Are Acquisitions Right for Your Accounting Firm?
Episode description
Diversifying growth is important to GrowthLab. When it comes to running an accounting firm, do you want to have a niche customer base or diversify your customer base and work with other industries?
For GrowthLab, we knew we wanted to expand from our traditional startups and tech based businesses into the hospitality and experiences industries. That's why we acquired FoggedIn Bookkeeping.
1️⃣ Diversify Customer Base
This is a step in diversifying our customer base after years of focusing on venture-backed startups and e-commerce while continuing to expand our team.
2️⃣ Industry Growth
Many believed the hospitality, restaurant, and experiences industries would never recover, yet we believe this industry segment will grow and stabilize in 2023 as consumer behavior moves from buying stuff to increasing spend on experiences.
3️⃣ Strategic Growth
As recessionary fears continue to mount, businesses and consumers now focus their attention on whether 2023 brings a soft landing or years of stagnated growth.