Happy New Year!
Value Added Tax (VAT) is now a reality in The Bahamas. How are you dealing with it?
Leading up to Jan. 1st there was a lot of doom and gloom. People were afraid because no one was sure what would happen. But one thing everyone agreed on was that the cost of everything would increase.
To hear some tell it, it will be the end of the Bahamas. Other claim it is needed and we will adjust quickly enough.
Its still probably too early to tell, but theharsh reality is that some businesses will not survive and have to close down.
Will you be among them?
More than ever before I believe now is the time when local businesses have to truly embrace the internet as a key business tool.
Here are 10 Ways Business Can Use The Internet To Help Their Business Survive The Post VAT era
- Grow Your Customer Base
- Enhance Customer Service
- Build Customer Loyalty
- Increase Brand/product Exposure
- Super Charge Marketing Campaigns
- Collect Customer Feedback
- Increase Referrals
- Boost Word of Mouth
- Reduce Overhead
- Outclass your competition
Over the first quarter of 2015 I will be going into more detail on how small businesses can achieve the steps listed above. You can Sign Up Here To Get Updatesas they are posted.
Local Businesses Must Innovate To Survive
As a result of the implementation of VAT there are certain facts that we cannot escape;
- Business cost will go up
- Consumer cost of living will also go up
- Consumers will have less to spend (and/or be more conscientious about how they spend it)
- Which will lead to increased competition among businesses
To contend with these issues, business need to innovate.
Perhaps that is the big benefit that we will see as a result of VAT implementation; businesses starting to be more innovative in how they deal with consumers.
The business that fail to innovate will fail. Simple as that! – GR Wilson
While small businesses around the world have been seeing huge gains from the explosion of social media and online technologies, many local businesses don’t even have websites.
An easy, powerful and affordable way local businesses can innovate is by going online and using the tools available to connect with customers.
How are you going to survive the changes to The Bahamas in 2015?