Is your business growing at the rate that you wanted? If the answer is yes, you have reason to be proud. It can be hard to be motivated when you have a small business. However, you have managed to improve and deliver customers the products and services that they deserve. Attention needs to be paid to the fact that growth can put a strain on the cash flow of the organization.
As your business expands, you will need more resources. Hopefully, there are many things you can do to make more money. You can increase profits directly or indirectly. Seeking funding is not the answer. You are better off searching for hidden sources of income. This is how to get your business to make more money.
Lease out the empty office space
Not that many entrepreneurs take into consideration the idea of purchasing commercial real estate. They prefer leasing to buy when it comes down to their own occupation. At least, this is the situation in the United Kingdom. Companies do not wish to tie up their capital or dedicate time to managing the premises. You can take advantage of this fact if you own commercial space. Lease the unused office space. There are many entrepreneurs on a tight budget that are looking for a better place to do business and you could be the answer they are desperately searching for. You can choose to share the business premises for a little while or offer the office space to someone on a long-term basis. Maybe the only thing that you can offer is warehouse space or an unused garage. It does not matter. Leasing is a good way to increase your revenue.
Hold training sessions and workshops
Training and development are of paramount importance in the workplace. Employees ought to expand their knowledge base and employers, on the other hand, need to ensure that the people working for them have the chance to enhance and increase their capabilities. Managers do not hesitate as far as implementing training sessions is concerned.
Here is an idea: hold training sessions and workshops at your company. Delivering training to partners offers many benefits, including increasing revenue. When you offer fee-based training, you are better able to handle your finances. It is not a good idea to charge participants an extremely high rate. The value is determined according to the session. Set your goals and determine what your capabilities are. Advertise and promote your services among partners and acquaintances.
Recycle and make money out of garbage
It is quite unfortunate that businesses are producing an ever-increasing amount of waste. Companies that are making goods, for instance, have a significant effect on the environment. By-products arise in production processes and this does make a difference when it comes to profitability. There is no better time than now to start managing your business waste. Make sure that recyclable and compostable materials do not end up in the garbage. Invest in waste compactors. Just so you know, compacting the waste can also help generate income. You can generate enough money so as to cover operation costs and even put some money aside. Balers will help you reduce the trash volume. Once the by-products are sorted and compacted, they are ready to be sent off to a recycling facility. All recyclable items will be made into new products. Keep in mind that most haulers collect business waste at discounted rates.
Turn off the computers
Turning off the computer when it is not used is not something that many people do. Leaving on the computers, especially at night, leads to unnecessary consumption. It is not recommendable to leave the computers running all the time. Leaving them on will only waste electricity and increase your bill. Considering that you have many electronic devices in the workplace, this can represent an important savings opportunity. If the computers are running all the time, this can lead to wear and tear. Your goal right now is to take the company to the next level. The last thing that you want to be doing is buying equipment all over again. Make sure to turn off the computers when they are not in use. You will immediately see the effects on energy use.
Barter
Have you ever heard of bartering? It refers to the practice of exchanging good and services for other goods and services. More and more organizations are using bartering in order to save money. If you are an accounting firm and you need IT support, offer to handle the finances of the company in exchange for free service. This way, you will free up the cash flow of your business. The only drawback is your lack of awareness. Bartering is something that you should consider in certain circumstances. If Honda and your local plumber do it, so should you. It is very important to determine what you want to get and to identify a suitable trading partner. This does not mean that you should join a bartering club, just that you need to be careful in terms of doing business. It is not always worth giving it a shot.
Eliminate the phone line
In the old days, you had to have a dedicated phone line in the company. Why? Because it was important to look professional, as it is today. In the modern era, you do not necessarily need a phone line. As long as you have a strong Internet connection and a mobile phone, you can pretty much live without a landline. There are numerous voice-over IP tools that enable you to make phone and receive phone calls over the Internet. It is important to not neglect Skype. You can call international phone numbers and the technology is not expensive to set up. There is no reason why you should not get rid of your landline. A significant percentage of companies are wireless-only and you should think about joining the revolution. Landline calls are expensive to make and you are mostly using your mobile phone, anyway.
