More money is always better when it comes to business. Unfortunately, coming across the extra cash you need isn’t always easy. It many cases, you have to plant the seed and wait for it to grow. That’s the case with large upfront investments, like solar panels, even though you’ll save in the long run. It’s also the case when it comes to expanding your product line because it requires extensive development.
It’s important to look for long-term ways to make money, but what do you do if you need money now? There are plenty of things you can do if you’re short on cash and need the extra money as soon as possible.
Sell Items in the Office You Aren’t Using
Your first thought is probably to focus on your products and services. You wouldn’t be wrong! We’ll talk about how you can make more with your products and services, but you’ve got much more to sell than what’s on the shelves.
You could sell the shelves themselves!
Whenever you remodel, sell everything you will no longer be using. That means selling used shelving, desks, office chairs, and even artwork. It’s a great way to make a few extra bucks fast, especially if you get help from office liquidators who can provide you with an all-in-one-price for everything you’re selling.
That’s not all you can sell! Did you know you can sell your used network equipment? BrightStar purchases used network equipment, “A lot of customers we work with are selling network equipment because they need to replace it, and they often put the value of what they sell directly toward replacement equipment.”
Increase the Price on Your Products and Services
If you want to make more money, you might think the best way to do that is to sell more items. You wouldn’t be wrong, but finding new customers can be difficult. Instead, alter the price of what you’re selling to make more right now.
Worried about losing customers? You do have to be careful when you raise your prices. A few tips for raising prices without alienating your customers include:
- Consider adding fees, when needed, instead of increasing the base price.
- Increase the price in small increments.
- Only raise prices for new customers.
- Add value with an additional service or feature.
Negotiate with Vendors for a Lower Price
You probably work with multiple vendors on everything from office supplies to web hosting. Your business couldn’t run without them. You can’t just get rid of essential services, but you can negotiate lower prices.
In most cases, products and services from suppliers are not fixed. They are willing to negotiate fees with you, but they will wait for you to start the conversation.
Research their competition and ask if they are willing to price match. You can also discuss the possibility of reduced prices for increased services, which is especially beneficial if you can consolidate your suppliers and get more from just one or two. You may also be able to negotiate lower prices with a larger deposit.
Automate Everything You Can
Time is money. Unfortunately, there are a lot of boring, repetitive tasks that you have to do that can suck up time you could be spending doing something more productive for your business. You may not be able to eliminate those tasks altogether, but you can reduce them by automating everything you can.
Automating things doesn’t have to cost a lot of money! You can automate many important business tasks for free like:
- Sharing files with others online.
- Automating all of your invoices.
- Generating leads with automated emails.
- Automating social media posts.
- Scheduling time off.
- Payroll for your employees.
There are many free programs you can find that will help you automate business operations. For example, Google Docs is a great way to share files online, while Recurpost can help you with your social media posting.
Reach out to Existing Customers
If you want to make more money, it would make sense that you would want to find new customers. It’s undoubtedly one way to make money, but it isn’t the best way. You’ll end up spending five times more money attracting new customers than retaining existing customers, which does absolutely nothing for your bank account.
Instead, reach out to existing customers. Offer new perks, special discounts, and go above and beyond to show your appreciation for their business by inviting them to special events or reaching out to them personally. You’re much more likely to get a sale, and you’ll spend a lot less of your money and time to get it.
Get Rid of All That Excess Inventory
The possibility of running out of inventory is scary. After all, if you want to sell more products, you have to make sure you have the products to sell!
That leads many businesses to store massive amounts of inventory to ensure they can always cover demand. That can have a huge effect on your bottom line.
Excess inventory can cost you a lot of money. Not only does it cost to rent the space, it can also result in wasted inventory. If you’re looking for ways to free up a little cash right now, consider getting rid of excess inventory.
That doesn’t mean you should get rid of it all! It’s always a good idea to have a little extra on hand, but you do not need to keep any more than what customer demand requires.
If you’re worried about running out, don’t be. It creates a sense of scarcity, which is actually appealing to buyers. They will likely be willing to buy as soon as your inventory is replenished.
There are a lot of long-term ways you can make more money for your business, many of which are effective, but they aren’t helpful if you need cash now. Follow these tips and you can dig up a few extra bucks that you can use in your business right away.