It’s 2 a.m. and you want to throw up. Your stomach is spinning out of control and falling asleep is nearly impossible.
These are the symptoms of a sever disease that you may have contracted. I know this is hard to hear, but you may be suffering from business ownership.
Dun Dun Dun!!!!!!
Owning a business is amazing, if you have cash. If not… it's miserable.
We want you to make more money, and lots of it. This blog post will give you 5 quick tips to top off your bank account and sleep in style.
#1 - Get Hitched & Ride the Wave
I’m not asking you to put a ring on that finger. Nope. I'm talking about partnerships. Every small business can launch themselves into fat cash city if they find a partnership that creates synergy.
A good partner needs to have the following characteristics:
- The ability to add value to your customers
- Has a large customer base that could benefit from what you do
- Is profitable
The last one is important. There’s nothing worse than going into a synergistic relationship with a company that is running itself into the ground.
Take some time today to look through your list of vendors, customers and network to find potential partnerships. Then approach them one-on-one and get busy.
#2 - Cut 10 % and Reinvest It
Take a look at your company’s spending habits over the past 3 months, and add up your expenses by category. Let’s pretend that your company incurs $10,000 a month in overhead. Your job is to find a way to cut 10% or $1,000 in this case.
Before you say “There’s nothing to cut!” like every other business owner I’ve met through the years, you need to understand something. Are you ready?
You can always cut. If you want it bad enough, you’ll find a way to save the cash.
Now that you've cut 10% out of your monthly expenses, reinvest that money into effective marketing. Notice that I said effective. If you don’t know what kind of marketing is effective for your company, set that money aside into a savings account until you figure it out.
#3 - Focus on Just 1 Thing
What would happen if you really honed in on your core competency as a business and perfected it for your customers? I’m sure you offer several types of services or products, but at the end of the day there's usually one thing that most of your customers come to you for. Determine what that is and then focus on it.
It’s not about giving your customers a million different options, it’s about blowing their minds with respect to the one thing they hired you for.
#4 - Do the Dirty Work
Every business had hard decisions to make. Maybe your location stinks and you need to move, but doing so will cost a ton of money. Perhaps you have an employee that is destroying your company, but firing him will cause a lot of pain in the short term.
Whatever your hard decisions are, go make them right now. In the end, you’re cash flow will grow and your business will improve.
What are your difficult decisions and what excuses are keeping you from making them?
#5 - Make the Decision
Last but definitely not least is the decision you need to make about your cash position. You need to decide that you’ve had enough and that things are going to change starting right now.
Decide that you’re going to make more money starting today. Regardless of what happens, you’re going to make the smart decisions that grow your company’s bank account.
Until you decide to get rich, you’ll always be poor.
I hope this article has given you a few extra ideas on how to buffer the bank accounts. I would love to hear from you in the comments below with any thoughts or questions you have for us here at Ignite Spot. As the nations premier outsourced accounting service for businesses, we're always here to keep you connected with your finances!
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