When the worldwide recession hit, it struck everyone. Every person in the business world felt the decline in the demand for their products. A lot of small scale businesses were forced to shut down, having been unable to deal with the decline in sales. But recent studies show that women-operated businesses that were able to survive the recession employed certain tactics that enabled them to adapt with the harsh economy.
Take it from the experts and learn how these tips can be helpful to your business
- All hail social media. Facebook or Twitter gained popularity as more and more businesses used it as a means of promoting their business. According to studies, almost half of the women-owned business establishments now use social media as their main form of advertisement. The main reason is that it’s a cost-effective way of attracting a lot of customers.
- Changing one’s product line according to the customer’s taste. Customers would constantly come because of the availability of their needs so one way to be noticed is going after their interests. Getting involved in community affairs is also a fun and effective way of getting one’s business known around the community. Two out of five women-owned businesses increased their involvement in community activities to expand their clientele by adapting to popular sentiment.
- Controlling business costs. Almost 50% of firms controlled their expenses as a solution to the economic crisis. Getting the right kind of help pays off as well, since tapping into the right resources would be beneficial to the business’ sales.
Business loans, for instance, are commonly offered by banks and private lenders. Banks are the first ‘go to’ place of business operators when in need of financial help. However, the problem is that the economy difficulties have forced them to tighten lending. To help answer this problem, merchant cash advance companies have opened and are helping small businesses with their loan requirements. This has allowed some of the small businesses owned by women to thrive by taking advantage of price breaks through larger inventory acquisitions.
How Vital Merchant Cash Advances are for Your Business
A merchant cash advance (MCA) basically operates like a business loan, there are just some differences with the structure, terms, and payback. One huge benefit is that the waiting time to receive the funding is lessened. Instead of waiting weeks or months as with banks, MCA providers can have loans approved in a matter of 1 or 2 days. This definitely helps businesses stay on the top when it comes to giving the products at the time they are most wanted. Another advantage is that monthly revenues are the basis of their loans and not the individual’s personal credit score. There’s also no interest rate placed on top of the loan, so owners don’t need to worry about compounding interests.
The strong start of MCAs and the steady need for business loans assures that financial help is available. Business owners must be aware of them and know how to get in touch if the need arises. As long as financing is available women can continue to thrive even when the economy is not completely business friendly.