We understand having your own business can come with a bit of financial headache at times. Thereâ€™s always something or someone needing to be paid. Thereâ€™s plenty of ways you can improve the situation though. Weâ€™ve thought of some ideas to get the money back into your wallet.
Remove less profitable/ less popular products and services of your business
We see it all the time with even the most well-known businesses. A prime example is fast food chains. To help increase revenue and minimise waste, they often remove a chunk of their menu depending on popularity and profit margins. Having stock that you know moves quickly not only puts money back into your pocket quicker but it also makes it a lot easier to order the correct quantities when replenishing.
Being the fun boss is cool and all but all the morning rounds of coffee and staff lunches really adds up. If you still want to do something nice for your staff, keep it for special occasions such as end of financial year or Christmas. Who knows, they may even appreciate it more!
Find things no longer in use and sell them on. Surely you donâ€™t need the spare 20 computer screens lying around. Money in your pocket is far better than holding on to things and also creates more space- WIN-WIN!
Look into finance options
Are you constantly hiring that bobcat that costs you an arm and leg? Why not look into buying? This could save you so much money in the long run. Thereâ€™s nothing better than having your own tools of the trade.
Did you know we are a Business Finance lender
? We have plenty of different products to help your business flourish. Ask us today for a tailored Business Finance option
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