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Do you ever feel that you’re in a catch 22 where you know that, if you want to make more profit, you need to invest in growing your team, a better website, systems to make your business run smoothly, etc., …but…you think you can’t afford to invest?
Here are some money saving and money raising tips business owners on the Cambridge Business Guidance Business Growth Programme have found helped them to find that money.
1. Make use of ‘waste’
David owns a carpentry and joinery business. Before he joined the CBG Business Growth Programme he used to pay someone to take away the odd bits of wood he couldn’t use. After our ‘More Wealth through Financial Control’ session he installed a wood burning stove in his workshop, which had previously been unheated, and burned his waste wood. He got a more comfortable working space where he was more productive in the winter and stopped the expense of disposing of the waste. An added bonus is that he found there was less staff turnover because his team were warm in winter. That saved masses of money on recruitment and training costs too.
2. Make full use of your business assets
Brian had spare office space he realised that he could let out and create another income stream. Damian rearranged his workshop so that he had more space to take on more work. Steve had old equipment he sold off so that he could invest in more up-to-date equipment. Jenny got her team to help her come up with money-saving ideas and she rewarded team members who were more economical with materials.
3. Negotiate the best payment terms you can with your suppliers
One tip our delegates have all found helpful is to ask, ‘Is there a deal on that today?’ whenever they buy something. They’ve been astounded at what they’ve been offered. There are consultants who make a living out of getting the best deals for your company. Their services are often free. If you don’t know anyone who does that let me know and I’ll suggest some companies.
4. Negotiate the best and most secure payment terms with your clients
Ed’s business meant that he had to pay a lot out in material and labour before his clients paid him. He often found himself in financial difficulties and close to bankruptcy. We helped him have the courage to ask staged payments from his customers so that his cash-flow worked better. He was amazed to find that most clients agreed straightaway. When Jim switched to card payments, instead of cheques, he found it was easy to get paid immediately and saved him time consuming trips to the bank.
5. Test Your Pricing
Jane was typical of many business owners in that she was offering a platinum standard service for bronze level prices. She assumed her customers wouldn’t pay more. We challenged her to raise her prices by 10% and we gave her some great selling tips to help her present her prices. She was delighted to find her clients were actually happy to pay more. She also felt more energised about her business as she felt more valued.
6. Borrow Money on the Best Terms
If your bank won’t support you or is charging expensive interest rates, try alternatives like Funding Circle. Because of CBG’s connection with CAMBRIDGE and it's individualised payment plans / seed funding (Terms & Conditions apply), we can offer good businesses help with marketing costs. If you’re interested, just let me know.
7. Hire a Business Coach
You might think that’s a strange thing to say but the services of a good business coach is an investment rather than a cost. All the business owners I’ve mentioned were too close to their business to see the opportunities we’ve helped them to seize through our group coaching and 1-2-1 business coaching sessions. Sometimes, we’ve helped them overcome their limiting beliefs and lack of confidence too about how much wealth they deserve, too.
How could you apply these ideas? What other ideas do you have?
We’d like to offer you a FREE Business Growth Strategy Session. This is 60 minutes where we’ll focus on what’s working in your business and what you’d like to work better. We’ll talk about what’s important to you and how you’d like your business to be. Then we’ll share with you some tailor-made tips that will help you take your business to the next level.
If you find the session has been useful, you might want to continue working with us.
Interested? Simply click here to complete the form on the contact page of this website and we’ll do the rest.
CAMBRIDGE Business Guidance Programme Leader