4 Sources of Revenue Used to Balance Your Books
When your sales figures dip lower than expected, or your funds remain tied up in owed invoices, you must find alternative ways to balance your books. Without balanced books, your business could face difficulties in maintaining operations or facilitating growth. Thankfully, you can use your existing company to pursue alternative revenue methods and keep your finances in the black. Here’s what you need to know.
If you have outdated or excess equipment on hand, you can actually sell the items to other companies to build up your revenues for the month or quarter. You should check the fair market value of the items in question before placing the equipment up for sale. Allow interested parties to negotiate, but do not cut yourself short by decreasing the price too much right out the gate.
You can utilize your expertise to extend consulting services to individuals in your industry. You must create a plan that explains your consulting offerings to allow your clients to understand the end goal in acquiring your services. Consultants frequently charge hundreds of dollars an hour, so this is a very lucrative way to boost your revenues.
Rent Out Your Extra Space
If you have extra space in your building that is not being used for your own processes, determine if renting it out would be a viable option. Before renting out your extra space, see if you can expand your own operations to increase your output before attempting to generate revenue in a different way. Furthermore, try to avoid renting out the space to your competitors to protect trade secrets and decrease sales competition.
Expand Marketing Efforts
You may just need to beef up your marketing efforts to increase the sales rate for your existing products and services. If you are in a low sales slump, reach out to your clients with a survey to see how you can improve. Add coupons, promo codes, sales and deals galore on your site to attract interest and convert site visitors to confirmed sales.
If you need help balancing your books, contact your accounting experts at accountRely in St. Louis, Missouri for professional assistance today.