3 unexpected places (you might never think of) to find more cash in your business

In this environment, you’ve likely looked everywhere for revenue and profit boosts to your business. Hopefully you have the basics covered, such as using low-cost marketing strategies to boost revenues and attract new clients, slashing expenses to keep margins high as possible, and rolling out deals and discounts your clients can’t resist. These are tried and true staples of tightening your business. Since there’s so much content from other sources on these traditional approaches, I thought I’d go off the beaten path, like we did in the Muir Woods Saturday, and provide three not-so-obvious places to look for cash in your business.

  1. Use it or lose it. Take a systematic look at all your resources to see if they have empty capacity. Do you have an extra office, PC, phone, or conference room you can rent out and collect a few extra bucks for? Or could you work at home and rent a temp office just for days you have client meetings? Look for a vendor like www.regus.com to dramatically reduce your overhead and still maintain your professional image.

    No one likes to lay off staff; however, if you need cash, you sometimes have to face drastic measures. A full time employee who is no longer fully busy can be replaced with hourly contract individuals who can wax and wane their hours with your workflow and profit margins. If you have more time than money, bring in an intern to save payroll expenses.

    Review all of the resources you have in your business: buildings, office space, people, vendors, customers, equipment, contracts, connections, information, products, services, etc. and think creatively about how you can more fully utilize them to bring in extra cash.

  2. Bargains. Everyone loves a bargain. To raise some fast cash, offer your customers a one-day sale on selected products and services. The deeper the discount, the more cash you’ll raise. Promote it a week ahead of time to build excitement and anticipation, then hold it to a 24-hour period. Have customers buy discounted hours of time they can use next month for bookkeeping or offer ten to 20 percent off services for a range of time. Your long-time customers will snap it up and tell their friends. And you’ll have some quick cash in the bank.
  3. Ban busy work. Is your staff (or are you) doing work that doesn’t directly generate revenue? Look for things you or your staff are doing for clients that you are not billing the clients for. Why aren’t you?Look for marketing activities that don’t pay back and stop them.Look for $40 an hour employees doing $10 an hour work and re-delegate it to the right staff level.

Rev up your cash reserves right before summer by looking in these three unexpected places in your business.

Send us (support@sandismith.com) your success stories of how you found some unexpected cash in your business and we may publicize your business for a future article.