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Keeping Your Business Afloat When The Market Is Rough

It doesn’t matter how successful or big your business is; there always comes a time when you will struggle to stay competitive. Some years you may even find it difficult to break even. This could be a general problem in the economy, a slump in the market or an issue with your business model. But at times like these, it’s important to know how to find funds and stay afloat. Here are some of the methods that we recommend.

Hire An Accountant

This may sound counter-productive. We’re telling you to hire someone else when you’re looking at cutting costs, and we understand the irony. But the fact is an accounting expert could really help you out. They’ll be able to tell you how you can make more money as well as allowing you to find additional funding. You may have more money than you realised and even if you don’t, you’ll still have time free to manage your business. Let an accountant deal with the funds while you focus on ways to get your business model back on track.

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Outsourcing Jobs

When times are tight, it’s important to start at least considering outsourcing. We know, there are negative concepts associated with outsourcing. But, if you do it right it will save you money. You don’t have to outsource everything. We recommend you outsource jobs that you don’t want your employees wasting time with. You certainly don’t want to set up another department in your business to do deal with them. These jobs can be things such as telephone marketing. All businesses partake in this rather ugly form of promotion, but you don’t have to let your employees get their hands dirty with it. Hire outside help and cut your costs.

Cashing Your Checks

There is a growing problem in the UK in particular. Customers are buying products from manufacturers, not paying and leaving suppliers out of pocket. It’s a troubling issue for a business owner trying to keep their company afloat. But there is a way to deal with it by using an invoice factoring company. This service frees up your invoices giving you the money you need and takes the problem of trying to get late payments from customers off your hands. If you look at invoice factoring quotes, you’ll be surprised at how cheap this service is. It could really benefit a business that’s struggling to pay the bills.

Increasing Flexibility

If money problems are constantly weighing your business down, it might be time to think about adjusting your model. You may want to think about increasing the flexibility of your company. If your business is primarily based online, then you may want to consider whether or not you can switch to a home based company. You and your employees will all work from separate homes, but you’ll be connected on a network. At the very least, we think you will find some of your employees can do this after a restructure of your company. This will limit your need of office space and will lower your bills drastically.

When times are tight, these solutions will certainly help your business stay on top and continue to be profitable.

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