SMEs And The Price Rise Conundrum: Metro Bank Offers Guidance For Small Businesses<\/figcaption><\/figure>\nEvery business will be different and there is no one-size-fits-all solution, but there may be some things you can do to lighten the load. Ian Walters, Managing Director \u2013 Distribution, at Metro Bank, offers tips on handling cost increases. \n1. Be transparent: People may be expecting prices to rise; it won\u2019t be a surprise to many customers. Communicate on social media channels; write on a blackboard in-store; personalise point of sale, but be really clear and transparent about the changes you are making and why you have to make them.<\/p>\n
2. Be honest and trade on loyalty: Loyalty is bred through the relationships you\u2019ve created, so nurture the trust that comes with it. Be honest about the challenges you are facing and try to counter with a loyalty bonus if possible.<\/p>\n
3. Quality: Be careful not to compromise your USPs by cutting costs in the wrong places.\u00a0 For example, depending on the type of business, you might be able to consider creating smaller products at the same standard, rather than compromising on quality.\u00a0 Maintaining expectations of service and standards will reap rewards.<\/p>\n
4. Seek help: Do not lie awake worrying. There is help and guidance available.\u00a0\u00a0 We also have business managers available in our stores and customer service staff available seven days a week; so, don\u2019t lie there fretting at 3 am. Come into the store and see your local business manager for a chat.<\/p>\n
Ian Walters commented:<\/p>\n
\u201cAt Metro Bank, we specialise in nurturing small businesses and providing tailored support. We recognise this is a time when flexibility is needed to help our customers navigate the current climate. Straight-talking, easy banking has never been more important. Dedicated Local Business Managers are on hand within our communities to help our customers wherever they can.\u201d<\/em><\/p>\nAbout Metro Bank<\/h2>\n Metro Bank services 2.6 million customer accounts and is celebrated for its exceptional customer experience. It is the highest-rated high street bank for overall service quality and the best bank for service in-store for personal customers, in the Competition and Market Authority\u2019s Service Quality Survey in August 2022.<\/p>\n
This year it has been awarded \u201cBest Mortgage Provider of the Year\u201d in 2022 MoneyAge Mortgage Awards, \u201cBest Business Credit Card\u201d in 2022 Moneynet Personal Finance Awards and \u201cBest Current Account for Overseas Use\u201d by Forbes 2022. It was \u201cBanking Brand of The Year\u201d at the Moneynet Personal Finance Awards 2021 and received the Gold Award in the Armed Forces Covenant\u2019s Employer Recognition Scheme 2021.<\/p>\n","protected":false},"excerpt":{"rendered":"
Everyone is being affected by rising costs and there is no sign of a slowdown. For small business owners, the conundrum is real: how to manage growing expenses without losing customer loyalty? Every business will be different and there is no one-size-fits-all solution, but there may be some things you can do to lighten the […]<\/p>\n","protected":false},"author":7,"featured_media":21617,"comment_status":"closed","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"_mo_disable_npp":""},"categories":[3666,25,3822],"tags":[22029,22030,3991,3855],"acf":[],"yoast_head":"\n
SMEs And The Price Rise Conundrum: Metro Bank Offers Guidance For Small Businesses - OpenBusinessCouncil Directory<\/title>\n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n\t \n\t \n\t \n