DELICIOUS
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REDDITIf you’ve been running your own business for a while now and it’s not turning out quite how expected, then you should be taking stock of where you’re at, where you want to go and what you need to change to achieve your goals. Look back through your company plan, have you been following it closely? One of the biggest issues that small companies face is cash flow – not only making enough revenue to survive and turn a profit, but also getting clients to pay on time to keep the funds flowing. Here are some ways to put your business back in the black.
Review your ins and outs
When money becomes an issue in a company, the pressure starts mounting, the invoices keep coming and you can feel like you’re swimming against the tide. If you’ve had a prolonged slump of spending more than you’re making, then one of the first things you should do is review your ins and outs every month. How much are you spending on rented office space, for example? Or how about the upkeep of that workshop area, which is very rarely used? Not to mention all those memberships or business clubs, which you don’t take advantage of? Have a look at where costs can be cut, as you look to turn a profit.
Cutback on bills
As well as property you may be renting for your business, you can also look at other regular outgoings such as accountancy and legal fees. Are you getting the best deal from the companies that you’re contracting the work out to? Is it time you shopped around for a more competitive offer? Also, how about your energy bills? Are you spending too much on power and water each month. If you can review your provider, then do. Otherwise, you can look at encouraging energy saving measures around your workplace. Check out the intensive collections of LED high bay lighting, for instance – if you want the lights to be more efficient, and to improve your electricity bills while also being more environmentally friendly.
Drum up more custom
As well as trimming your spending on business needs and becoming more efficient, you also need to focus on increasing the amount of cash coming into your company. That means, studying your current client base – is there a way that you can bring in more revenue? How can you attract new customers?
If you don’t already have a dedicated sales and marketing department, it may now be the time to get one. You have great products and services, but if people are not hearing about them, you won’t ever grow your profits and turn things around. You can’t stand still in business. It’s all about understanding current trends and needs and analyzing what your nearest competitors are doing. Staying ahead of the game and giving your clients a reason to come back is crucial as you make your way along what may seem like a tough path to success. If in doubt, get some professional business advice.
