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19 Ways to Help Your Company Grow in a Challenging Economy
Growth vs.
Survival
Every business wants to grow and prosper, not just survive. It may seem like
an insurmountable challenge to do that in the current business environment. Fear
causes business owners to question every expenditure, and many feel comfortable
cutting costs without too much thought as to where or why, in order to protect their
bottom lines. Even businesses that are doing well are holding on to their cash and
not investing. But owners need to find ways to cut costs while growing their top
line — and their bottom line as well.
It’s up to the owners of small- and medium-sized businesses to plan to thrive,
not just survive. Companies can position themselves to do well in this down cycle,
as well as when the economy recovers. Fortunately, downturns are great times to
look at a business’ health and make sure it’s being run as efficiently and effectively
as possible. When times are good, many business owners don’t have the time or
inclination to do this; good sales numbers hide internal inefficiencies. But when
things are slow, wringing out inefficiencies and maximizing revenue are keys to
growing and prospering.