There are a surprising number of ways established businesses can save money – and not a single one of them directly involves giving up resources or cutting back on your company’s existing bottom line. Boost your business’ financial capabilities with these easy tips for business owners and CFOs:
- Establish a line of credit for your company. This line of credit is provided by your bank and may come in handy for payroll or temporary cash needs. This money is available if – and when – you need it for easy access during emergencies.
- Refinance old debt. Today’s interest rates are much lower than what they once were. Refinancing debts at today’s interest rates could save you a bundle with only minimal effort on your part.
- Use consultants to fulfill needs that would otherwise be part-time. Hiring part-time employees is expensive and creates additional work for your company’s human resources department. Save your employees the time and invest that extra money in consultants instead. Payroll business services and tax management can easily be outsourced to give your company a competitive advantage.
- Tackle bookkeeping NOW. Don’t procrastinate when it comes to sending invoices or distributing paychecks. Outsource payroll services to streamline employee pay. Trust expert payroll processors and administrators to handle the paperwork and spend more time focusing on your business.
- Know your sales cycles. Cash flow varies depending on the season, so get to know your company’s high season as well as your periods of recession. Sales cycles can last months (or even years), so chart yours out and develop a plan to keep the company’s finances consistent even when sales are down.
- Stop working overtime. Managers and C-level executives frequently put in overtime under the assumption that it is necessary for the business to function properly or to make ends meet. The truth is, if your management team has to put in 80 hours a week, your business is really not profitable. Re-think your business strategies so everyone can get an appropriate amount of rest at night.
Money is always available to jumpstart your business – the key is simply to find it! These tips could help provide extra financial benefits to your company and may even help alleviate the workload on some departments. It’s time to enjoy some extra capital.