The British pound has fallen again and the UK has been stripped of its AAA debt rating, yet we can’t always look negatively. Business owners who are trying to get their businesses to swim instead of sink are the ones that are really trying to make it work. While some will simply accept it as it is, some are looking at it another way.
The British Pound has fallen compared to other currencies, but what does that mean internationally and how can we gain when the pound has fallen? Generally, services and products that are sold in the UK will be cheaper. I remember a time when the pound was very low, compared to the Euro, living in France at that moment, going to the British capital for a short break was a popular choice. You would come back with laptops and clothes, yet still be able to have a great time away from home.
How a business takes charge of this situation is their choice, but there are definitely some positives in this, not to mention opportunities.
1) Your Offering: The product is still the same product and the price is most likely, the same. Depending on where you bring your products in from, this might have an effect on your costs. Generally speaking, your product is now more affordable for your international customers. If you offer a service, your service’s costs usually won’t be affected much by cost. You now offer a more competitive service to various customers in countries that have a higher rate of currency compared to the pound.
2) Innovation: During hard times, a lot of innovation starts. People innovate to become more competitive. It is the “sink or swim” idea, but most businesses choose to swim, rather than sink. Businesses tend to grow their client base through innovation and customers who generally wouldn’t have a use for the product or service, now do.
3) Quality: Making sure that your quality of work stays top-notch. You might think that this only applies to the service industry, but think again. Great customer service is in all industries. Small business owners tend to be especially frustrated at times when the economy changes. Change generally equals stress because we might not be ready for it. Nonetheless, making sure that the quality of your products stays the same, if not better, but just as important, that your customer service is top-notch.
Staying competitive is key and keeping a positive outlook is obviously important here. Ensure that your customers get the best service from you and don’t be afraid to expand and venture out. Working with social media, it isn’t too hard to expand internationally or acquire new customers.
If you would like to add any ideas or comments to help out readers out there who are going through the same, please do. I am sure they will appreciate your input.
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