Anyone who runs a business wants that business to make more money. This doesn’t mean sacrificing the quality of your services or the morale and motivation of your company. Nor are we going to offer the obvious advice of working harder or adjusting your own paycheck. There are lots of ways, some free and some requiring an initial development, to see better finances for your company. We’re going to list twelve methods you can try to do just that. Some are designed to save you money you might be spending without needing to. Some are about how you can gain more customers and make more money through transactions. Some are even about protecting yourself from financial losses. Whatever it is you’re looking to do, so long as it’s about financial strength, you should find at least one of these tips a major help.
Learn your cash flow
An immediate way to begin seeing better use of your money, and perhaps more of it, is by paying attention to your cash flow. Design a cash flow plan of your own, seeing what money has been coming in and what is going out. From the plan, you can make both short term and long term projections. A cash flow plan can give you a good idea of what’s working for your business, as well as elements of it you can do without.
Cutting costs always brings a degree of trepidation when it’s brought up. Immediately, people start assuming it’s related to the staff. Others might assume it’s related to cutting manufacture instead. However, you needn’t go quite that drastic. There are certainly less scary ways to cut costs. Consider all your utility bills, for example, and get comparisons with other services. Try negotiating better rates with your supply vendors. There are other creative means of doing it, too. You might handle internal communication through Skype. External communication can be done through mobile phones and email. If that’s the case, then why do you need an office phone? Think creatively about what’s needed in the office and what isn’t.
Do your taxes right
From new companies to well established ones, anyone can fall into the pitfall of paying too much taxes. Are you fully aware of the different ways you can be saving on your tax payments? Do you know everything that you’re able to deduct? Taxes can be difficult to learn the ins-and-outs of. We recommend looking at what professionals can offer. Services like http://bswllc.com/tax/ can help. They’re tax specialists would could save you money on deductions you might have previously overlooked.
Start accepting credit cards
Are you one of the businesses that still only accepts debit cards or cash? You could be missing out on a lot of money. If a customer is only willing to pay via credit card, your lack of accommodation might cost you their business. Even worse, it could drive them toward the competition. Immediately widen your potential customer base and make more money in the long-term. Start accepting payment by credit card. http://www.businessnewsdaily.com has an in-depth yet easy-to-follow tutorial on how to open your doors to new business by credit card.
Get yourself some sales leads
The best way to make more money is to have more business, of course. But you can’t conjure those customers out of thin air. If you’re relatively new to business, finding sales leads can seem just as impossible. However, there are ways to instantly boost your target market. Services like http://www.salesleadsinc.com have hundreds and thousands of sales leads. It costs money, but it’s an investment that’s sure to return big if you’re able to use it well. There’s a wealth of information on potential customers out there if you’re willing to pay for it. In time, you may learn how to generate your own sales leads, but until you get that experience, this is a good way to get them.
Build customer loyalty
Just because you’re able to get a wealth of new customers, however, doesn’t mean you should abandon the old ones. A company should never rely entirely on attracting new business. That’s just a way to essentially tread water until you can’t find anymore new customers. Combine the search for new customers with a devotion to your current customers. Turn them into returning customers by offering the best service possible and discounts or deals they’re able to use with you. A loyal customer is worth more than five new ones.
Use customer referrals
This is just one of those reasons that loyal customers are a massive benefit to any business. The word-of-mouth they provide can be one of the natural keys to driving more customers toward you. Their ability to show their support through social media channels like Facebook and Twitter only amplify that effect. However, the best thing you can rely on your loyal customers for is a good referral. You’ll find that many people are willing to share their thoughts on what makes a business good or bad. Especially if you offer a small reward for the process. Referrals can then be used to demonstrate you have exactly what your other potential customers are looking for. No matter how much you’re growing, continue to rely on referrals and they’ll serve as perfect free marketing.
Hire an accountant
Another step that refers an investment on your end. More than any other, however, this is the greatest step towards financial stability. An accountant isn’t there simply to read your balance and interpret the financial jargon for you. All the best company owners use the accountants as advisors. They’re there to offer you impartial advice, without any sentimentality, on what is best for your finances. Their job relies on giving sound advice, after all, not just advice they think you want to hear. They can spot opportunities you might miss and warn you against steps that could prove disastrous for you. A good accountant can grow into a partner you’ll keep for life.
Don’t lose money from late invoices
Your business might run on the sending and payment of invoices, like others. If it does, the chances are you don’t need us to tell you that they can grow late or go ‘missing’ and require a re-send. But while you’re waiting on those late invoices, your company goes on and the costs might start to build behind your back. Mitigate any losses you would get from late invoices. Services like http://www.globalassetfinance.com offer invoice finance. That’s the practice of raising money from finances that are currently unpaid. You get the money you should already have and pay it back, with a degree of interest, when you finally receive payment. It costs money, of course, but it’s a way of protecting your business from the potential disaster late invoices can bring.
Insure your business and employees
Insurance is vital. But you might not have thought to insure everything you should have when it comes to your business. As an employer, you might need liability insurance to pay for any legal action that might be necessary in future. You can also insure your employees. This isn’t health we’re talking about but rather their position within the company itself. Should you lose an employee to illness or even their sudden departure, you can receive insurance for that. Research the different insurances available and make sure you’re covered for the worst outcomes.
Improve staff workflow
You shouldn’t become a harsh taskmaster over night. However, you should be considering your finances each and every time you’re dealing with your employees. From finding the right hire to making the work environment safe for them and avoiding any potential legal costs. You should also consider training your employees, whether you’re paying for it or taking the time to mentor them yourself. Building a team that’s able to handle more tasks can save you the money it would cost to hire someone else, after all. We have more tips, still, on how to improve the workflow of your staff.
Use free software
If you’re like most companies on the earth, the chances are you need to rely on IT solutions. They might be for administrative, accounting and other purposes. With all the different things you need your computer or network to do, you can find yourself using a lot of different software. All that software can add up to huge costs. Yet it doesn’t have to. Use http://download.cnet.com to search for free software. Find the software you’re already using and see if they have a free (good) alternative. Some can take some getting used to and have an interface that isn’t as visually pleasing. Grow accustomed to them and you’ll be glad you stopped paying.
There are lots more ways to save, make and stop yourself from losing money. As technology and the business world continue to evolve, no doubt more methods will surface yet. Avoiding falling the completion. Learn all the latest ways to take yourself to financial strength by making sure you keep up with the times by following us.