How is your business doing right now? If you are one of the few who can say things are humming along just fine, you may be able to use the current recession to your benefit and actually help your business grow.
During a recession, most businesses hunker down and wait it out. That means they are cutting back on spending and watching every last penny. This is not a dumb reaction as many businesses are being forced to close their doors because of dropping business.
But if this is not how you have to operate, maybe you can use this tense time for others to be a benefit for your business.
Should you buy?
If all the businesses around you are pinching pennies, but you have a business credit card that you can use, you may be able to get some of the supplies that you need much cheaper than usual.
Here’s why. Those distributors and wholesalers that you purchase your supplies from are struggling. No one is purchasing items from them so they are willing to drop prices in order to make at least one or two sales instead of being stuck with inventory. This is really a buyers market where you can wheel and deal until you get the price you want as long as you have a business credit card to back it up.
Look for Liquidations
One thing that is happening is that a lot of businesses that were not strong before the recession are closing their doors. While this is sad for them, it can be a boon for you. Many of these businesses are going into liquidation or bankruptcy. This means all of the their equipment and supplies are going to the highest bidder at auction.
While you may think that means you need a lot of money at the auction, the truth is that you may be able to purchase thousands of dollars in items for a few hundred dollars because no one wants to spend too much right now. If you have your business credit card, you can get the best deals you have ever been able to.
Time to Grow
While your competition is afraid to do anything because of the recession, if you have a great promotional or advertising idea, why not jump with it now. You can put it on your business credit card and if it works well you might be able to take some of your competition’s customers and strengthen your business while others are getting weaker.