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How to grow a business in tough economic times
Many small business owners choose to play it safe during challenging economic times, because they don’t want to put their companies at risk. However, growing your small business could help your business to survive an economic downturn. Growing a small business will increase your customer base and thereby increase your income.
There are many ways in which you can grow a business without risking your company. Accounting software solutions can help you to monitor your finances and know what expansion methods will suit your company’s budget. Small business accounting solutions from QuickBooks make it easy and convenient to keep track of your finances, and can free up time that you can use to nurture your business.
Take a look at our full range of accounting and payroll software, or continue reading to find ways in which you can grow a business during uncertain economic times.
Diversify your business
If you successfully run a small business, then you should already have a consistent customer base. These loyal customers provide you with your basic income, and if you want to expand you business, you will need to offer them a new range of products or services that complement your current selection. For example, if you own a hair salon, consider offering a range of hair products to your customers.
By providing an additional product or service, you are building on an established customer base. It is important to do market research before deciding how you want to diversify your business. Make sure that your new offer is consistent with your brand and that it’s a product that your customers would actually want to buy.
Target other markets
Another way to grow a business is to target new markets that have been previously ignored. When starting a small business, it is wise to focus on a small range of customers, but once you have established your base and it is no longer growing, it’s time to look to other demographics.
When choosing to target a new market, it’s imperative that you do so without alienating your current customer base. Expanding your customer base means just that – adding to your existing one rather than trying to replace it with a larger group. Finding new customers is far more time-consuming and costly than retaining your current customers.
Merge with or acquire another business
There are many business opportunities during times of slow economic growth. Keep a lookout for failing companies whose products or services might complement your own. Consider merging with or acquiring such a business. Not only can it expand your customer base, but you could be saving its staff members from retrenchment.
Acquiring another business also gives you access to their assets. This will save you the time and money that it would take to source similar assets for yourself.
Expand to the Internet
If you have not yet explored the marketing benefits of the Internet, you are missing out. The Internet provides businesses with a platform that is open 24 hours a day. By selling your products and services online, you are giving your customers the opportunity to shop from the comfort of their homes. Your website can be working for you even while you sleep. It will also give you access to an international market which can be expanded upon in the future.
Use the uncertain economy to grow a business
An economic downturn can offer an ideal opportunity to grow a business. Periods of economic uncertainty create an environment of creativity in which many business owners thrive.
Peruse QuickBooks selection of comprehensive business software packages to find accounting solutions that can help you to grow your business.
The simplest way to manage and track money going in and out of your business.
Manage your business accounts simply and easily.
Fast and easy advanced accounting.
Quick Payroll is designed to meet the fast growing needs of dynamic South African SMEs.
It simply manages all aspects regarding payroll, including payroll calculations, leave registers, report writing, tax year-end, and more. Quick Payroll interfaces seamlessly with QuickBooks accounting software, which means your general ledger journals will automatically update.
Our solution automatically provides new tax law or statutory upgrades as they arise, keeping you on the payroll cutting edge. What is more, our Quick Payroll is so flexible; it can be used in any industry sector, injecting value into your company, employee and client relations across the board.
Quick Payroll Lite is designed to meet the fast growing needs of dynamic South African SMEs. It simply manages all aspects regarding payroll, including payroll calculations, leave registers, report writing, tax year-end, and more. Quick Payroll Lite interfaces seamlessly with QuickBooks accounting software, which means your general ledger journals will automatically update.
Our solution automatically provides new tax law or statutory upgrades as they arise, keeping you on the payroll cutting edge. What is more, our Quick Payroll Lite is so flexible; it can be used in any industry sector, injecting value into your company, employee and client relations across the board.
