Challenges for small business owners

The Economy is changing – challenges for small business owners

Whilst as a shopper we are met with an ever expanding array of choices about where and how we shop – at local stores, independent shops, high street chains, online, for example – small and independent business owners face continual challenges to keep up with the bigger companies who have seemingly unlimited marketing budgets. As a result, our high streets are ever changing – businesses coming in, businesses going out, new promise in, empty premises and out they go – and so the cycle continues. It can be tough to stand out, create interest, maintain loyalty, and stay the course.

Independent businesses on our high streets face reduced footfall if larger stores on the edge of towns and shopping malls lure customers out, and never ending price wars to stay attractive and compete with the comparison websites.

At the same time, the small business owner can face increased operating costs. The ‘the living wage’, whilst being a step in the right direction for employees, can cause an extra headache for independent business owners with tight budgets and cashflow restrictions.

Added to this, many of our high streets are sadly losing their charm and individuality, as independent shops close and another branch of yet another chain moves in.

What can be done?

Aggressive pricing strategies, spending more on marketing, drastic cost cutting are measures that might well sink the average small business, and so are not the ideal solutions.

There is a (more holistic) way!

Thanks to a worldwide shopping community network, small and medium sized businesses can attract new customers, retain existing customers and, not only that, earn passive income when their customers do business with some of their competitors. Yes, you read that last part correctly! In turn, the independent business owner can reduce marketing and operating costs, help increase sales, create another stream of income, and benefit from businesses working together and B2B (business to business) discounts. Result = Win Win = higher profits, happy customers, greater loyalty, community co-operation, and peace of mind.

What is this shopping community?

The innovative global and multi-sector shopping community, the myWorld Benefit Programme offers unique benefits of Cashback and Shopping Points currently to 15 million shoppers in 50 countries worldwide. In turn over 150,000 myWorld Partners who offer those benefits attract more customers and achieve greater customer loyalty.

Many large and well known high street names already offer customer benefits in the UK, which lends credibility to the myWorld organisation. Though it’s not just for the corporate giants.

Imagine that you are owner of a cafe, a gift shop, or a salon for example. You know you’ve got something good to offer, though need to get your message out there and keep customers coming back. How about offering a loyalty card? Not just another loyalty card! Your customer says “Yes please”, you register them to your business, register their purchase, and myWorld takes care of ensuring your customer receives their Cashback and Shopping Points.

What makes this so innovative?

After your customer has left your premises happy with the service they’ve received, they then walk further up the high street and shop at A N Other Boutique, who are also myWorld Partners. Your customer buys a new item of clothing and because they are registered with you, you (or your business) will receive your own reward from the purchase they make! Of course, the customer is also receiving their own Cashback and Shopping Points on the purchase. The same follows when your customer does their weekly shop at a supermarket, if the supermarket is a Partner, you will receive up to 1% of their spend! And when your customer books their annual holiday through another Partner, guess what? You’ll receive a reward from those purchases too!

Coming to a high street near you!

Whereas previous business models have encouraged cut throat competition, the beauty of the myWorld Partner Programme is that it supports co-operation between independent SME’s. You don’t have to be a shop or cafe owner to benefit, you can have a hairdressing salon, dental surgery, beauty salon, a garden centre, farm shop, be an accountancy firm or solicitors office, for example, to benefit.

Whatever business you have, if you have customers, want to retain them, attract new customers, earn passive income on your customers everyday shopping, then becoming a myWorld Partner might just be the solution you’re looking for. You’d be able to communicate and get to know your customers better and assess how satisfied they really are, reward your loyal customers effectively, attract new customers and compete with bigger businesses and online shops, and base your business decisions on facts.

If you’d like to know more, please get contact with me at  shoppingwithsavvy[at]gmail.com

Lesley Hallows

Do some good!

The Child and Family Foundation (CFF) supporting children, adolescents & families in need worldwide – “Education. Opportunities. Future.” and the Greenfinity Foundation (GFF) supporting measures for effective climate protection, for preserving natural habitats & reducing greenhouse gases, are two projects close to the heart of the myWorld organisation.