While the Holiday Season means people might need to scrimp, save, and seek out extra funds hidden down the side of sofas, you can say the same of small businesses, too. It’s a time for overindulgence and merriment, but with one thing seemingly always after the other, the costs pile up too quickly for your liking.
You don’t want to go overboard with your spending, but you do need to look for some extra funds and cash to help you get through the rest of the year and into the new decade. If you’re a small business owner who wants to treat their staff, throw a party, or feel a little more comfortable heading into 2020, here is how to find extra funds to help accelerate growth.
If you sell wholesale goods and services and are always waiting for clients to pay up, you should take a look at what is Invoice Finance and how it can help you. With invoice finance, you can borrow money from the invoice while it is still owed.
This saves you waiting around for payments that are late or may not even come at all without risking your business growth because a client is negligent with paying you on time. It prevents any payday panics and ensures that you can continue business operations as usual.
Even though outsourcing still costs you money, the difference in cost between a full in-office team and one that works remotely is staggering. If you’re looking to save some cash to put towards further growth either now or in the New Year, it could be worth investigating your options.
The great thing about outsourcing is that you can apply it to most of your business operations, but the most common include payroll, IT management services, and marketing. Using these services does not mean you must put your current staff out of a job, though. Instead, you can reposition them within the company and give them a more significant role that can make them feel more valued as an employee.
Your business savings account is something that you are keeping separate for a rainy day. However, when it comes to growth, dipping into the account here and there could prove highly beneficial for your business.
If you’re currently struggling for funding to take that next big step, a small withdrawal from your savings account to push you over the finish line could be useful. You can focus these extra funds on processes and plans you’ve had your eye on for a while, and then pay the profits back in once it proves fruitful. However, you must be responsible and ensure you do not make a habit of doing this whenever money seems tight.
Uncovering Hidden Cash
Okay, so it’s not technically hidden, but this cash is something that you can easily forget about when running a business. You mustn’t rely on this hidden cash too often, but using it for things that will benefit the company, your employees, or customers rather than yourself (like buying a yacht) means you will reap the benefits.
This is a contributed post.