Talking Cents

Small business accountants in Surry Hills are thinking outside the box

Working as an ipa accountant I am always receiving important industry information that helps me stay up to date with the accounting industry. One recent article I've finished reading should bring a sense of hope and confidence to any small business owners out there who may be struggling at the moment.

The key message of the article was that whilst sales of clothing and shoes are on a steady, downward trend in the Australian economy, the shoe and clothing repair and alterations industry is experiencing consistent year on year growth of 5%. Clearly we are all willing to hold on to our old shoes to save a few dollars and just get them repaired instead.

Now if you aren't in either of those industries you may not see the relevance, but the point is this. No matter the state of the economy or your specific industry there will always be opportunities out there for those willing to think outside the box.

So if business is not performing at its best right now, ask yourself the question, "What other associated products or services are out there that may provide an opportunity for an alternate, supplemental income stream to your core business?" As an obvious example, your local Telstra or Optus store would be silly not to stock mobile phone cases, given that they are handing out brand new phones on a daily basis and would definitely sell well in those stores.

Of course, a word of caution is in order. Don't start selling a direct alternative to your core product or service; only market something that is going to supplement what you already do.

Keeping on your toes and never being static are some of the keys to being a success in small business. Always be open to change and seek new, fresh opportunities because if you don't, then someone else will!

As xero accountants we can help manage your accounts in an easier and more efficient way making any new venture you decide upon an easy transition.