Whether you own your own business or you’re a budding entrepreneur who is looking to do just that in the near future, you still have to think about how you can best watch your pennies.
Every year, thousands of businesses close their doors for the final time because they’ve failed to properly keep control of their finances, and you don’t want yours to be one of them.
In this post, we’ll show you a few ‘business hacks’ that will help keep you in the black, boosting your profitability in the process.
Be Smart With Space
If you’re looking for a premises for your new business, then you simply have to think outside of the box. Long gone are the days when your business had to be located in the centre of the high street to attract custom, and now there are a multitude of options ranging from out of town business parks to serviced offices and virtual offices offered through companies such as LEO.
If you’re smart with your space, you’ll be able to save money and still attract a similar level of footfall and professionalism that come with high street offices and shops. By saving money here, your profitability is boosted hugely, significantly lowering your monthly outgoings with negligible impact on the customers you attract.
Sometimes, spending money can save you money in the long term. Staff members are one of the most profitable parts of your business. After all, it is your staff members who sell products, attract business and carry out transactions on your behalf.
As a result, you have to keep them motivated because, by keeping them motivated to come to work, they’re likely to work harder, strike better deals and be friendlier around customers.
To achieve this, organise staff treats and evenings away on business expenses. The small outlay will easily be rewarded in motivation and improved work rate.
Finally, be flexible with your staff. Allowing them to work the occasional flexi time day and sending them on company training courses is vital for the growth of your business.
Much like above, the profitability of your business is hugely boosted when you have motivated staff, and allowing your staff flexi time allows you to work together in the interests of the employee and the business.
Secondly, training is essential to make sure your staff are the best they can be. Plus, any money you spend on training is brought back to the business, as the trained staff member can disseminate the training through to the entire team.
So there you have it: three business hacks you can use to boost the profitability of your business. So, when you’re auditing your finances, and when you’re reviewing your processes, keep these in mind. They could be the difference between a profitable business and an unsuccessful one.