It isn’t necessarily true that to increase profits a small business needs to increase sales. Extra cash could already be available.
A thorough profit audit can uncover those dollars in every department of your Maine-based small business.
Here are five ways to start looking for extra cash:
- If you’re interested in borrowing money, you may be able to borrow extra capital by showing the potential lender a profit plan. A realistic picture of your small business’ long term profit potential could be extremely helpful in your banker’s decision.
- Instead of relying only on the previous year’s performance for sales goals, compile some relevant market projections and set a higher goal. This avoids coasting that can happen when a sales team meets their benchmarks.
- All employees should be trained to look for sales leads, not just those in the sales department.
- Conduct a few meetings with employees and narrow down what they think the small business does best. This will strengthen the company’s core operations and help boost revenue
- Decide if there are products or services that should be eliminated. This can be a difficult question for small business owners, but it’s important to focus on more profitable activities.
These are just the beginning steps in helping your small business uncover extra cash. For more information on this, schedule an appointment with Filler & Associates.