Sometimes we eat the bear, and sometimes the bear eats us. In other words, we might feel like we’re on top of the world on occasion, but we know that the times when the going gets tough is never too far away. Any business owner will know that this is just a fact of life. During the quieter months of the year, we might find that we’re not bringing in as much money as we’d like and that our cash-flow is beginning to suffer. However, don’t worry just yet: there are ways around these problems, as we’ll see.
1. Making The Most Of Your Premises
If you have businesses premises, then why not take a look and see if they’re doing as much for your business as they could be. You can use your premises for much more than just getting your work done. For example, if you have additional space, then you could make a few desks available to hire by other companies. Or, if the space is suitable, you could host concerts and other events. There are always ways to make money in business, and it doesn’t have to be from your core products and services automatically.
2. Scaling Back Expenses
During those months when there really isn’t as much money coming into your business as you’d like, it’s worth spending a day or two evaluating just where your company’s money is going. If you haven’t been keeping a close eye on this aspect of your business, then it’s possible that you’re spending more money than you realise on goods and services that you just don’t need anymore. You might find you can make significant savings, which could be the same – financially wise – as finding a new customer.
3. Releasing The Money You Already Have
It’s possible to have a lot of money on paper, but poor cash-flow. This could be because all that money you have “on paper” is tied up in things like unpaid invoices. Your clients might not be in any rush to pay their bills, but all the while, your business is suffering. You do have an option though: selling your account receivables to another company. Invoice factoring reviews highlight the ease of use and the speed in which the money was received. If your company is stalling because of backed-up invoices that are yet to be paid, this could be the solution to your problems.
4. Sell Your Skills
A couple of drier than usual months could happen for any number of reasons; it doesn’t mean that you’ve lost your talents. Looking forward, you could market your skill set by becoming a consultant for other companies. If you’ve been doing what you do for many years, then you’ll have a wealth of knowledge that other companies would be all too willing to pay you to hear.
5. Selling More
Finally, instead of lamenting that you don’t have more customers, make the most of the ones that you do have. Offer upgrades, additional services, and so on: it might just turn a bad month into a good one!