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Internet can Level the Business Playing Field

The internet is not only benefiting the access to funding for businesses, but it’s also helping to level the playing field giving small businesses a better chance of competing with their larger rivals. Online platforms for finance are growing and helping to widen the options available for businesses when looking for funding, letting independent providers of invoice finance, peer to peer and crowd funding platforms compete with traditional bank lending. Similarly, having an internet presence for your business itself can boost opportunities for growth, as well as letting small firms compete with the big ones.

According to research by the University of Southhampton, consumers were asked to compare the website of large and small firms, without first knowing the size of the business. In a lot of cases, customers weren’t able to judge the size of the business from the website alone – and, more importantly, when asked to choose between the two businesses 2 out of 3 people chose the smaller firm.

Not only this, but the research showed what people most responded to in an online presence. 81% of customers were attracted to authenticity, with easy to read descriptions and a simple approach being important. 71% wanted to get a sense of the people behind the business before making a purchase. Clear contact details were also a big factor (77%), with 64% valuing good reviews and customer feedback.

This shows how important it is to have  digital presence. Not only does it mean more people will be able to see your business, but it also means that you’ve got the opportunity to get business from customers who may otherwise have opted for the biggest and most obvious company. This renews competition between big and small companies, levelling the playing field like never before.

This all shows that if your business is looking to make the most of online opportunities for improving cash flow, it’s just as important to improve your own digital presence as it is being aware of the internet funding options that are available to you.

 

 

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