While business owners are always looking for ways to increase sales, they often overlook some very simple, yet effective cost savers that increase profit quickly while simultaneously increasing ongoing efficiency. Here are 7 house cleaning tips for business profits that will get you started for a more streamlined and profitable year for your business.
1. Sell off old stock
Be honest. If you carry inventory as part or all of your business, how much of it has been sitting around collecting dust and taking up space for a while now? Often business owners will keep old inventory for reasons such as unfounded hope that it will sell someday, not knowing what to do with it and even just having become so used to it being there that they don’t consciously see it anymore. One man’s trash is another man’s treasure, as they say, and your old inventory is no exception. Selling it or even giving it away to charity for a tax deduction will not only free up space for inventory that will actually sell, it can also bring you a little money and even community goodwill.
2. Take stock on consignment
Inventory costs wearing you out? Why not take stock on consignment? Many businesses have at least some parts of their inventories that can be provided through this method. Negotiate with small suppliers who don’t yet have the financial means for their own stores. Work out advertising deals with other companies to feature their products in special displays in exchange for a consignment deal. Get creative as you develop your own house cleaning tips for business profits that are tailored to your business needs.
3. Sell off old equipment
Like old stock, old equipment that we no longer use just takes up space. Why not sell it or donate it for a tax deduction, too?
4. Recycle electronics and specialized equipment
Many businesses end up over time with rooms and hallways filled with old phone systems, computer systems, and other specialized equipment – not because they want to keep it, but because they just don’t know what to do with it. There are now strict federal regulations in place regarding disposal of electronics. Get rid of them legally and possibly even make a little profit through using a reputable recycling company such as Wasterasers to handle it for you. These companies break down the components to resell everything that they can, destroy all information on discs and drives to protect your privacy and sign as responsible parties for meeting regulations for correct disposal – relieving you of any responsibility should an issue arise later.
5. Work from home
Brick-and-mortar buildings are a necessity for some business owners, but not all. Increasingly popular house cleaning tips for business profits include getting rid of the house altogether. Virtual companies are every bit as effective and sometimes more so than those housed in a specific building with the rent, mortgages and maintenance costs that are attached. Putting good communications and accountability plans in place are key to making this work.
6. Review recurring service bills
Internet, phones, cleaning, and external contract services are just some of the recurring bills that should be reviewed regularly to make sure you are getting the best prices for the services you are receiving. In an ever-changing marketplace, there is always something new or different available to consider for your needs, often even within the same companies you already use. Ask questions about new bundling packages and new products that could save you time and money. Check with the competition to see if they offer a significantly better price for the same services. House cleaning tips for business profits definitely include these types of recurring bills and can save your hard-earned money without compromising the level of services you need to succeed.
7. Stop running ads that don’t work
Last, but not least on our list is related to your marketing. Where are you spending those marketing dollars? Are they providing returns to you in sales, brand awareness and customer engagement? If your answer is “I don’t know,” then it is time to review your marketing strategy. With the advent of social media, search engines and online review sites, the vast number of your potential customers are likely not looking for you the same way or in the same places they did when you first started your business. Make your marketing investment count by finding your customers where they are today and going to them through the appropriate media platforms. This will definitely improve your returns through increases in touch points, conversions and word of mouth.
Want more tips for saving money, reducing clutter and streamlining your business for more profitability and less waste? Contact us at ActionCOACH Alliance Business Coaching in Denver and schedule your absolutely free 90-minute session with one of our certified coaches to day!