Ways to find hidden money in your business
Extract from the Australian Business Centre.
Most businesses have a hidden source of extra cash right in front of them. Here are a few ways for you to find that hidden money.
- Rent or sell off unused space
If you have some empty space that you are not using wouldn’t it make sense to lease this out? If you really don’t need it you could consider selling a concession for it. It is far better that the space is used by somebody else rather than just left doing nothing.
- Rent wall space to advertisers
If you have some empty wall space outside your business you could consider renting this out to advertisers; you will need to check with local laws first before making this move though.
- Temps and Freelancers
If you don’t have enough work to keep all of your staff productive you might be better off letting them go. You might consider hiring some freelance workers that you can use when you need to. Having less full time workers will also mean that you won’t have to pay so much on employee benefits and office equipment that they would need if they were with you all the time.
- Lease rather than own
Consider leasing rather than owning assets. It is important that you do a cost benefit analysis to see if it would make more financial sense for you to lease rather than own assets. Keep in mind that if you lease them you won’t be able to claim them as a business asset.
- Rent out unused equipment
If you have any equipment that you don’t use all the time you should also consider renting this out during the quiet times. Weekends and evenings is a time when this equipment is idle; it could be making money for the business instead.
At Ezypay we are constantly reviewing our systems and listening to your feedback about improving our billing services.
