The Future of the MCA Industry

The world has moved into a brand new era of retail. COVID-19 has forced many businesses to move their operations online or risk bankruptcy. Such a drastic change in the global world of retail begs the question, do customers really want to visit retail stores in 2021? Well, let us be the first to tell you, yes they do. Online shopping might be convenient, but it can never offer the same experience as a retail store. So, with COVID-19 becoming more manageable in certain parts of the world, businesses have once again opened the physical doors for their customers and begun selling in stores. If you need to refresh your memory on how to attract customers to your stores in 2021, here are a few tips to help you out.

Cut Down on Customer Waiting Times

The number of COVID-19 patients may be decreasing, but the pandemic is far from over. People are still taking some precautionary measures, and the general public doesn't want to hang around your store waiting for their turn at the cashier. You should optimize the customer experience to make sure that individuals can come in, buy something, and leave within the span of a few minutes. This might not bring in new customers, but it will keep older ones returning.

Offer Incentives to Customers

E-commerce might not have the same feel. But, it's still superior when it comes to convenience. You need to give the shoppers an incentive to drive out to your store and actually spend time indoors. The world has gotten accustomed to shopping online, and you have to drag them out of their houses by offering incentives. This can be a coupon, a discount code, a buy one gets one free deal, etc. An example of this would be the Costco hotdogs. The store has been selling its hotdogs with a price tag of $1.50 since 1984. The company is honest about the fact that they're losing money annually because of the hotdogs, but it does give an incentive to individuals to visit the store and eventually buy products while they're there.

Curb Appeal

If you haven't opened your store in the past year or so, there's probably some cleaning to do. That's not all. You should definitely consider doing some renovating to offer customers a welcome sight. Also, keep your store clean and hygienic and make sure that your customers know that. Your visitors will always appreciate you abiding by COVID-19 SOPs even while the pandemic is declining.

Conclusion

Regardless of what strategies you employ to attract customers, it’s going to cost you and your business money. If you’re trying to get back up on your feet and regain some financial stability, 2M7 Financial Solutions can help you out. 2M7 offers merchant cash advances that can help businesses bounce back post-shutdown. We can provide your business with a merchant cash advance when you need it. Contact us today to learn more.

Almost three quarters of business leaders say they aren’t prepared for a cyberattack. As breaches become more common, business owners and IT experts must protect their businesses. These five best practices make securing your business online easier.

1. Educate Your Employees

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‍One of the best things that helps securing your business online is to train and educate your employees. With the right training, they’ll be able to use the right security techniques.

2. Stay Up to Date

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‍Another important step you can take towards online security is updating your software. Software developers are always testing and patching potential problems. These patches and updates help keep your business more secure.

3. Firewalls Secure Your Business

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‍A firewall protects your internal networks from outside threats. If you let employees bring their own devices, these security measures are even more important.

4. Limit Access to Your Network

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‍Another important step is limiting who has access to the Internet through your networks.Secure access by creating accounts and monitoring privileges. If you have a public network, be sure to change the password regularly. That way, cybercriminals can’t gain access through hijacked devices that have stored login information.

5. Invest in Website Security

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‍The last step to creating online security for your business is to secure your website. Invest in an SSL certificate. Make sure you’re compliant with standards such as those for the payment cards industry.If you’re not sure what security measures you can take, ask your host. Online security isn’t just your responsibility. The partners you work with should also take steps to protect your information and your business.If you require quick access to cash to support your business online – a merchant cash advance is the fastest and easiest way of getting the necessary funds. Talk to us to discover options on how we can help you secure and grow your business.

Marketing is one of the aspects of your business that takes a lot of your revenue. Business owners are sort of blackmailed into spending too much cash just because they have to outweigh their competitors and sort of 'steal' customers away from them. That's how the world of business works. However, a small business is already short on funds, and they can't pour that much money into marketing without affecting operational costs. If you find yourself in a situation where you need to up your marketing game but don't have the funds to do so, you're at just the right place. Here are five things you need to know about marketing small businesses on a budget.

1.   Stay Active on Social Media

Social media is one of the best forms of marketing that you have, and it's totally free. A lot of businesses look at social media as a tool just for outreach. It's a lot more than a way just to communicate with your audience. Social media provides your business with access to millions of people all over the world. The best part is that it doesn't matter what kind of business you have. You'll find tons of customers through social media.

2.   Focus on Loyal Customers

Finding new customers is something that every business has to do to survive. You have to scale your business to grow substantially, and that can only happen when you have new customers. However, in an effort to obtain them, companies often overlook their current loyal customers. We consider that a huge opportunity being missed. You can offer rewards, dedicated customer support, and discounts to ensure that these people stay interested.

3.   Think of Local Communities

Many businesses can take advantage of their local communities for growth and brand recognition. The best part is that you can advertise your business at some charity events, major gatherings, fairs, etc.

4.   Reward Programs

Your current customers can be a gateway to obtaining brand-new clients as well. Reward programs are an amazing incentive that encourages people to recommend your company or service to their friends and family. Word of mouth drives an average of $6 trillion in revenue for businesses globally. That's more than enough incentive you need to start a rewards program.

5.   Merchant Cash Advance

If you're planning to ramp up your marketing efforts but don't necessarily have the budget on-hand to make it happen, there are many financial organizations in the market that provide merchant cash advances. These MCAs are a lot different as compared to standard business loans. Instead of having to pay the money back in a lump sum, you’ll be returning the money through a percentage of your profits.

Closing Thoughts

Marketing does work, especially when it's carried out effectively and with consistency. Many will argue that it's one of the most profitable and, if you can’t seem to get your marketing done on a budget, 2M7 financial solutions is here to help you. We offer merchant cash advance to businesses in Canada. So, if you need some extra cash to fund your marketing campaigns, give us a call today to learn more.