Happy Friday, my Community comrades. Thank you for joining me here on the Business Discussion page. Today, I came across an article that I believe can help the development of your business. Entrepreneur recently shared how businesses can save and make money during this time. And don't we just love saving money, well I know I do! Here's what they had to say:
Generate cash as quickly as possible. The writer shared that business owners need to think outside of the box when securing the bag. He recommends using your experiences and competencies to find ways to generate income. It doesn't have to be related to your business aura, yet feasible. An example mentioned was an art supplies store, instead of closing their doors, they created a DIY art supply kit and increased their revenue from that.
Build a financial reserve. Mr. Kohler advised that if you have resources that are no longer needed, to sell it and add it to your capital. Likewise, if you are receiving loans, whether it be the EIDL or the PPP loan, he supports owners working with a tax advisor to ensure that the money is appropriately dispersed within the business to avoid complications.
Save money by revisiting variable costs. A valid point was acknowledged: don't reduce costs in the short term to salvage assets because it could cause damage in the long run and put your business in a critical condition. Really take the time to evaluate the position you are in and then make the necessary adjustments.
Re-evaluate existing or open new lines of credit. Because of these changing circumstances, some owners are resorting to the online market, which includes higher demand of shipping products. Concerns were made that it would be most profitable to invest in non-traditional lines of credit to save funds and use those reserves to cover expenses for shipping.
What do you think? Can you see yourself using some of these strategies? Let us know below by sharing your opinions! Please enjoy your weekend and continue to be safe, my friends.