The survival of business in our current economic climate

December 24, 2013 | by | 0 Comments

The last few years have not been good for many a business. It only takes a walk around round any city or town to see shops that have been boarded up or changed hands into a completely different industry.

The high street has suffered immensely from the economic downturn as property rates and taxes have been raised astronomically, the basic wage increased and more people choose to shop online more than ever before. This has affected the smaller business much more obviously than the larger ones, although cut-backs in staffing levels, freezes on pay-rises and many employees being given less hours, is a familiar scene for many business.

The bookstore Borders, along with stores such as MFI, Comet, Tie-Rack and general stores like Woolworths, have all suffered tremendously and most have now closed their doors for good in the UK.

Economic changes have caused many major stores, including Woolworths, to close down

Economic changes have caused many major stores, including Woolworths, to close down

Steel industries as well as shipbuilding industries have left the North of England with little option of well-paid work now these two industries have collapsed. Even huge companies like British Airways have suffered, as people choose economy airlines to make a saving on their travel.

The companies who have survived and are still doing well are those who have an understanding of the power of social media and who know how to use it effectively for their business.

Once a business utilises the help of social media, it can make a huge difference to their ability to cope with the financial downturn and even improve their annual profits. So many people own Smartphones, and are looking for free apps, useful apps and fun apps to download onto their devices.

Gaming is enormously popular among all types of demographics. The gaming and gambling industries are keeping afloat and making profits as they have apps now designed to be compatible with Android, iPhone and IOS supported devices.

These apps are as good as many of the PC supported sites, if not better. Gambling companies such as William Hill and Betfair allow their customers to play via mobile applications and even casino companies like Royal Vegas Casino Games Online and PokerStars have developed apps that are streamlined, easy to use and full of most if not all features of their main site.

Companies such as Amazon are also making good business from huge warehouses where the staff are regulated to ensure maximum output from their employees. Also, any business that creates apps for finding cheap hotel deals, making booking flights easier and also eBay, an online second hand thrift store, are all profiting by getting their business online where consumers can choose the time and the place to have a look at the app they need for any occasion.

Category: Business

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