per cent of business owners, with more than half of them (52 per cent) spending between 500 to 1,000 on Information Technology each year.
Home business owners view their spending on technology as a valuable return on investment as it helps to keep their costs low and their sales and productivity high.
Posted in Business Planning | 
December 20th, 2008 at 9:52 pm
What can I say, the credit crunch could be the best thing thats happened to the business’s that are able to re-orientate their business for their customers. Its the companies that are able to put the customer first that will win through these times. Things may be tough and will probably be getting tougher.
Its the companies that group together (learn to share) their leads by partnering with verticle markets, the IT company that groups together with organisations who go in and see the same clients such as photocopiers, electronic security, builders, electricians etc who get comission on sale for recommending each other, why have 10 sales people when you can have 300.
Its the green grocer who e-mails you with their latest offers, who delivers to your door in the evening when your home, who clubs together with the local health club to offer you a 15% discount on gym membership if you buy your produce from them. Its the electrical distributor who partners with the other shops on the parade and means that the customers go to them as they get a discount on food from the local deli, etc.
Its about working smarter, and not harder. Its asking yourself how can I serve my customers, not what can I sell to them. It takes forward thinking, out of the box initiative to grab the opportunities out there.
My local vets is a good example, they only opened recently and they cant beleive how busy they are, I can however, they have deals such as vacinate for life, once you have paid your £70 thats it all top ups are free for life… etc, etc, put the customer first and work back from there (making sure you still make a profit of course).
Do you think for a moment that the top entrepeniors of the world got there by putting themselves first and short changing and fooling the consumer. The brilliant thing about this is that good will out, good does win, corruption only takes people so far. The winners at the top know how to adapt and when for the customer because they have the ability to “feel” the customers needs and forfill them.
Another example: Its the cleaning agency that also feeds your pets, house sits, does your washing, ironing and hanging out, waters your plants, and even orders your familys birthday present and cards so you never forget, its about giving your clients what they want and need. Its giving the 100% money back guarantee if its not right and the blind faith to do it. I did and got a nomination for business woman of the year.
Heed my words, love your customers and they will love you back. Understand their needs and react to them.
Now is the time to adapt and win, go ahead and take that step of faith, because there are so many that wont, which will be a great thing for you!
Happy adaptation