When you run your own business, money is constantly on your mind. No matter what stage you’re at in your industry, be it a beginner or an experienced mogul, you’ll always be on the lookout for ways to free up some spare cash to help fund other projects. With this in mind, today’s post is all about three simple ways that you can give you finances a boost, and free up some capital for that next expansion.
Consider business credit for larger purchases
Just because you’re a capable entrepreneur doesn’t mean you have to do everything on your own. At some point, your personal finances won’t be enough to fund the grand plans you have in mind, which is where business credit comes in handy. By applying for this, you’ll have access to much larger sums of money to fund specific developments.
It could be that you need to take on a whole new team of employees, you may need a down payment on a larger building, or it could be an investment in better equipment, but this allows you to get better quality without the compromise. For example, items such as printers can be very expensive for the multi-functional versions, but they are absolutely essential and heavily relied upon in a business. You can’t take the risk of buying cheaply.
Bulk-buy your favourite items
This is another great trick for businesses, as bulk-buying the things you use the most not only means you’ll rarely be in the position where you have run out, but it means you always get the best deals. Online suppliers are often the best option, as companies like Cartridge People have tonnes of offers for every kind of ink imaginable, that they can sell to you at much better rates.
If you wanted Canon mg3250 cartridges for example, you’d be able to view the various prices, multi-packs and bulk-buy deals available, with reviews too. Then another great tip is to invest in software such as GreenPrint, which identifies wasted pages sent to a printer, meaning you save on ink and paper too.
Employ an empty desk policy
This is a relatively new idea in most offices, but it’s incredibly efficient from a business’ perspective. The ‘empty desk’ policy means that all workers are issued with laptops and the various wires and accessories needed. They come into work, hook up to the system and simply pack up at the end of the day.
Not only does this mean a clean, spacious and pleasant working environment, but by using laptops instead of desktops, approximately 90% less energy is needed to run them, slashing your office overheads. You could even take this a step further and reduce the number of phone lines in your system, by giving your workforce smartphones. You may be able to negotiate a better rate, but you’ve also made way for the future with a fully mobile staff.
Do you have any other ideas for freeing up some business cash?