There are few things that we all want when we are talking about business. More time, more resources and – usually – more money. While it’s often the case that we look to the outside for more funding for our business, often some great rewards can be uncovered from within if you just know where to look!
A very simple example of how you can save a great deal of money with your business is to make the shift to a virtual office. A virtual office still gives you the benefit of a bricks and mortar office space, without the huge financial commitment for a commercial lease. With a virtual office you enjoy the best bits of a prestige address and none of the financial burden.
While having a virtual office does involve moving your team into a remote working environment, it’s worthwhile for the money you will save. So long as you take the right steps to maintain good culture (even with a remote team) it’ll work out for you. If you’re interested in knowing more about a virtual office you can find some info here: www.servcorp.co.th/en/virtual-offices/
Let’s take a look at a few more ways to save money and boost your business financially.
Recover your debts
When you’re looking to get some more money fast the quickest and easiest way you can do this is to recoup some of your old debts. Chase up as many of the payments that you are owed as possible. If you don’t have the time available to you to chase up your debts, then maybe you need to enlist the services of a debt collection agency to help out. Make sure you contracts and conditions of sale are up to date so you can chase people effectively.
Sort out your expenses
As we mentioned above, it’s important to reduce costs wherever you can – and a great way to do this is with a virtual office. Another way you can do it is to go onto a payment plan for larger expenses, to switch up your insurance to try and get a better deal, or to switch to a cheaper supplier for consumables.
Sell some assets
If you have a bunch of assets sitting around, you might consider offloading some to get some cash coming in.
Have a discount sale
If you’re looking to get some cash coming in, you might like to offer markdowns or have a sale on full price items to get some more cash coming in to your business.
Increase your prices
Another option to get cash flow – albeit not a hugely popular one with the customers – is to offer an increase in prices. If you do it correctly it can be a good option.
Consolidate your debt
If you have a lot of debt at the moment see if you are able to combine it all into a low interest and low rate amount. If you’re thinking about refinancing your current debt, make sure you shop around and get the best possible price.
Invest some of your own money
It seems counterintuitive – but investing your own money can be a good way to get more investment from others.
Growing your business is a balancing act where you need to ensure that you have enough cash flow and suitable asset management to make sure that you can stay afloat even in tough times. By implementing some of these tips and working with your financial team to make sure you’re on top of things you’re sure to experience success. Good luck with it all – and enjoy the ride.