I just read an interesting article on CNN.com regarding a growing concern how the unsteady economy may haven an impact on regional banks with big commercial loan portfolio’s. In the article, it talks about how commercial real estate will most likely start having credit problems within the next year and possibly even further into the future, as a result of the poor economy.
If you are a small or even large business with a commercial loan that may be in jeopardy, hopefully you’ve been seeking solutions to your woes. While you may not have money raining down on you right now, your main business is most likely customer-based. If so, there are some things you can consider to help boost your monetary gains and start putting it back into payments for your loan:
• Build up your marketing – This is usually one of the first things to go in a bad economy. Big mistake. No one is going to be buying from you if they don’t know you’re there. Advertising doesn’t have to be expensive. Shop around for the lowest prices for the most/best exposure. If you don’t have the money for advertisement, see if you can barter services or product.
• Get creative – Offer new sales programs, coupons, discount days – anything to get people in your store and willing to spend money. For items that haven’t been moving, offer deep discounts. It’s better to get some money than NO money.
• Customer Service Excellence is Key – (You knew I’d say that, didn’t you). If you haven’t already made improvements to your customer service – shame on you. This should be a major focus in today’s economy. Why? Because people talk. If you’re wondering why people aren’t coming to your store, it’s either because they can’t afford your stuff, they don’t like your products, or your service stinks. It’s almost always one of those 3 things, if not all 3. But if you go above and beyond to satisfy your customers, they will keep coming back. And there’s also that little thing called “Word-of-Mouth”.
These are just a few things to consider that may help you through to the other side. But they are things worth considering.
One thing I found amusing when reading this article – just below this one was a report on how new home sales had made a huge increase for the month of June. So maybe there’s a little bit of hope on the horizon yet.
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