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Remember that you started your business for a reason. There are two ways to grow your business, no matter the economy: grow your.
Table of contents

1. Take stock of your cash resources:

Making customers a priority in an economic downturn may also involve: running loyalty or customer incentive programs adapting your products and services to be more suited to your customer's current needs diversifying your business to minimise potential damage from the loss of a significant customer.

Marketing strategies Reviewing your marketing strategies can help you come up with new ideas to increase sales and find better ways of using your marketing dollars. Managing staff Make sure you have an up-to-date human resources HR plan. Networking Networking during an economic downturn can be useful to understand how other businesses are coping. Developing innovative practices Developing innovative practices may help you adapt to changing market conditions and stay ahead of your competitors.

Seeking assistance Speak to a financial adviser or other types of business advisers, such as accountants and consultants, to help you survive an economic downturn. Also consider Learn how to prepare a business continuity plan to keep your business running during and after a crisis.

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Find out more about how business mentoring can assist you. Your business and industry association can assist and support you. Previous Managing finances in an economic downturn. Last reviewed: 17 Jul Last updated: 24 Jun Print Page Print Topic. Phone scam reported - 'Queensland Business Development Office' Bushfire preparation checklist Queensland flood relief Southern Queensland bushfire relief. I want to Access OSRconnect Find business licences and permits Find a scientific research organisation Use our payroll tax calculators Use our transfer duty calculator Find business grants and assistance.

More online services More events Top resources. Small Business Connect newsletter - Web page. Ask for a discount.. Don't be surprised if some of your short ads generate a bigger response than your long ads. The most effective ad I ever used was only 11 words. Publicity produces sales for a much lower cost then advertising.

For example, find something newsworthy about your business. Write about it in a news release and distribute it to publishers. Your customers already know you and trust you.

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It's easier and cheaper to get more business from them than to get any business from new prospects. Here are 2 ways to use your relationship with customers to generate additional business. Offer Them Related Products Or Services Find or create additional products and services you can offer to existing customers and to new prospects. Your new products or services should be closely related to those your customers originally bought from you.

Top 10 Startup Survival Tips In A Slow Economy | Startup Grind

For example, I recently spoke with a network marketer selling nutritional products. She also works with a health club that pays her a commission for each new member she signs up. Over one third of her income is generated by offering the related product to her customers. Reward them for each referral that becomes a customer. Your reward could be a discount on their next order or a special bonus item.

There are two ways to grow your business, no matter the economy: grow your customer base or expand the products or services you offer.

In a tough economy, looking for ways to diversify your customer base and diversify your business is especially important. To diversify and grow the right way, look to add products and services that you know fill a need for your existing customers. Look to your competitors to see what they are offering that you should be offering too. Add new customers by marketing and raising awareness about your business. In a slow economy, your competitors might be faltering — staying on top of your marketing and outreach can help bring some of their stray customers to your business.

A difficult economy can have other businesses looking to downsize, or business owners might be selling their business. If you are working your way through the situation with a growth mindset, you stand to benefit. Look for opportunities to expand your business by purchasing portions of other businesses or by purchasing smaller companies.

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  4. Just be sure that the businesses you acquire are in line with your mission and your vision for the future of your company. A healthy cash flow is essential to a healthy business, and even more so to a growing business.

    6 Tips for Expanding Your Business — Regardless of the Economy

    Keeping cash flowing, and possibly maintaining an open line of credit, can help you to react to problems with your business, take on an unexpected larger client or even take advantage of an opportunity to expand. Maintain cash flow by setting a monthly cash flow budget.

    In a tightening economy, small and medium-sized business owners often feel compelled to lower their pricing in attempts to retain customers or attract new customers. This tactic can be dangerous, as it can decrease profits and cash flow, threatening the growth of your business.