How to grow your business in a tough market

Everyone can grow his or her business when the economy is booming or the market is growing. At those times, you can put a stick in the ground, and find it has grown into a tree the next day. Money sits loose on the customers, and they are willing to take greater risks.

However, when the economy is troubled – like now – it takes much more skill to grow your business. You have to fight for every new customer, and competition is fierce and your earnings are under pressure.

This brings two problems:

  1. Because of the market situation, you need to focus all your time and energy on getting new customers and maintaining your existing customers.
  2. This takes your attention away from the other areas of your business.

Let me give an example: If you can answer precisely how many customers you have, but don’t know your revenue last month, you are affected by this critical problem. You suspect that there is a profit every month, but you don’t really know. When the annual report comes, you are surprised that the profit isn’t higher.

In other words: You are not in control of your business.

This means that there is less money available in the company to reinvest, and there is no bandwidth available to expand your business.

So what to do now? Don’t worry – we created MoreReporting to help you both get in control of your business and grow it.

Step 1

Connect your accounting to MoreReporting. Immediately you will see your revenue, expenses, profit and cash flow based on accounting data. Now you are beginning to get in control of your business. But this is not enough to grow it, which leads to the next step:

Step 2

MoreReporting BudgetThe next step is to setup a budget. Most will run away screaming at the though of budgeting. Fear of excel chaos can give cold sweat to most. We felt the same way. That is why we have created SmartBudget in MoreReporting.

SmartBudget in MoreReporting analyzes your previous years and creates a default budget for you. Instead of having a thousand rows in 10 sheets in excel, it gives you a simple view of your budget, as illustrated.

Since it is build into MoreReporting, you don’t have to do anything (besides the normal accounting) to follow up on your budget. And if the actuals deviate from the budget figures, MoreReporting will notify you automatically.

Now you are in control of your business, and have begun to create the financial latitude you need to expand your business.

As a final note, if you need external capital to grow your business, MoreReporting have the budget reports build-in you need to show to the bank or investors to secure the capital you need.

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