Most business owners dread the tax deadlines, and find it hard to budget for the large expense of paying their dues. Many of them, at the same time, would like to expand their business to improve the services they offer to their customers, but don’t want to take out credit. If you need to generate extra revenue for large business expenses, you might want to get creative and think outside of the box. Below you will find a few tips on how to find the money you need to achieve your goals.
You can create new services that you can add to your current package to increase your profits and revenue without having to change your business model. For example, if you are a financial advisor, you could team up with a will writing professional and offer this as a service, earning a commission based on the sales and recommendations you generate. This way, you improve the service and your revenues without having to do extra work.
If you are currently selling one-off packages, you might think about creating a subscription account. For example, computer repair companies can offer a care package and regular checkups for their clients and generate a residual monthly income, so they can improve their cash flow. Tutors can turn their hourly rates into monthly budget packages, and secure long term revenues.
When you secure larger clients, you might want to offer them a retainer agreement, so you get your money in one go. If you schedule the payments around the time when your taxes are due, you could easily pay them off on time and avoid getting late payment charges. The one off large payment will also allow you to invest in your business; buy new equipment, improve your offices, or pay for essential customer research.
Stock Market Investments
Whenever you have money to spare, you could also invest in the stock market and realize higher returns that you can use to improve your business. Whether you are interested in CMC Markets or backing startup businesses and purchasing shares in technology companies, you can easily grow your money, if you enroll in a training. Use the quiet periods in your business to improve your cash flow.
Renting Space or Employees
In case you would like to earn extra income to cover slow business periods, you can think about renting out your meeting room, office space, or even your employees to other companies. A flexible contract could attract those who only need the service, extra workforce, or space for a short period of time.
Companies often find it challenging to fund their development project, expansion, or other large expenses. If you would like to improve your productivity and cash flow, you might want to make small changes like these and see how you can plan ahead for a longer period of time and avoid financial struggles in your business. Focus on maximizing customer value and using your capacity in the most profitable way.