With prices rising rapidly this year, more of us are looking for ways to make our money go further, including small businesses. Running a business can be difficult at the best of times but trying to stay afloat in 2022 is becoming increasingly challenging for companies everywhere. But there are ways that small businesses can increase their income when they need it most – read on to find out more.
If you’re struggling to find the funds to pay for an unexpected expense, payday loans online can help, with an easy application process and quick decision-making, you can have access to cash in as little as a few days to help in an emergency.
One of the best places to start when it comes to increasing your income is to cut back on expenses. Looking at your bank account and your outgoings and determining what you’re spending money on, as well as your income each month can help you to evaluate your overall situation.
If you find that you’re spending money in areas you could cut back on, you could make these changes so that you have a little bit of extra cash flow each month. Being aware of your income will also allow you to decide how much more you need to make, which as a result, means you can start taking steps toward where you’d like to be financially.
Value-added services are a way of offering your customers additional products in line with the service or product that they’ve already purchased. For example, if your customer has just bought a carpet from a flooring company, a bottle of carpet cleaner could be offered at an additional price, but it doesn’t have to be a product – if you run a kitchen or homeware business, you could offer cooking lessons. You could brainstorm ideas around products and services that you could offer your customers as an added extra to increase your income, and you could even benefit from word of mouth if your customers are impressed!
Often when running a small business, it is easy to get into the mindset of attracting new customers to the business, but you mustn’t overlook the customers that you have already gained – after all, they have helped get your business to where it is today.
Instead of trying to guess what would attract new customers to help you drive sales, you should use the knowledge you already have to increase sales amongst your loyal customers. They are already loyal to you, so selling or providing them with what they need makes more economic sense. You already have all the information you need to make this a success.
Lend out employees
If you have a few good employees, why not think about lending them out to other businesses, as a way of providing training like team building and management exercises? Not only will this benefit the other company that will pay you for the training your employees provide, but it will also allow your employees to grow, feel valued, and give them experience working within another small business.
This can also be used as a way of keeping your staff instead of making them redundant – you could simply loan them to another company like yours and have them come back to you when you need them. This allows your employees to remain at work, but also allows you to free up cash flow when you see fit, by not having to pay additional wages.
Small business loans
If you’re struggling to make enough income within your small business to cover expenses, a small business loan could be an option for you. It can be used as a way of financing your business so that you can cover the day-to-day expenses and operating costs, to free up your cash flow. You could use it as a way of increasing funds whilst you get up and running, or you could use it for equipment or premises updates that your business could not operate without. These loans are offered solely to small businesses as an injection of cash to help them get off the ground.