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Businesses diversify to survive downturn

A survey conducted by consulting firm Grant Thornton has found that while a third of the Australian businesses surveyed indicated that decline in demand was an obstacle to growth, more than half were diversifying to capture new markets and 37 percent were developing new services.

“Although a shortage in customer orders might derail the growth plans of some Australian businesses, many are already busy developing alternative ways to expand and scoping out new markets,” said Tony Markwell, spokesperson for Grant Thornton Australia. “You can’t just afford to retreat into a bunker in this current market.”

A quarter of survey participants had increased advertising while one in five were capitalising on employment conditions by conducting recruitment drives.

The survey included 250 Australian businesses as part of its 7,200 worldwide participants.

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Adeline Teoh

Adeline Teoh

Adeline Teoh is a journalist with more than a decade of publishing experience in the fields of business, education, travel, health, and project management. She has specialised in business since 2003.

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