You don’t have to be in it for the money to know how crucial that money is for your business. When you need a boost to your finances, you don’t always have to look to severe options like cutting staff or holding the purse-strings a little tighter. Instead, you should look at how you can get money for what’s already in the business.
Make use of the empty space
Most businesses have a workplace and not all of those workplaces are going to be an exact fit for the needs of the business. If you have too many people and too much equipment, that can be a crisis. If you have too much space, then that’s an opportunity. You can rent out office space to other businesses and people, cutting the costs of maintaining the workplace and even making a profit.
Run an employee rental scheme
If you have talented people that are being underutilized, then you can lend them out to other businesses as well. Your business could offer some of your most skilled and qualified members to make money from consultation services. If you simply don’t want to lose an employee but you temporarily don’t have the money to keep them employed, then you can keep hold of them by loaning them on a contract until you can reasonably welcome them back.
Take control of what you outsource
It’s a move that’s going to take some financial investment at the start, but in the long term, it can be a great help. Outsourcing isn’t only used to take care of services that you only have temporary use of. If you use fulfilment services, then you might want to look into bringing your logistics in-house. As a company’s reliance on tech grows, it will be more cost-effective to have your own IT guys than using a service. The more you use services you outsource, the more you should think about not outsourcing them after all.
Stop waiting for card payments
Besides saving money on tasks you need done and making money from underused assets, you should look at getting your hands on money already owed you in business. For instance, a merchant cash advance company can use receipts from your card machines to give you the cash you make using those machines. You don’t have to wait for it to get processed if you need the money now.
Stay on top of invoices
You can also use that kind of financing if you have invoices that you’re waiting to get paid. You should also process invoices a lot quicker, with reminders and agreed payment terms, such as set dates, so you don’t have to wait so long on those invoices. Too many are willing to let you wait and pay only when it’s most convenient to them. Don’t let that keep money from your business.
A quicker grasp of money that’s already owed to you and the use of assets that are otherwise being looked over are two great strategies to pump up the money flowing into the business. The next time you feel like you need to make a cut, think about where you can find more money yourself.