You should base the profitability of your business on the amount of money that’s brought in by your core duties. Regardless of your industry, it’s important to keep in mind that your primary goods and services aren’t your only source of income. Indeed, you’ve likely got many revenue streams just waiting to be tapped. Below, we take a look at five ways you can squeeze extra money out of your company. While they’re unlikely to send your profits into the stratosphere, they’ll make a handy addition to the bottom line.
You’ve likely spent a lot of money on your office, making sure that’s it’s fit for purpose, speaks to your branding, and is a comfortable place to work. But here’s the thing: if you think that your office is a great place to work, then it’s likely that other people will, too, and be more than happy to pay for it. If you have unused desk space, consider renting it out to other companies. Aside from bringing in more money, it might add a creative thrum to your office that can benefit your business.
If your company needs machinery to succeed, then you’ve probably spent a lot of money making sure you have everything you need. The high costs don’t have just to be lost to history – you can reclaim their value in various ways. You can rent them out to other companies to use. Once they’ve reached the end of their lifespan, sell them to metal recyclers. There’s no reason why your business has to absorb the whole cost of expensive machinery.
You might have a lot of money “on paper”, but that’s not going to help your cash flow problems. Take invoicing, for example. You could have millions of dollars sitting out there in unpaid invoices. On paper, it all looks good, but it’ll only turn out to be as good as it looks if they get paid. Instead, look at invoice factoring. You’ll get the majority of the value of the invoice, and most importantly, you can rest assured that you’re going to see the cash rather than waiting forever.
Want to make some extra cash for your business, market it to a wide audience, and have fun all at the same time? Then take a look at hosting events at your workplace. If you have an appropriate space, you can host exhibitions, concerts, brewery nights, and just about everything else. You’ll get a slice of the money pie, and everyone that passes through the door will know that your company is connected with such a cool event. Double win!
Become a Consultant
Finally, you can always consider selling your expertise. Become a consultant for other businesses and you’ll be sharing your knowledge while getting paid at the same time.