Search
Close this search box.
Blog » Business Tips » Getting More Money Out of Your Existing Business

Getting More Money Out of Your Existing Business

government money

The biggest challenge most small businesses face is cash flow. Getting enough money in on a regular basis to pay the business bills and to pay yourself can be a daunting task. The answer might seem to be work harder or more,

Getting more money out of your existing business can be the exact answer to preventing any cash flow problems, and to growing your business without putting in any more of your time. Finding new ways to make money out of existing business is often easier than you might think.

Earn More In Less Time

Depending on what type of business you have, there are different ways to produce new revenue streams.

If you have an office space, you might be able to rent it out as a venue space, or to rent out part of it as a work space to another small business owner.

Thinking beyond that, you might also be able to increase revenue by adding in smaller ways to capture money in your space. Restaurants that are closed during the day could consider opening for coffee only in the morning, to capture the morning clientele they previously lost.

If you’re a service provider, think through how you can

Capture More Money With The Same Amount of Work

Money can often slip through businesses fingers simply due to a lack of systems, or overlooking some details.

For example, you can add in fees to client invoices. A late payment fee of 7% is standard, and can mean if someone pays late you end with more money than you originally billed for. You can also implement a rush fee or a processing fee.

Small businesses are also responsible for giving themselves a raise. As inflation and cost of living rise, it’s important to consider raising prices on existing products. Raising prices means bringing in more money without having to produce new services or items.

Small price increases, properly explained to audiences, can go smoothly, and can help increase cash flow and profit margins. Dropping a surprise price increase, especially if it’s large, can isolate audiences. Small businesses often benefit from the fact that customers know the people behind the brand, so feel free to share your story with your customers so that they feel excited to support your new direction.

Creating more money from what your business already has in place should be an exercise in creativity and simplicity. Don’t try and overextend yourself- look at what you’ve already got and ask yourself what makes sense to add in to the mix. Doing this can mean more money month to month and your overall cash flow.

About Due’s Editorial Process

We uphold a strict editorial policy that focuses on factual accuracy, relevance, and impartiality. Our content, created by leading finance and industry experts, is reviewed by a team of seasoned editors to ensure compliance with the highest standards in reporting and publishing.

TAGS
Student Loan Expert and Founder of Bravely Go
Kara Perez is the founder of Bravelygo. Kara discovered her love of finances courtesy of her quarter-life crisis. Broke, underemployed and saddled with student loan debt, she realized that her lack of financial education was crippling her adulthood. She now connects individuals with how to save and make money. She freelances in the areas of personal finance.

About Due

Due makes it easier to retire on your terms. We give you a realistic view on exactly where you’re at financially so when you retire you know how much money you’ll get each month. Get started today.

Categories

Top Trending Posts

Due Fact-Checking Standards and Processes

To ensure we’re putting out the highest content standards, we sought out the help of certified financial experts and accredited individuals to verify our advice. We also rely on them for the most up to date information and data to make sure our in-depth research has the facts right, for today… Not yesterday. Our financial expert review board allows our readers to not only trust the information they are reading but to act on it as well. Most of our authors are CFP (Certified Financial Planners) or CRPC (Chartered Retirement Planning Counselor) certified and all have college degrees. Learn more about annuities, retirement advice and take the correct steps towards financial freedom and knowing exactly where you stand today. Learn everything about our top-notch financial expert reviews below… Learn More