How financial software can help you to grow your business during a credit crunch
When experiencing the pressure of a slow economy, growing your business may seem like a daunting task, but it's actually easier than you might think. With careful planning and frugal spending, your business can succeed during uncertain economic times.
Before considering the new direction that your business can take, it is essential that you have a clear picture of your company’s finances. QuickBooks' financial software can help you to assess your company’s finances so that you can begin the process.
In order to grow a business, you need to have money to spend. In a credit crunch, banks and other lending institutions are reluctant to offer small businesses loans. Therefore, you may need to redirect spending in order to find the money to expand.
Take a look at the tips below to see how financial software from QuickBooks can help you to survive a credit crunch.
5 tips on how to grow your business in a slow economy
- Collect outstanding customer payments
If you have customers who have yet to make payments owed to you, now is the time to start the collection process. Financial software can help you to keep track of outstanding payments and to know when to remind your customers to pay. This money is rightfully yours and without it you will not be able to grow your business during a credit crunch. While you may have been lenient in the past, you must stress to your customers that you can no longer allow late payments.
- Sell off seldom used equipment
Take a look around your office or factory to see if there are any pieces of equipment that are seldom used. If there is a piece of equipment that is not regularly used, decide whether it is essential to the running of your business. If your business can continue running smoothly without it, sell it.
- Consider having a sale
Having a sale is an excellent way to increase your income quickly. By reducing the prices of your products or services, you can encourage customers to purchase more products sooner than they would, if your products were their usual price. You may not make as much profit as usual, but the increased influx of cash can tide you over until sales improve.
Financial software can help you to ascertain how low you can make your prices and still bring in sufficient income.
- Limit credit to customers
Extending credit to customers slows down your cash flow. If you limit the number of customers to whom you offer credit and don’t offer credit to new customers, you will not have to wait to receive your money.
- Reduce expenses
Use your financial software to examine your daily and monthly expenses. When a business is doing well, owners and employees tend to spend frivolously. You may be surprised to discover how much money is unnecessarily spent on expenses such as stationary, electricity and phone calls.
Use QuickBooks’ financial software to save money in a credit crunch
QuickBooks' financial software can help you to keep track of all income and expenses. Knowing the state of your finances at all times is the most important aspect of growing your business.
Peruse QuickBooks’ range of financial software or contact us now for more information regarding our small business products.
QuickBooks SimpleStart - for new and home based business
The simplest way to manage and track money going in and out of your business.
QuickBooks Pro - manage your business accounts simply and easily
Manage your business accounts simply and easily.
QuickBooks Premier - fast and easy advanced accounting
Fast and easy advanced accounting.
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