According to Dun and Bradstreet, the number of small businesses going bankrupt jumped by 48% over the last 12 months, while small business start-ups fell by 95% over the same period.

Reasons for these high failure rates are usually due to cashflow issues. There are more outgoing expenses, with increasing energy prices, sky rocketing labour costs, and consumers’ spending decreasing.

So how do you increase cashflow? Increase your customer base, or customer spend. To weather the economic storm and secure a strong customer base, small business needs to find a way to matter and stay relevant to their customers. Consumers are looking for value in their purchases, even when buying something as small as a coffee.

This doesn’t mean discounting prices. Value can be achieved in other ways, such as providing a memorable experience for your customer. Meaningful, memorable, fun and unusual experiences influence the way customers feel about your business or product.

It is often the little details that customers recall, even more than the product they purchased or the service they received. Little details that customers notice, and that makes them feel good about not only making the purchase, but making the purchase from you, is a significant part of the overall customer experience.

Over the past 10 years, Di Bella Coffee has implemented this strategy by taking the time to make every customer feel special. This is done by being attentive and present when dealing with customers, personalising the service by taking the time to recognise the customer and remembering their name or order, and always serving in a happy and helpful way.

Ask yourself these questions …

What do I provide my customers that my competition cannot?

Do I matter to my customer?

If I weren’t in operation, how soon would it take my customers to replace me? By answering these questions, you can connect with your customer base and provide value to them that will ensure they remain loyal and in turn, pull you through the tough economic times.