For both small and mid-range businesses, the need to find the edge over the competition is vital. Competing for many of the same customers, strategies need to be put in place to secure a foothold in the consumer domain. Not only are these businesses competing with each other, but they also have to consider those online behemoths, Amazon, eBay and their ilk, which threaten to stamp all over the little guys. The world of business is ruthless, and for those smaller businesses, failure is a possible eventuality if they don’t strive to get that competitive edge.
To gain that edge, there are some solutions. Business owners can improve their leadership and management skills with courses such as this online MBA with no GMAT required. They might also source the top talent from the employee market to strengthen their operations. And another way to gain an edge is to stay in line with modern technologies and consumer trends, which, for the benefit of this article, includes cryptocurrencies. Companies such as Expedia, Subway, and Microsoft started to receive crypto payments several years ago, and many other merchants have since started to follow suit, adding Bitcoin as a valid payment option. For any business owner looking to survive well into the future then, it is important to consider the advantages of cryptocurrency for their business.
These advantages include the following:
An improved financial situation. Be it for business capital or a quick cash injection when funds are low, a crypto loan can prove invaluable. As we discussed in more detail here, a crypto loan can be transferred into a bank account quickly, so liquidity needs can be met immediately. This can make all the difference when a business owner is struggling to make ends meet, or should they need to spend money on their product or service, or raise funds to give their business an extended marketing push.
More savings. Because cryptocurrencies are decentralized, there are no bank fees to worry about in relation to debit and credit card processing when making transactions. These savings, however small, can then be put to better use instead of disappearing into the pockets of traditional financial institutions.
Advantages when trading internationally. When doing business with international markets, there are often foreign transaction fees and exchange rates to deal with. This is difficult for any small business owner looking to expand overseas, and the financial repercussions might deter them from the prospect. However, because of self-contained blockchain systems such as Ripple, smaller businesses, as discussed here, can make the transition without the costs that would usually be associated with traditional banking systems.
An increase in customers. According to data, there are almost 32 Bitcoin wallets in existence. While this doesn’t necessarily tally up with the number of customers who use them – many people open up multiple wallets – but it is clear that many people today consider cryptocurrency to be a valid way of making transactions with businesses. As more and more customers become familiar with digital currencies, business owners need to offer this extra payment option to win new customers, future-proof their operation, and to have the edge over those businesses still playing catch-up.
It can often be overwhelming for business owners to stay in line with emerging trends. However, to have that competitive edge, it is vital to do so. Early adopters of cryptocurrency will see the benefits in all of the ways we have discussed, and that will give them the lead over their nearest competitors.