The October effect refers to the psychological anticipation that financial declines and stock market crashes are more likely to occur during this month than any other month.
After what has already been a torrid year for Australia with bushfires and Covid 19, October 2020 looms with:
- The typical pre-election business slump;
- Loan deferrals ending;
- Lease moratorium ending;
- Jobkeeper reducing;
- Govt. cashflow boost ending.
So how does your business keep the cash flowing in difficult times?
Make it easier for your customers to buy, and more importantly for your customers to pay, with ezyCollect’s Pay by Instalments, available now.
We all know that no matter what we go through, the economy always bounces back. It’s a matter of staying afloat during the storm, and then capitalising on the recovery.
We’ve seen the success of companies such as Sydney’s Afterpay, with a current market value of $21 billion (as at 14/9/2020) after only 6 years. People will still buy, if it’s easy for them to buy.
Your customers do still want to buy from you, and indeed need to keep buying from you to keep their business turning. It’s about making it as easy as possible for them to buy, especially in difficult times. And where they have choices in suppliers, they will obviously turn to the supplier who makes it easiest.
It’s about helping your customers through the tough times, whilst ensuring your own business does not suffer. And history shows us time and time again, that companies who survive the tough times, generally do very well when the market recovers.